NONONONONONOOOOOOO NOT YET. DON'T BE EXCITED. CALM YO HAIRY ASS TITIES
"NEVER LET YOUR EMOTIONS GO INTO YOUR INVESTMENTS."
- Me
Let's wait for some retests. Coz, what if it's a false move, right?? (Tho unlikely coz we got a good volume at the breakout of this falling wedge - but there's still no need to rush. There may be a better position at play)
We're going to come to retest these levels:
Don't really know what to expect LOL. Just ride the wave. Falling wedge - reversing to an uptrend. But for how long?
I'd watch out for possible reversal or continuation patterns at the major levels
Tho for the short term, here's my plan:
Looking for a short term SHORT setup at 8450 - 8700 range. POSSIBLE reasons would be:
In execution, here's what I'll be in:
Good luck to us~ <3
"NEVER LET YOUR EMOTIONS GO INTO YOUR INVESTMENTS."
- Me
Let's wait for some retests. Coz, what if it's a false move, right?? (Tho unlikely coz we got a good volume at the breakout of this falling wedge - but there's still no need to rush. There may be a better position at play)
We're going to come to retest these levels:
- Resistance - 8450 to 8700 range
- Support - 7900 ; 7600 ; 7450
Don't really know what to expect LOL. Just ride the wave. Falling wedge - reversing to an uptrend. But for how long?
I'd watch out for possible reversal or continuation patterns at the major levels
- 9500 - 10000
- 10900 - 11600
Tho for the short term, here's my plan:
Looking for a short term SHORT setup at 8450 - 8700 range. POSSIBLE reasons would be:
- (Possible) Bearish divergence - RSI sloping down vs Price climbing up
- (Possible) No breakout above this range - Must have significant volume and close at a good distance
- (Possible) Reversal pattern occuring at this area
In execution, here's what I'll be in:
- Wait for at least 3 closes. Watch for volume - decreasing volume while price going up makes the short a stronger case
- Hedged at 2:1 ratio -- Hedge will be executed midway thru the first support
- Stoploss at 8820
- Position at 4x Leverage at 30% of my balance (Main position + Hedge Position)
- No scaling in
- Scaling out starts at 7900 (30%), then 7600 (50% & exit Hedge) and 7450 (20%).
Good luck to us~ <3
Note
Ascending Triangle appearing in the 4HR time frame. 7900 support looks good - strong rejection at the first retest, and no closes within the support area.
We might see price go up further than 8500 because of this consolidation. Let's see.
Note
Anyway, I'm preparing my move depending on how price reacts at 8400 - 8700 range. I'll open a long if it breaks upward. Tho, the case is still strong to open a short if it fails to break.
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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.