I kind of feel like something is brewing here on IOTA from a market structure point of view.
Its a bit of a long term call but its building sweet structure on the higher time frames for 2 really good impulse moves.
1. A break above the current resistance will see us free of a lot of market structure an possibly see a big push to 2 significant supply blocks.
2. Another rejection at this resistance level will see a possible break in trend as short sellers come in to push momentum down back to the previous pivot low.
Im going to play this one on 2 accounts for a hedge, I'll be opening a long on trend next time it comes close and then keeping an eye on it pushing through resistance, if it breaks trend ill pull the pin due to invalidation.
When it gets to resistance again ill be opening a short on a second account and waiting for the break in trend, if it breaks above resistance ill close the trade due to invalidation.
will update when we get some action.
Its a bit of a long term call but its building sweet structure on the higher time frames for 2 really good impulse moves.
1. A break above the current resistance will see us free of a lot of market structure an possibly see a big push to 2 significant supply blocks.
2. Another rejection at this resistance level will see a possible break in trend as short sellers come in to push momentum down back to the previous pivot low.
Im going to play this one on 2 accounts for a hedge, I'll be opening a long on trend next time it comes close and then keeping an eye on it pushing through resistance, if it breaks trend ill pull the pin due to invalidation.
When it gets to resistance again ill be opening a short on a second account and waiting for the break in trend, if it breaks above resistance ill close the trade due to invalidation.
will update when we get some action.
Trade active
getting close to breaking point, if we can crack over this resistance we could be on
If it rejects here im still watching to overall trend
Trade active
still stuck in this wedge for now but looking good
Trade active
wandering down the break and levels are good so far, the time frame for play out not so muchTrade closed: target reached
Trade flipped on the break and perfect short to target 
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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.