So as btc has pushed up the rejection from 28k lead to a brake of structure that undoubtfully fooled most including my self in to shorting the bearish retest.
I will post a video of this current trade idea shortly.
While a highly probable setup to short the bearish retest of a brake of structure in an uptrend this time has proven different and lead to a stop loss hit. Although fake news was the driver of the speed later on price broke to the upside reclaiming its brake of structure PRE FAKE NEWS.
As usual the news simply pushed price to the only place on the chart with enough liquidity for a reversal past 28k and stopped at 30k nearly to the penny.
Since then we have now wicked all the way back into our lower price range and have bearishly retest the top. Granted it has been less than 24hr since acceptance back into this range IF IF IF price fails to brake back above we will have clear swing failure pattern at the top of the range with acceptance back into followed by a bearish retest.
Price could certainly rocket back to 30k range in the 28-30k area just the same but give we have wicked back down and already retest after a 5 wave impulsive move to the upside some kind of correction is likely. Personal I am targeting the bottom section of this lower range in the 26200 area.
Current trading plan is short trade back to our last support resistance flip and fill the a fair value gap right at support. Bounce but put in a lower and lower low.
After taking the liquidity on the lower low probably see a large bounce and potential reversal to the upside.
Trade Well.....
I will post a video of this current trade idea shortly.
While a highly probable setup to short the bearish retest of a brake of structure in an uptrend this time has proven different and lead to a stop loss hit. Although fake news was the driver of the speed later on price broke to the upside reclaiming its brake of structure PRE FAKE NEWS.
As usual the news simply pushed price to the only place on the chart with enough liquidity for a reversal past 28k and stopped at 30k nearly to the penny.
Since then we have now wicked all the way back into our lower price range and have bearishly retest the top. Granted it has been less than 24hr since acceptance back into this range IF IF IF price fails to brake back above we will have clear swing failure pattern at the top of the range with acceptance back into followed by a bearish retest.
Price could certainly rocket back to 30k range in the 28-30k area just the same but give we have wicked back down and already retest after a 5 wave impulsive move to the upside some kind of correction is likely. Personal I am targeting the bottom section of this lower range in the 26200 area.
Current trading plan is short trade back to our last support resistance flip and fill the a fair value gap right at support. Bounce but put in a lower and lower low.
After taking the liquidity on the lower low probably see a large bounce and potential reversal to the upside.
Trade Well.....
