IDORSIA CATCHING THE FALLING KNIFE WITH THE BULLISH CONFIRMATIONIt was the 6 februar and as a inexperienced trader, without any concept of resistence and support I was racking my brain trying to find a bottom to ethereum. Trendline were like butter cutted by a hot knife, people were screeming it will go to Zero but I was sure that there was an end to the sell off.
I tryed to find a logic behind the possible point of reversal and I found it in the bullish confirmation.
The bullish confirmation is nothing more than the basis of a second bullish impulse. This level is like a touch down. The coin or share says you: my value is above this level. I don't want to go more down. Here is a strong support.
all these points are necessary to confirm a potential bullish coonfirmation:
1) bullish impulse
2) bear trap (pull back)
3) second bullish impulse
The bullish confirmation is exactely where the bear trap was revealed (the basis of the second bullish impulse).
Here a low time frame chart on ethereum showing you how I catched 3 times Ethereum thanks to this trick.
and here a small time frame on this structure
In the case of Idorsia is a little bit more tricky because the bullish confirmation or basis of second impulse is at 18.9 (basis of the bullish impulse) and not 18.3 ( basis of the pullback)
Confirming the hypothesis of a reversal point at this level there is also the support trendline of this orange downtrend channel.
As Idorsia is a very volatile share I see this level as a likely reversal point even if the SMI is not over with his corrective phase.
As I believe in Idorsia and I want to increase the number of share and I'm shorting since 23.6 Chf I can allow me to put a buy order at this level and decide in a second moment If I have to short more or not.
BIO
