Short LDO
From what I can see, a Wyckoff Distribution Schematic 1 can be applied for LDO's current price action (on 4H TF).
Now prices are retesting the range's high after a failed break-out.
In my opinion, retest would be rejected. In this case, a referenced setup is in chart.
Trade active
On 1H TF, a shooting star is found with good sell volume. It's a bearish signNote
Trade closed: stop reached
SL hit. This trade was closed.Note
The trade was not successful. I think that the entry was prematurely set. In 4H TF, LDO broke the trendline and was rejected after retesting it.
Moreover, we can see engulfing candles in the same 4H TF.
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Related publications
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.