As we are now seeing the third hit to the high on APE 1hr chart, it's decision time on whether they will continue to take price higher or whether we will see 3 levels of drop to the downside.
At first glance, and especially when you look at how many longs they have trapped already, it appears like a clear opportunity for a short. We have to take a few things into consideration. Firstly, it's weekend and secondly it's XMAS. That usually means price will move at a snails pace and the interest will eat away at your short position.
The worrying thing for me is that APE, and many other assets, look very 'bullish' on the daily chart and they may very well blast through this level and continue higher. I already opened a long at 3.540 as a hedge in preparation for this short opportunity so I have a little room to work with there if I do decide to open a small short.
If they have the intention to take price lower, they will take it into the manipulation zone where they will stall and take plenty of time to do their dirty work.
Best of luck if you decide to take this short in the hope of an early Xmas present ;-)
At first glance, and especially when you look at how many longs they have trapped already, it appears like a clear opportunity for a short. We have to take a few things into consideration. Firstly, it's weekend and secondly it's XMAS. That usually means price will move at a snails pace and the interest will eat away at your short position.
The worrying thing for me is that APE, and many other assets, look very 'bullish' on the daily chart and they may very well blast through this level and continue higher. I already opened a long at 3.540 as a hedge in preparation for this short opportunity so I have a little room to work with there if I do decide to open a small short.
If they have the intention to take price lower, they will take it into the manipulation zone where they will stall and take plenty of time to do their dirty work.
Best of luck if you decide to take this short in the hope of an early Xmas present ;-)
Comment:
As expected, price is moving too slowly for any trades other than SPOT so I have closed my short with a small profit.