As a trader in the Asian time zone we learn to accept that our trading day usually sets up price for where they want it to be for the New York open. Some time after midday, you learn to expect a fast move higher or lower, followed by a snapback leaving a decent sized wick on the chart. Price will then slowly work it's way to the opposite end of the desired range and repeat the procedure. That gives us a range that will narrow down until it reaches the mid point right before the New York open.
'Old school traders' will use words like supply, demand, support, resistance and indecision to explain why this happens. I prefer to call it as it is - MANIPULATION.
On the 1hr ETH chart I can see that they trapped short the traders expecting another drop, they took price quickly away from those traders and up to the top of the range. Then, the traders that believed a 'Bart' pattern was incoming got trapped long. As always, there will be no escape for those traders and price will go "Sideways until New York".
The charts show clearly that price could easily go up for the 'Bart' or down to 'the bottom'. There will be an equal number of positive and negative news articles between now and the NY open to add to the confusion. I am not here to project where price may go, just to suggest that the price of ETH should be not too far away from 1183 at the NY open. This is the midpoint between the range high and low and will give traders absolutely no reason for any directional bias at the open.
'Old school traders' will use words like supply, demand, support, resistance and indecision to explain why this happens. I prefer to call it as it is - MANIPULATION.
On the 1hr ETH chart I can see that they trapped short the traders expecting another drop, they took price quickly away from those traders and up to the top of the range. Then, the traders that believed a 'Bart' pattern was incoming got trapped long. As always, there will be no escape for those traders and price will go "Sideways until New York".
The charts show clearly that price could easily go up for the 'Bart' or down to 'the bottom'. There will be an equal number of positive and negative news articles between now and the NY open to add to the confusion. I am not here to project where price may go, just to suggest that the price of ETH should be not too far away from 1183 at the NY open. This is the midpoint between the range high and low and will give traders absolutely no reason for any directional bias at the open.
Comment:
Well, the purpose of this idea was to highlight "sideways until New York" but the last 7 straight hours of sideways gives it a whole new perspective.
Anyway, you see what us guys trading the Asian time zones have to put up with!
Anyway, you see what us guys trading the Asian time zones have to put up with!
Comment:
We are now 31 hours into the sideways movement. I don't know about Sideways to New York anymore, it's starting to feel more like Sideways Until January!
This has now turned into a classic example of how they move price into such a position where an equal number of traders would be confident about going long or short. Then, they stall price to a) give plenty of time for people to place orders and b) rake in the interest from traders using leverage.
It is now imminent that they are going to move price very aggressively in both directions to take out the stop losses and liquidation points of the huge number of orders that have been placed over the last 31 hours. Once they are done with their dirty work, they will finally move price in their chosen direction.
Supply and demand? Yeah right.
This has now turned into a classic example of how they move price into such a position where an equal number of traders would be confident about going long or short. Then, they stall price to a) give plenty of time for people to place orders and b) rake in the interest from traders using leverage.
It is now imminent that they are going to move price very aggressively in both directions to take out the stop losses and liquidation points of the huge number of orders that have been placed over the last 31 hours. Once they are done with their dirty work, they will finally move price in their chosen direction.
Supply and demand? Yeah right.
Of course, there's always a chance that the London crew get the glory today and we may see them slap ETH down before the New Yorkers follow through.