Starting to accept under H4 trend again. We had a similar situation on 5-6 May, let's see if we can get back above again or if we get a deeper pull back this time.
Historically, ATH taps were followed by 10-15% pullbacks. That would put us in the green box. As you can see we would take the most recent long stops and at the same time breach the 100k psychological number.
Imo it could provide a great long opportunity, since it's probably where sentiment will flip drastically, shorts pile in for breakdown shorting or late hedging.
Execution is a bit tricky. Either you bet that 93.2k holds and scale in with a stop there, or you look for ltf entry of course.
If we DO reclaim H4 trend here, I would look for a sweep of the poor highs, or potential grind above the highs then I'd favor continuation trades as long as momentum is strong.
Historically, ATH taps were followed by 10-15% pullbacks. That would put us in the green box. As you can see we would take the most recent long stops and at the same time breach the 100k psychological number.
Imo it could provide a great long opportunity, since it's probably where sentiment will flip drastically, shorts pile in for breakdown shorting or late hedging.
Execution is a bit tricky. Either you bet that 93.2k holds and scale in with a stop there, or you look for ltf entry of course.
If we DO reclaim H4 trend here, I would look for a sweep of the poor highs, or potential grind above the highs then I'd favor continuation trades as long as momentum is strong.
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Tealstreet.io Trade Faster & Trade Easier
Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT
Content in partnership with:
twitter.com/mooncakexbt
twitter.com/huskyXBT
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.