We may be getting a little overheated with too many people FOMOing in on news.
Possible rising wedge on daily to watch.
Daily sell zone target hit.
Strong sell signals on TRDR
trdr.io/snapshot/87B0CC011632A120.png
With that said, we broke out from a bull flag and the target has not yet been hit.
Possible rising wedge on daily to watch.
Daily sell zone target hit.
Strong sell signals on TRDR
trdr.io/snapshot/87B0CC011632A120.png
With that said, we broke out from a bull flag and the target has not yet been hit.
Comment:
Watching on the one hour. We may want to go test $50K.
Comment:
Here are a couple of things I am watching.
Lower level time frame - 10 Minute. Possible falling wedge. Will be watching support off the TD9 Sell.
Possible ascending triangle on the 4 Hour.
Daily rising wedge is still in tact and can support another attempt higher off the lower level patterns. Possible wick out, or the need to draw it differently. The $50K and $52K are areas of interest.
Current day is on a TD7, so we could see a bullish breakout with a strong rejection in the next day or two.
Weekly is still towards the top of our pre-2017 breakout channel on a Heikin Ashi 1 after the TD9 sell, so not in the clear yet. If we break down, I'll be watching the green buy zone and the bottom channel line.
Happy trading!
Lower level time frame - 10 Minute. Possible falling wedge. Will be watching support off the TD9 Sell.
Possible ascending triangle on the 4 Hour.
Daily rising wedge is still in tact and can support another attempt higher off the lower level patterns. Possible wick out, or the need to draw it differently. The $50K and $52K are areas of interest.
Current day is on a TD7, so we could see a bullish breakout with a strong rejection in the next day or two.
Weekly is still towards the top of our pre-2017 breakout channel on a Heikin Ashi 1 after the TD9 sell, so not in the clear yet. If we break down, I'll be watching the green buy zone and the bottom channel line.
Happy trading!
Comment:
I am no Wyckoff expert, so take this with a grain of salt but this looks like a Wyckoff distribution schematic 1 to me. Maybe something to keep an eye on.
If you are a Wyckoff person, let me know your thoughts in the comments.
If you are a Wyckoff person, let me know your thoughts in the comments.
Comment:
Double TD9 perfected sell on the daily.
Wyckoff Distribution Schematic 1 looks to be very much in play. Expecting to be range bound around here for a little before breaking further down. Possibly a bounce off the blue .618 Fib with a rejection off the .786 to create the LPSY, last point of supply, before continuing further down to the $43 - 40K range, but will evaluate when we get close.
Wyckoff Distribution Schematic 1 looks to be very much in play. Expecting to be range bound around here for a little before breaking further down. Possibly a bounce off the blue .618 Fib with a rejection off the .786 to create the LPSY, last point of supply, before continuing further down to the $43 - 40K range, but will evaluate when we get close.
Comment:
LPSY—last point of supply. Bounce before heading down further.
