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$32,999 target still not hit (plan your trade & trade your plan)None of this weekend price action means absolutely nothing to me in terms of fundamentals, why? On weekends the price action is more manipulated because big players aren't trading and the liquidity is 2x less than Monday - Friday which allows market makers to chop out players before the following week. I'll stick to my plan, target $32,999 and if that fails $27,999. As far as I'm concerned this was a dead cat bounce (on a weekend) before continuation to the downside where price action has not been resolved fundamentally and in terms of structural integrity. I hope you all had a good weekend and are ready for yet again another fantastic week of trading opportunities to come. To all you greedy moon boys: just stop being so emotional its annoying 👍
BITFINEX:BTCUSDShort
by YurloTrades
5
$37,000 s/r flip into resistance over the weekend ($32,555 aoi) Good morning, I've stopped trading weekends and started to just sit back and watch how price action unfolds going into the following week. My bias has not changed (bearish) as long as we're trading below $40,000 I've got no reason to switch my bias (this would be emotional trading) and i've created this plan and will stay solvent until the markets show signs of my plan starting to play out. Congrats to those who traded my head & shoulders call yesterday (bearish scalp) I took another scalp long but didn't have have time to post TA here on tradingview. The weekends have almost 2x less than the usual liquidity which allows the market makers to paint a narrative based on false moves (setting the other side of the trade up for failure) I'm waiting until Sunday before making a decision for the following week (expecting usual weekend price action ~ irrational) to continue like usual. My target is $32,555 (if $35,000 fails to hold on the 2nd support test)
BITFINEX:BTCUSDShort
by YurloTrades
6
GBPUSD PUSH DOWN (FR THIS TIME) Whats up guys, first off, i want to apologize for the idea yesterday, i totally f'd up on that one, but i promise ill do better this time! So its Friday!! The trading week has come to a close almost. Lets finish strong and start the week off right on Monday. Lets take a look a GBP: From my analysis, I see that price broke the level of support we used for a buy yesterday, (this is the same support that i though we were going to break yesterday), this tells me that its very likely for price to trend downwards now, until we hit maybe the blue line at the bottom of my markup. the only thing that makes me cautious is the fact that its Friday, and from my experience, price tends to range in a specific area on Friday or it can absolutely demolish a certain setup. Pair this with the oversold RSI on virtually all timeframes up to 1H and you have a recipe for a potential reversal that came out of nowhere. Nontheless, dont let this scare you away, rather let it make you exercise caution and be sure to use CORRECT RISK MANAGEMENT My bias for today is going to be short but if we see a strong push up, we can expect a reversal back to a higher support Trade safe, trade smart, and trade precise yall, ill be back next week!!!
Short
by fastboiijd
3 validation points = confirmed downtrend ($35,444 aoi) Once 3 validation points have been confirmed on either an up trend or a down trend its likely to reject in the opposite direction the validation point was secured at (If the down trend gets a 3rd validation point, it's likely to reject to the downside shortly after) $35,444 seems like an area of interest over the next 24 hours for a retest of the uptrend trend lich which currently has 2 validation points, needing a 3rd to confirm a bullish edge. Could this have been a bearish retest of the downtrend before faking out and then reversing back to the downside? The markets tend to react based on emotions from the traders (in terms of trading, and how the markets get information about the player, and their specific reactions) Also funding is 0.1338% and this tells me the ratio between shorts/longs is stacked on the short side which PA should need to cool down before another pump in the short term future. "The markets move the funds from the impatient traders account directly into the patient traders account" and this is accurate in terms of traders and their impatience when it comes to finding an entry for the specific position/trade setup they are looking for. Will attach TA updates to this post as the day proceeds. Remember, plan your trade and trade your plan! 👍
BITFINEX:BTCUSDShort
by YurloTrades
2