$XMR - Price entered Bullish Breaker - Will Act as support *SMT* My Last XMR Signal did not go as well. However, I believe I found where I went wrong and will be able to correct it with this signal.
*SMT* = Smart Money Theory = everything you think that is not retail related to trading. First, SMT does not believe that triangles, wedges , trendlines , channels, harmonics, etc. has any effect on how price reacts. I'm Sorry, but you won't convince me that Bitcoin knows it has created a triangle and that it knows how to react from that? It does and will remember price levels, that's it. The second is to recognize that the price is not random, it is set by an algorithm controlled by those that control the asset. The Third thing to remember is price will move toward attacking where there is Liquidity (Equal Highs, Equal Lows, phantom Trendlines etc.) and Balance (Fair Value Gaps, Liquidity Voids.) That's the basics. The rest is very unique in the vocabulary you need to have and the concepts that wrap around these ideas.
So we have a long term Low High Lower-Lower formation in the upward movement of the price action of the chart. The high candle is the the Breaker. This is part of Smart money theory that's hard to explain without giving a video. But the price at this point should not get lower than the last up candle between 170 and 175. My entrance was 175.50. Stop loss is 169 and aiming bullish for the inverse ofr the 62% around 194.50. Then it might return lower, I'm not sure. But I think this Breaker Will hold and cause a short bullish run at least.
Closer up of the the chart
After it completes the run, The I have a feeling it will have another decent fall into the imbalance belowe the currrent support as seen pictured here:
Lastly, if the price stays near where it is, it is in confluence with the exit of the trade as there is a bearish order block right at the price near 194-195
As for now. I'll be on top of this trade and keep it updated as much as I can. I'm only trading 3 cryptos right now, BTC,ETH, and XMR. We'll see if I'm right this time.
SKILLING:XMRUSD
GATEIO:XMRUSDT
