Mixed Strategy, Short from 7386, searching for long entry
Updated
The New Heffae Clouds update is out! Anyone who hasn't gotten trial access yet needs to do so quick, as subscription will become necessary after the 15th.
TooLong;Didn'tRead = Facing a pullback at these levels. Candlewicks on the 1Day and 2Day cloud hit strong path resistance markers on the dot, big time resistance and there are multiple timeframe conformations of this. Limit sells placed on the 1Day and 2Day cloud paths would have been filled and you'd be a 10-fingered knife catcher.
^^^ nice fitting ^^^ The 2Day cloud top may act as strong resistance, as it's levels match up cleanly with the 1Day intercloud levels.
BULLISH: Pending confirmations on paths when we fall back down to 7K: 2 Day cloud and longer timeframes reveal the recent patterns of bottoms is oversold and extended; even though we are facing massive resistance, there are too many path indications of a rally up to 11K over the next 6 weeks to ignore.
BEAR CHART:
Daily cloud bottom and the 2Day RealTime additive match up at around 7K. I think that bounce potential is pretty high around 6.7 - 7K, with Daily or 2Day closes above the RealTime.
This is analysis using the 2Day and 1Day clouds, as well as the unreleased *experimental* Cloud OSC, or PQRsi (Path fitting Quantized Relative Strength Index)
The last Idea I published, "Squeeze approaching" was short-lived and price broke to the upside. This tells me that the PQRsi support path was actually stronger than the 1Day cloud bottom (should have assumed that since 1Day cloud bottom had been violated several times on the recent run up!)
Even though there are some devastatingly clear resistance markers here, and this area makes a very good Risk/Reward short entry by the narrative on many timeframes, there are some longer TimeFrame signals and correlations that make me think this rally is FAR FROM OVER
We have had a really noticeable path-verification candlewick on the Daily cloud touching a fairly important intercloud line (you can see that this particular path was validated during the last interaction, so the strength of this path is very very high!)
At this point, I will be seeking short entries on all wicks up to current resistance levels on the clouds, with the intention to change long once supports (probably RealTime supports!) are validated.
TooLong;Didn'tRead = Facing a pullback at these levels. Candlewicks on the 1Day and 2Day cloud hit strong path resistance markers on the dot, big time resistance and there are multiple timeframe conformations of this. Limit sells placed on the 1Day and 2Day cloud paths would have been filled and you'd be a 10-fingered knife catcher.
^^^ nice fitting ^^^ The 2Day cloud top may act as strong resistance, as it's levels match up cleanly with the 1Day intercloud levels.
BULLISH: Pending confirmations on paths when we fall back down to 7K: 2 Day cloud and longer timeframes reveal the recent patterns of bottoms is oversold and extended; even though we are facing massive resistance, there are too many path indications of a rally up to 11K over the next 6 weeks to ignore.
BEAR CHART:
Daily cloud bottom and the 2Day RealTime additive match up at around 7K. I think that bounce potential is pretty high around 6.7 - 7K, with Daily or 2Day closes above the RealTime.
This is analysis using the 2Day and 1Day clouds, as well as the unreleased *experimental* Cloud OSC, or PQRsi (Path fitting Quantized Relative Strength Index)
The last Idea I published, "Squeeze approaching" was short-lived and price broke to the upside. This tells me that the PQRsi support path was actually stronger than the 1Day cloud bottom (should have assumed that since 1Day cloud bottom had been violated several times on the recent run up!)
Even though there are some devastatingly clear resistance markers here, and this area makes a very good Risk/Reward short entry by the narrative on many timeframes, there are some longer TimeFrame signals and correlations that make me think this rally is FAR FROM OVER
We have had a really noticeable path-verification candlewick on the Daily cloud touching a fairly important intercloud line (you can see that this particular path was validated during the last interaction, so the strength of this path is very very high!)
At this point, I will be seeking short entries on all wicks up to current resistance levels on the clouds, with the intention to change long once supports (probably RealTime supports!) are validated.
Note
Nice Bounce on 1Hour cloud top, Look at that wick!Note
My limit orders are set, are yours?
Trade active
Short from ~7380 filled, limit orders filled. I was long from an average of ~7040 after limits filled, but I market sold the entire position at 705x due to the nature of the dump. Was expecting a progressive retracement :|Note
winrar
SNOW_CITY public chat room - Indicator Q&A
tradingview.com/chat/
Indicator access information
pastebin.com/v8sp6Y3R
tradingview.com/chat/
Indicator access information
pastebin.com/v8sp6Y3R
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.