2025-01-21 - priceactiontds - daily update - daxGood Evening and I hope you are well.
comment: Bull channel/expanding triangle, doesn’t matter. Trade it until clearly broken. No one knows how high this can go and I said, until we clearly see consecutive big bear bars, bulls are in full control and you should look for longs instead of shorts. Market is beyond overvalued and overbought but that does not matter for now.
current market cycle: bull trend
key levels: 21000 - 21500
bull case: Bulls are in full control. No one know’s where it stops. Look for longs. Bears have spikes and that’s it. Bulls are buying everything and just melting this higher.
Invalidation is below 21000.
bear case: You can not start looking for shorts until bears have closed a 1h bar below 21000. This is probably true for most traders. Are you 1 in a million and can make money trading both sides on this? Good for you but for the rest of us, we better come with easy to follow, tested and profitable strategies and try to survive. Trend is your friend. Don’t fight it. Was I wrong about the bearish outlook? Timing-wise, yes. But that will never stop me form changing my mind and trade what’s in front of me. I am here to make money and not to be proven right.
Invalidation is above 21500.
short term: Bullish until bears do more. Trade the channel.
medium-long term from 2024-01-20: Market hit 21k and now it’s about being patient until we sell-off again.
current swing trade: None.
trade of the day: Buying big previous support around 21000.
