Long BTC/USDTP - Potential MM's Weekend Trap
Looks like a 5-wave Elliott wave move up, with waves 3 and 5 hopefully hitting over the weekend.
Wave 0 starting during the NYC session/reversal, potentially offering-up a nice “market maker weekend trap”, topping-out at wave 5.
If true, price should also retrace back down for the “midweek reversal” next week.
Invalidation (stop loss) would be price closing below wave 0 (red S1 line on the CPR).
Shout out to Tino @TradersReality Craig Percoco, @TradeTravelChill and Anup's magical CPR.
Wave 0 starting during the NYC session/reversal, potentially offering-up a nice “market maker weekend trap”, topping-out at wave 5.
If true, price should also retrace back down for the “midweek reversal” next week.
Invalidation (stop loss) would be price closing below wave 0 (red S1 line on the CPR).
Shout out to Tino @TradersReality Craig Percoco, @TradeTravelChill and Anup's magical CPR.
Trade active:
Took a little longer to play out, but price is still following the move - only just!
Wave 4 needs to stay above Wave 1 at all costs - a quick wick below it on a LTF, could potentially still be ok.
Really need to see a bounce around the $26.1K-$26.2K range, (so around now basically) or, it could invalidate the move completely and tank.
I do see another potential bounce at around $25.8K, but if it's not just sharp wick down, my move will still be invalidated if price closes below here.
Need to get passed @TradeTravelChill Annii's dreaded $26.8K mark first, but after this , 'm still aiming for Wave 5 to be tapped ($27.1K to $27.5K) at the US close or during the dead gap.
Let's see...
Wave 4 needs to stay above Wave 1 at all costs - a quick wick below it on a LTF, could potentially still be ok.
Really need to see a bounce around the $26.1K-$26.2K range, (so around now basically) or, it could invalidate the move completely and tank.
I do see another potential bounce at around $25.8K, but if it's not just sharp wick down, my move will still be invalidated if price closes below here.
Need to get passed @TradeTravelChill Annii's dreaded $26.8K mark first, but after this , 'm still aiming for Wave 5 to be tapped ($27.1K to $27.5K) at the US close or during the dead gap.
Let's see...
Trade closed: target reached:
Yeah, I'm still going to take this one lol. Cheers Gensler!