H&S Formation Validated. BEAR Market Continues.
Updated
Continuing from my previous post, the H&S formation on the daily was confirmed w/ yesterdays close below the neck line of the H&S. Was able to enter my SHORT with the wick up to $9200 and took 2 TP ($8600 and $8200). I really anticipated a bounce from that level back up to retest the neck line of the H&S however we did not get that and I added back to my SHORT at $8100 with the 4HR close below support.
Now I am looking for a wick down to hit the next MAJOR TREND LINE and take my next TP around $7400-7500 before the next possible bounce back up to previous support levels, now acting as resistance ($8200-8500) where I will again look to add to my SHORT. If we get a strong push down through this MAJOR TREND LINE I will add to my short with a strong 4HR close below $7400. Should this happen, I'll be looking for the next key levels to be around $7200 (0.618FIB) and $6900 which is an important range containing the previous 2 months opens/closes/wicks.
My current SHORT position sitting at $8800 after multiple TP and adding back to my SHORT, still not bad. Moved my SL to $8600.
Now I am looking for a wick down to hit the next MAJOR TREND LINE and take my next TP around $7400-7500 before the next possible bounce back up to previous support levels, now acting as resistance ($8200-8500) where I will again look to add to my SHORT. If we get a strong push down through this MAJOR TREND LINE I will add to my short with a strong 4HR close below $7400. Should this happen, I'll be looking for the next key levels to be around $7200 (0.618FIB) and $6900 which is an important range containing the previous 2 months opens/closes/wicks.
My current SHORT position sitting at $8800 after multiple TP and adding back to my SHORT, still not bad. Moved my SL to $8600.
Trade active
Another TP taking w/ previous 4HR close back above $8000. Waiting for Neck line touch and rejection in resistance range around $8200-8400. SL remains w/ close above $8600.Trade active
TP taken at $7830 with previous 4HR (possible) shooting star. SHORT position remains open.Trade active
TP hit at $7400, $7200, $6600.Trade active
Profits taken at $5400 and $4400. SHORT remains open at $8800. I can honestly say this has been the best trade of my career.Trade closed manually
With this convient crash on BITMEX during the most optimal time I closed all my positions once I was able to log back on. Even though I was able to over double my account, I can't have my money on an unreliable exchange.
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