Long BTC/USDTP - Potential MM's Weekend Trap
Updated
Looks like a 5-wave Elliott wave move up, with waves 3 and 5 hopefully hitting over the weekend.
Wave 0 starting during the NYC session/reversal, potentially offering-up a nice “market maker weekend trap”, topping-out at wave 5.
If true, price should also retrace back down for the “midweek reversal” next week.
Invalidation (stop loss) would be price closing below wave 0 (red S1 line on the CPR).
Shout out to Tino TradersReality Craig Percoco, TradeTravelChill and Anup's magical CPR.
Wave 0 starting during the NYC session/reversal, potentially offering-up a nice “market maker weekend trap”, topping-out at wave 5.
If true, price should also retrace back down for the “midweek reversal” next week.
Invalidation (stop loss) would be price closing below wave 0 (red S1 line on the CPR).
Shout out to Tino TradersReality Craig Percoco, TradeTravelChill and Anup's magical CPR.
Trade active
Took a little longer to play out, but price is still following the move - only just! Wave 4 needs to stay above Wave 1 at all costs - a quick wick below it on a LTF, could potentially still be ok.
Really need to see a bounce around the 26.1K-26.2K range, (so around now basically) or, it could invalidate the move completely and tank.
I do see another potential bounce at around 25.8K, but if it's not just sharp wick down, my move will still be invalidated if price closes below here.
Need to get passed TradeTravelChill Annii's dreaded 26.8K mark first, but after this , 'm still aiming for Wave 5 to be tapped (27.1K to 27.5K) at the US close or during the dead gap.
Let's see...
Trade closed: target reached
Yeah, I'm still going to take this one lol. Cheers Gensler!
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