BitcoinShort
BTC SHORT IDEA FOR 7/28/24
Hey fellow traders.
We are using the quarterly theory to analyze potential trades for today. We are currently in an XAMD type of setup. X was Asian session, Accumulation in London session, and we are currently in the Manipulation stage of the New York AM session, followed by a Distribution in New York PM session.
We are waiting for price to make a convincing STRONG push below liquidity to establish weakness in price. If this condition does not come, or there is no convincing strong push below liquidity, this idea will be INVALID.
Look for a strong push down below London session (red box). Then an entry point POI has to be established above New York Open (NYO). Since there is no liquidity immediately above it currently, we look for liquidity above Daily Open. In this case there is no direct POIs above Daily Open, so we would look at a POI above Asian Open (AO), which we do find a nice FVG POI on the 15 min TF that we can get an entry from.
68301 would be our entry point for a short, and we would be targeting liquidity at London Open (LO) for at least a partial profit. TP2 would be the low that our push down would make.
We are using the quarterly theory to analyze potential trades for today. We are currently in an XAMD type of setup. X was Asian session, Accumulation in London session, and we are currently in the Manipulation stage of the New York AM session, followed by a Distribution in New York PM session.
We are waiting for price to make a convincing STRONG push below liquidity to establish weakness in price. If this condition does not come, or there is no convincing strong push below liquidity, this idea will be INVALID.
Look for a strong push down below London session (red box). Then an entry point POI has to be established above New York Open (NYO). Since there is no liquidity immediately above it currently, we look for liquidity above Daily Open. In this case there is no direct POIs above Daily Open, so we would look at a POI above Asian Open (AO), which we do find a nice FVG POI on the 15 min TF that we can get an entry from.
68301 would be our entry point for a short, and we would be targeting liquidity at London Open (LO) for at least a partial profit. TP2 would be the low that our push down would make.
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