Everything makes sense to me again. This has been distribution all along. Institutions are not going to let retail long and make money this easily, its always the other way around.
This idea that resonates with me the most. I've tried numerous attempts to paint a long picture but each time something feels a little off. But zooming out to the daily and labelling a classic horizontal Wyckoff distribution makes the more sense.
Now the question is, when to open the short?
$66,100 (current price): This is where the highest volume profile is (67k). It can often be used as strong resistance.
$72,000: This is where lots of liquidations can be seen.
$73,000+: This is a classic UTAD taking out the ATH stopping out all shorters, punishing late longs.
Each one of those would be valid and would be very difficult to predict. Each one comes with their own risk:reward.
Whichever one you choose, if you do choose any, best of luck.
I will post updates when I open my short.
This idea that resonates with me the most. I've tried numerous attempts to paint a long picture but each time something feels a little off. But zooming out to the daily and labelling a classic horizontal Wyckoff distribution makes the more sense.
Now the question is, when to open the short?
$66,100 (current price): This is where the highest volume profile is (67k). It can often be used as strong resistance.
$72,000: This is where lots of liquidations can be seen.
$73,000+: This is a classic UTAD taking out the ATH stopping out all shorters, punishing late longs.
Each one of those would be valid and would be very difficult to predict. Each one comes with their own risk:reward.
Whichever one you choose, if you do choose any, best of luck.
I will post updates when I open my short.
Comment:
Update: No position still. Practically the same price ($66,300) as yesterday.
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Update: No position still. Price went down, currently $63,500.
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Update: No position still. Price currently $63,900.
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Update: Position - Short $64,000. Price currently $64,000.
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Update: Position - Closed at $63,000. Price currently $63,000.
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Update: No position. Price currently $64,100.
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Update: Position - Short $63,500. Price currently $63,500.
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Update: Position - Short $63,500. Price currently $60,500.
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Update: Position - Closed at $59,500. Price currently $58,400.
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Update: Position - Short $58,000. Price currently $58,000.
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Update: Position - Closed at $57,000. Price currently $57,000.
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Update: Position - Short $59,000. Price currently $59,000.
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Update: Position - Short $59,000. Price currently $59,100.
Trade closed manually
Comment:
Opened SHORT 63.3k. Price currently: 63k.