The crucial support is still holding well but the false breakout below $6500 must have stopped out some of the bulls. And for those sellers who likes to chase the price are now trapped.
Hours ago before I went to bed I updated my idea in the Chinese TradingView platform that I would only be interested if the neckline resistance on the 1hr timeframe is broken (my sincere apology not remembering to update my idea in English, have too much going on with Christmas approaching).
So, how do you trade in this instance?
1. Catch the false break - you know that the crucial support is at around $6600 and many buyers have set their stop loss below $6500. Hence, you want to buy the false break below $6500. (however, this is against human nature. Difficult to trade)
2. Wait for short-term momentum shifts - in this instance, the false break below crucial support at $6600 with a bullish candle followed through that broke the neckline resistance. (in context)
The short-term momentum has shifted evidently and, as a result, I am going to buy the pullback. Do you still remember that I entered 50% of the profits I made since 2018 between $6800 - $7300 and my other 50% is still set around $5500? I am now moving 2% of those orders set around $5500 to swing trade the current move. Targets are shown on the chart, stop loss will be below the pin.
See how I always tell you the reasoning behind my trades and how I manage my account/portfolio, whereas most top traders tell you only the market direction without their reasoning and STOP LOSSES?
If you appreciate what I do, please spend a few seconds to support my idea by pressing the LIKE button.
Taiwan Bear
Hours ago before I went to bed I updated my idea in the Chinese TradingView platform that I would only be interested if the neckline resistance on the 1hr timeframe is broken (my sincere apology not remembering to update my idea in English, have too much going on with Christmas approaching).
So, how do you trade in this instance?
1. Catch the false break - you know that the crucial support is at around $6600 and many buyers have set their stop loss below $6500. Hence, you want to buy the false break below $6500. (however, this is against human nature. Difficult to trade)
2. Wait for short-term momentum shifts - in this instance, the false break below crucial support at $6600 with a bullish candle followed through that broke the neckline resistance. (in context)
The short-term momentum has shifted evidently and, as a result, I am going to buy the pullback. Do you still remember that I entered 50% of the profits I made since 2018 between $6800 - $7300 and my other 50% is still set around $5500? I am now moving 2% of those orders set around $5500 to swing trade the current move. Targets are shown on the chart, stop loss will be below the pin.
See how I always tell you the reasoning behind my trades and how I manage my account/portfolio, whereas most top traders tell you only the market direction without their reasoning and STOP LOSSES?
If you appreciate what I do, please spend a few seconds to support my idea by pressing the LIKE button.
Taiwan Bear
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