Mid time frame price action I am watching. Currently 2x short from 45650, will cut if we reclaim zone shown on chart
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I flipped long on ltf 5 minute price action, TPING right now as we speak at 45950, I am trying to be fluid today and just scalp LTF until the larger picture clears up. I was fully expecting a breakdown last night and gave away about 600usd in profit by getting stopped out on this move up. Last night everything was in place for bears to take over but bulls held. That does seem trappy and could rubberband back hard now after late bears begin to capitualte realizing their time has passed. Like I said not hanging on to a HTF bias right now trying to be fluid with LTF and take scalps.
You're technically right to be short here, with LTF showing lower highs and lower lows, however I'm long and expecting this to break up for a final stab around 50k. 4hr falling wedge breaking up on volume looks good to me and I think bear DIV from daily played out. Expecting larger pullback, maybe to 42k area later, but doesn't look like we are getting it just yet.
Scygon
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@Scygon, S/R flip at 46k likely a good place to add long if we get it.
TEXAGG22
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@Scygon, and of course I TP WAY to early, haha, this is my motto though... ALWAYS BE CLOSING...I like to take profits and scale out of trades quickly, so many times I have seen it bear/bull trap and you lose all your UPNL. Like what happened to me last night. I don't hit many home runs but I hit alot of singles and mentlaly for me that is huge. What do you think about that? would love to hear your thoughts. I have consiered setting up a HTF account that trades longer trends and a LTF scalp that is focused on ABC (always be closing)
Scygon
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@CoffeeTraderTex, happens to us all. I scalp too, but tend to use lower leverage + hold longer when I am more convicted / have more edge. Lower leverage makes the short term PNL matter less. Always stings giving up UPNL, must be accepted as inexorable part of the process.
TEXAGG22
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@Scygon, I like it, I flipped long on ltf 5 minute price action, TPING right now as we speak at 45950, I am trying to be fluid today and just scalp LTF until the larger picture clears up. I was fully expecting a breakdown last night and gave away about 600usd in profit by getting stopped out on this move up. Last night everything was in place for bears to take over but bulls held. That does seem trappy and could rubberband back hard now after late bears begin to capitualte realizing their time has passed. Like I said not hanging on to a HTF bias right now trying to be fluid with LTF and take scalps.
Scygon
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@CoffeeTraderTex, Yes same for me last night. Was sitting cash expecting breakdown but didn't get it so flipped long today 44,500. Great short trap.