This is basically going to wipe out all margin positions across the board!!!! Be prepared!!!!
I know ! point heavy, but this is serious people!
I know ! point heavy, but this is serious people!
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Down up, not up down, obviously...
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Whoa, lot of views. From the price movements and chart pattern on the 5 and 15min, I'm 60% confident we make it to 6500. However, at that point, the 4 and 6hr RSI will start reading overbought. So in the prints screen below, let's say the MACD doesn't crossover brearish. Well, that only leaves a small amount of headroom before a correction. If the MACD does do a bearish cross, than more likely we do a downward sloping bart which would inevitably lead to one of those crazy, blink and you missed it drops at some point in the next few days/week. I know slow as molasses but it really depends on the time frame you are looking at. After all, on the daily chart, that's just a handful of candles. The short-body/long wick candles that are being formed on what are supposed to be bullish patterns on smaller time frames tells me that the bulls are simply losing momentum and they're trying to force the price to do something that is not coming natural. The start of a real bull run will feel much different in character. You want to trade with the natural flow of the price, not against it, no matter how much you want to believe a particular pattern or indicator that is telling you otherwise. I've found that just taking the time to observe price moments without any "skin in the game" so the speak can give you a sense of the natural flow of the price without the emotional baggage that comes from wanting the price to go in the direction that you think it will go. Also beware, I believe there are a lot of spoof buy orders being placed on the books to entice people to buy right before a fall. This is evidenced by orders disappearing right after it's hit resistance/by the lack of change in price in relation to the number of orders appearing.
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You can set limit orders on either side of the break - give yourself a comfortable margin since both the upside and downside has a lot of room. That way you can ride the impulse whichever way it breaks. Entering or holding a position now would only net you a minimal amount more, if you picked the right side. Should your choice prove incorrect, that could be costly. So to recap, entering or holding a position now = a lot of risk with little gain, placing orders on either side of the battle line (say +- 2% - or whatever fits your comfort level) = a lot of gain with little risk. Hope that helps :)
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I made a big f'in mistake
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we're about to get a spike... hopefully this starts to make amend.
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calling this contraption a cup and handle would be wayyy too generous, but with price manipulation being what it is, these patterns are bound to be malformed. I think that's what it will end up playing out as
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lots of ways to view the same bullish pattern. A bull pennant or flag, depending on your view or timeframe