Quick breakdown of microstructure on the 5 and 15 min timeframe using Fibonacci.
There are many other ways I would breakdown price in that situation, however this was a spur of the moment video.
You must understand the general sentiment of price on the higher timeframe during instances like this. Specifically, NEAR has had a very strong run-up recently and is now recoiling to regain strength. The only reason I've thought about shorting in this moment is due to the fact that major resistances have been broken, and there is a high probability price needs to retest.
Another reason is because there is a clear momentum shift and price is near the top of that shift. This is a trade less risk averse traders would make, as it is usually unwise to fade a strong trend.
There are many other ways I would breakdown price in that situation, however this was a spur of the moment video.
You must understand the general sentiment of price on the higher timeframe during instances like this. Specifically, NEAR has had a very strong run-up recently and is now recoiling to regain strength. The only reason I've thought about shorting in this moment is due to the fact that major resistances have been broken, and there is a high probability price needs to retest.
Another reason is because there is a clear momentum shift and price is near the top of that shift. This is a trade less risk averse traders would make, as it is usually unwise to fade a strong trend.
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Fib using initial range rejection as a basis:
End result of both views should be looked at as probabilistic outcomes when paired with other factors, this is ONLY a theory of how to look at price.