I keep it simple and mostly play with horizontal supports and resistances.
This recent pump didn't produced the short squeeze everyone expected. We have a almost certain ETF denial coming tomorrow, even though a lot of people think the news is already priced in, I'll keep a close look to the price action, we are still in a bear market and *bad* news, even expected, have a greater impact.
The big bear flag is still in play, I expect another test of 6800 before the flag break down.
I'll be happy to discuss this or another idea, thank you
have a look at this strategy and tell me what do you think, its insane
fahadjutt
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down down down into hell/....
pragmaticbestfit
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Hi,What is your opinion on the validity of the H&S below and the target at 4K if it completes?
PseT
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Hi @pragmaticbestfit, well H&S are reversal patterns and should take place at the top of an uptrend if we go by the book.
However I feel this one could still play out, you have different arguments but your idea is going in the same direction than mine.
4k is quite a bearish target to be honest, but yeah things could get very ugly if panic take over. I plan to scale buys from 5k to whatever it will go if we go down.
pragmaticbestfit
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@jj_1980, Thx for the reply. Yeah I don't know how valid it is when it's at the bottom to honest but many TV ideas seems to be looking at this formation even though which is why I used it. 4K target is primarily approximated from the height of the H&S. If its only a semi valid H&S then 5K is maybe a reasonable target. I’ll be trying to enter a long term position at 5K as well for sure.
have a look at this strategy and tell me what do you think, its insane