- Hammer in PB&J Sweet Spot (SMA 10 / EMA 30) - Bollinger Band Lower - DeMark Perfected Buy Setup - Test of Falling Window Low - Pivots P Monthly & 3 Month support
Ultimate Target: Top of Falling Window
SL: 250 T1: 317 T2: 340 T3: 400
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Update:
- Yesterday's Daily candle closed as a Doji.
- Horizontal resistance is drawn at the High of the pattern at $56,500.
- A Doji itself does not say that a market is going to fall, but that it's "tired"; it can move sideways.
- The market is tired inside of the Daily PB&J Sweet Spot for shorting (between SMA 10 / EMA 30 after a Dead Cross).
- If today's candle closes <= the middle of the tall white real body ($54,422.56), that would make the 3-candlestick reversal pattern Evening Star. The market tried to reach the High of the Bollinger Band, got tired at the Basis line, and reversed. This pattern can be traded.
- On candle close, set your Stop-Loss above the high of the pattern, short, and set your profit target at a local Swing Low, ; near the Bollinger Band Low and Hammer support.
- Follow your preferred way of taking profit. I will have a Stop-Loss at $57,000 with a Take Profit order with 50% of my position at $47,600, above Hammer support. Then I will trail a Stop-Loss using a Nison strategy which states: "Your stop loss order needs to be placed after the market has closed." and "My trailing stop loss order needs to go under the current days [High] or the previous days [High] - whichever is [higher]."
Unlikely to hit 900 as you previously posted