MANA MUSING. Slightly Apprehensive bullish
Good morning, good afternoon and good Evening to all.
Just taking some notes on mana's price action. its the weekend so we could stagnate for a few days before we move but I have alerts set up at the areas of importance. Please use as you wish to add to your own thoughts and please comment if you have something else you would add.
Trading psychology wise. just be aware its been weeks of red for a reason and quite often that reason is to lure people into false hope at the first break of structure. we are already seeing a slight increase of longs coming into the market as open interest is moving up also. This could mean we pop hard and hast to the upside and take out the lined up short liquidity at the same time FOMO retail into thinking "this is it the bottom is in" we are in fear and greed level 9 which I don't think we have seen in the over a year.
Area of confluence,
Daily Open, Daily pivot
2x weekly s/r
and an order block that
caused the CHoCH structure break.
if price comes back to this area look
for confirmation on entry time frame for
longs and target weekly pivot with TPs
at next levels
If the above area fails
look for a retest entry
on lower timeframe and
target demand zone below
with TPs along the way.
if we continue up from here look for rejections or retests of key levels,
just remember the faster the move up the harder the fall.
www.patreon.com/cryptocat45
Just taking some notes on mana's price action. its the weekend so we could stagnate for a few days before we move but I have alerts set up at the areas of importance. Please use as you wish to add to your own thoughts and please comment if you have something else you would add.
Trading psychology wise. just be aware its been weeks of red for a reason and quite often that reason is to lure people into false hope at the first break of structure. we are already seeing a slight increase of longs coming into the market as open interest is moving up also. This could mean we pop hard and hast to the upside and take out the lined up short liquidity at the same time FOMO retail into thinking "this is it the bottom is in" we are in fear and greed level 9 which I don't think we have seen in the over a year.
Area of confluence,
Daily Open, Daily pivot
2x weekly s/r
and an order block that
caused the CHoCH structure break.
if price comes back to this area look
for confirmation on entry time frame for
longs and target weekly pivot with TPs
at next levels
If the above area fails
look for a retest entry
on lower timeframe and
target demand zone below
with TPs along the way.
if we continue up from here look for rejections or retests of key levels,
just remember the faster the move up the harder the fall.
www.patreon.com/cryptocat45
Trade active:
layered an Entry on a small lev short scalp down to area I will be looking for longs. remember to always enter on Confirmation.
Comment:
Took final TP at weekly s/r on the short and started a layered long position. hedged with short on the swing fail of the previous entry. looks like we are in weekend restriction and playing a range so will play it out like that until we breakout