Short log trendline throwback + long retrace

Everyone and their mother will have asks at the log trendline since TA is a self-fulfilling prophecy. Frontrun their shorts in the red zone and in case they do somehow manage to break the trendline in the first go average down your shorts up to the next resistance at $12k which is quite near anyway .. There is no way both levels will be broken in one go (use stops above $12k tho)

Once the throwback has started look to close your shorts in the green box there and open spot longs there. Put stops below the trendline but account for MM stop hunt. You don't want to get reversed. Then wait for the log trendline to be broken in the second try and pass your position onto a greater fool by scaling out at the upper resistances ($12.8k, $13k..).

This is not investment advice

Comment:

That throwback.. like clockwork

Comment:

I'm sorry for being very imprecise with my boxes. I just noticed this. The red box was meant to be in the range of $11.5k-$12k. I was way too sloppy. Sorry if you shorted too early because of that and lost a bit of potential profit.

SO FOR THE RECORD: The green box is too wide too. The range I am looking for a bounce is $10.3k-$10.4k. NOT ANYWHERE ABOVE THAT. Preferably it bounces right at the uptrend line at $10,300-10,350. if that level doesn't hold the rest of the idea is completely invalidated and we better look out below

Trade closed: target reached:

Closing my short here. Long setup has been invalidated. Thanks for all the fish

Trade closed: target reached:

FWIW: Closed everything below $10k