BCHUSD Wait for this to come to you
It's been a struggle today just keep around break-even here. At least the 1570 high and danger point was identified but we
should have shorted there with stops above - kind of obvious now of course.
The technical picture here has deteriorated today. It's broken below the parallel and this line is now acting as resistance to
rally attempts. It's now likely to move sideways in the range bound at the top by 1539 line and at the bottom by 1476 spike
low and 1456 blue line. It's full of whipsaw, traps, delays and broken hearts. It will encounter problems at 1539 and if it can
manage to beat here at 1570 again.It's strictly for day traders playing inside the lines with two overhead dynamics bearing
down from above. It has to clear all this now before it looks safe for swing traders to go long again - that space between
1572 and 1735 is the space to trade, if and when we see 1572 broken. Otherwise it's a buy on retests of 1477-1456 range
with stops under 1450.
Any fall below 1450 would be a very bearish outcome for BCH, triggering a short back to 1255 at least and more likely to
1182 before rallying again strongly. Pin bars are often created by wise old traders on fishing expeditions, laying buy
orders at extremes days and even weeks in advance. You never know if they are going to get hit, just check the trap
once day and maybe one day the big sell off (or rally) arrives and you get filled. This pattern is not positive whilst under
1570. It's carrying a lot of dreams trapped in at higher prices now. We're lucky not to be amongst them having banked
profits at the weekend when they were still there to be taken. Hope above 1570, despair below. Put two orders in to
buy at 1575 and another at 1185, both with stops 10 points below.
One will get struck. Eventually. In nearer term it looks OK to buy dips to 1476 but 1514 is already beginning to become
resistance by the look of it so the range to trade is getting smaller, but with a downward bias still. More hearts must be
broken before a good rally can begin again here.
Keep powder dry. Set traps. Wait. Let this come to you. And at one extreme or the other, it will do eventually.
It's been a struggle today just keep around break-even here. At least the 1570 high and danger point was identified but we
should have shorted there with stops above - kind of obvious now of course.
The technical picture here has deteriorated today. It's broken below the parallel and this line is now acting as resistance to
rally attempts. It's now likely to move sideways in the range bound at the top by 1539 line and at the bottom by 1476 spike
low and 1456 blue line. It's full of whipsaw, traps, delays and broken hearts. It will encounter problems at 1539 and if it can
manage to beat here at 1570 again.It's strictly for day traders playing inside the lines with two overhead dynamics bearing
down from above. It has to clear all this now before it looks safe for swing traders to go long again - that space between
1572 and 1735 is the space to trade, if and when we see 1572 broken. Otherwise it's a buy on retests of 1477-1456 range
with stops under 1450.
Any fall below 1450 would be a very bearish outcome for BCH, triggering a short back to 1255 at least and more likely to
1182 before rallying again strongly. Pin bars are often created by wise old traders on fishing expeditions, laying buy
orders at extremes days and even weeks in advance. You never know if they are going to get hit, just check the trap
once day and maybe one day the big sell off (or rally) arrives and you get filled. This pattern is not positive whilst under
1570. It's carrying a lot of dreams trapped in at higher prices now. We're lucky not to be amongst them having banked
profits at the weekend when they were still there to be taken. Hope above 1570, despair below. Put two orders in to
buy at 1575 and another at 1185, both with stops 10 points below.
One will get struck. Eventually. In nearer term it looks OK to buy dips to 1476 but 1514 is already beginning to become
resistance by the look of it so the range to trade is getting smaller, but with a downward bias still. More hearts must be
broken before a good rally can begin again here.
Keep powder dry. Set traps. Wait. Let this come to you. And at one extreme or the other, it will do eventually.
Comment:
Coming into range now...
