PONKE - Time To Short The Monkey Meme Coin
Quite a clean setup here.
PONKE has had a heavy whipsawing pivot at the reverse 1.618 Golden Window taken from the 2 extremity pivots of accumulation.
This topping pivot also prints a bull trap shakeout through the upper wedge trendline; tapping into higher liquidity beyond, triggering stop losses, then ripping back again.
And now PONKE appears to be breaking down from a low time frame continuation pattern.
This is exactly what the Pure Price Action gang look for as an entry.
This is all while TOTAL is tight rope walking a limp ascending channel ;looking ready to dump hard.
When it does it should be lights out for PONKE, at least in the short term.
I am trading this with a x7 leverage short which has a liquidation way up above the top @ $0.175.
I think I can hold this down to support @$0.11 or maybe more - we'll see 👍.
Not advice
PONKE has had a heavy whipsawing pivot at the reverse 1.618 Golden Window taken from the 2 extremity pivots of accumulation.
This topping pivot also prints a bull trap shakeout through the upper wedge trendline; tapping into higher liquidity beyond, triggering stop losses, then ripping back again.
And now PONKE appears to be breaking down from a low time frame continuation pattern.
This is exactly what the Pure Price Action gang look for as an entry.
This is all while TOTAL is tight rope walking a limp ascending channel ;looking ready to dump hard.
When it does it should be lights out for PONKE, at least in the short term.
I am trading this with a x7 leverage short which has a liquidation way up above the top @ $0.175.
I think I can hold this down to support @$0.11 or maybe more - we'll see 👍.
Not advice
Note
Check my recent TOTAL idea to see the bigger picture of why I am short here - in linked ideas Note
Look like a LTF V shaped recovery might be on here, so perhaps TOTAL will drift up and PONKE print a connect wave before the next wave down.
I've reduced here and look to re-enter in the retracement Golden Window (0.618-0.786) above.
Note
Upper wick = back on Note
PONKE
I've decided to take profit here.
This might be the start of the next impulsive downtrend, but it had a hard bounce from below the wedge trendline.
And now that it is below again I think its slightly less than even odds that we may get a more significant bounce.
So that does mean that i'm slightly favouring the downtrend, but this doesn't look as attractive as it did when I entered.
Its been quite buoyant in this area.
And as I said, this could be the moment of capitulation.
But ultimately I will only short with leverage if it appears a really great opportunity, not a dicey opportunity.
There's no need to get trapped underwater in a short.
So i'll take profit here and have that profit waiting to buy my favourite coins deep 👍
Your FA guru can't read a chart💭
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Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
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Disclaimer
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Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
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.