The stock market reacted positively to the latest info from the FED today, this lines up well this current rounded bottom formation.
This rounded bottom looks strikingly familiar to the previous step-down pattern, using a fractal we can see a possible dump lower which would bring us into a high-demand zone (36k-37k) and give a possibility of squeezing these shorts out for a final wave. This pattern would indicate a larger rally coming tomorrow before rejection.
One way or another, leverage must be reduced to move up or down and I believe that like the last large correction we must move lower for a stronger bounce if we want to have a meaningful year of profits.
Long Entry: 40 750
SL: 40 000
Target: 45 300
NFA, my personal trade opinion
This rounded bottom looks strikingly familiar to the previous step-down pattern, using a fractal we can see a possible dump lower which would bring us into a high-demand zone (36k-37k) and give a possibility of squeezing these shorts out for a final wave. This pattern would indicate a larger rally coming tomorrow before rejection.
One way or another, leverage must be reduced to move up or down and I believe that like the last large correction we must move lower for a stronger bounce if we want to have a meaningful year of profits.
Long Entry: 40 750
SL: 40 000
Target: 45 300
NFA, my personal trade opinion
Note
Looks like the pump has come early, be wary of pullbacks today it's safer to buy a bullish retrace than it is to try and catch the early stagesNote
Missed the close at 44k due to my stupid human need to sleep. It hasn't broken into the previous zone yet so as long is it holds I will too, until 44k. SL moved into 41.5k for guaranteed profit
I won't tell you what to do, but leverage higher than 10x is very dangerous, just sayin'
Note
We are currently on the fib line where we usually get a decent reaction up or down, don't be fooled if you see a temporary drop, a drop below the lows of this structure is where I will be looking to close in profit.Note
Closed long at 42.5k, opened short
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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.