We got that zig-zag 5-3-5 correction on its way baby. Lets get it done and lets go! Red carpet is the target before continuing up!
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Notice that correction is already over if we rise above the green line
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Correction took us even lower. Not surprising. We went below the biggest wick, why? Because thats were the liquidity is. We should be starting to look for a movement upwards now.
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We went for the liquidity one more time. Major more upwards coming so market makers take out liquidity before.
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BE CAREFUL WITH FILECOIN IF you trade with leverage. Nothing is guaranteed yet. I CANT say for sure, no one can, but compare the fractal and make your own judgement. Problem with Filecoin is, you can leverage it. Everybody (or most) is expecting we do not go below 40.23. However, the fractal we have done before looks scary.
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I have a gut-feeling that we might come lower to liquidate. The Order Block to keep an eye out for is this:
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To trade safe and smart, wait at least on 4h that we pass the 50 EMA, re-test it, and see if we get a bounce from an order block that will be formed below it. Filecoin is one those coins you can currently trade on leverage on Bitmex and your liquidity is stupidly low. That is why I would be cautious as possible. This only applies for leverage trading and if you need to find that absolute bottom.
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Forget the fractal and the arrow. I have been awake too long and its taking a toll on me lmao. But do follow the safe approach because the order block that is posted in the fractal-image still could be the final target.
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One more update-image, just to make it clear and everybody can hopefully trade safer. Beware of something like this happening and do not go underwater and get liquidated.
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If you want to risk it, you can put your stop loss below the 50.09 wick. I would not recommend to go in with so high leverage that you liquidate if we still go below it.
If you want to risk it, you can put your stop loss below the 50.09 wick. I would not recommend to go in with so high leverage that you liquidate if we still go below it.
AdvancedPaperTrading
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Welcome to goblintown
BillMeyer
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Ready to takeoff now?
Chartmanderr
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@BillMeyer, I highly believe so. Filecoin came to liquidate from lower than anything else. We basically hit the last possible order block before the whole impulse wave-structure would have collapsed. Because of leverage-trading and liquidity, if you want to be sure, I would wait that we are pass the 50 EMA on 4h at least. And see that it holds. I would like to see we go above it and come back to a new order block created and see that it holds.
Sorry for the terrible chart but this something that I mean:
Chartmanderr
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@BillMeyer, Look at my update and the image I posted. Do not go underwater with Filecoin with leverage and do not get comfortable with the idea that 40.23 was the bottom.