For Educational Purposes only:
I have closed some shorts at today's lows, and will be looking to close more from whatever fade we get from here. Our Stochastics are overbought on the smaller time frames (5-45 minute Tf's) This hints to me that there will another down move before price stabilizes, and attempts its bounce. I will be waiting for them to reach the oversold areas of the indicator, or looking for a large volume bottoming candle on the 5 minute chart. The Red area is the 200 EMA and the Orage area is the 200 MA. Like I mentioned in my last two posts I am looking for a bounce in this area around these Moving Averages. I do not plan to go long, I am just looking to take profits, as many other shorters will naturally be looking at these areas to do the same.
We are currently making our way higher on this small timeframe chart, I will be looking for a large volume candle signifying a local top. If we get consistent green volume without a larger volume spike that could signify that we do not retrace to my other green circle areas and closing out sooner could be warranted.
I have closed some shorts at today's lows, and will be looking to close more from whatever fade we get from here. Our Stochastics are overbought on the smaller time frames (5-45 minute Tf's) This hints to me that there will another down move before price stabilizes, and attempts its bounce. I will be waiting for them to reach the oversold areas of the indicator, or looking for a large volume bottoming candle on the 5 minute chart. The Red area is the 200 EMA and the Orage area is the 200 MA. Like I mentioned in my last two posts I am looking for a bounce in this area around these Moving Averages. I do not plan to go long, I am just looking to take profits, as many other shorters will naturally be looking at these areas to do the same.
We are currently making our way higher on this small timeframe chart, I will be looking for a large volume candle signifying a local top. If we get consistent green volume without a larger volume spike that could signify that we do not retrace to my other green circle areas and closing out sooner could be warranted.
Comment:
Could be a bull flag breakout, if you didn't close shorts earlier, then there is no guarantee that you will get the opportunity. I will be waiting for a pullback, because I closed most of my shorts earlier today. Depends on how strong the breakout appears to be.
Could be a bull flag breakout, if you didn't close shorts earlier, then there is no guarantee that you will get the opportunity. I will be waiting for a pullback, because I closed most of my shorts earlier today. Depends on how strong the breakout appears to be.
Comment:
Comment:
Counter trendline break possible Small Time Frame Bull trap on the Bull flag breakout. Still, expect prices to get higher. At least double of what we've seen so far today. Looking for pullback to finish closing shorts for the time being. Stochs are still in favor of a pullback (5-45 min stochs)
Counter trendline break possible Small Time Frame Bull trap on the Bull flag breakout. Still, expect prices to get higher. At least double of what we've seen so far today. Looking for pullback to finish closing shorts for the time being. Stochs are still in favor of a pullback (5-45 min stochs)
Comment:
Tradingview won't let me go lower than 5min timeframe. But we have a potential H&S. Its target is about 236.5 which would bring us to my original green circle. Let's see if this plays out. You can see the pattern much more clearly on a 3 or 5 min chart. Remember to watch your 30 min stochastics as well as they have been overbought. Whatever retracement we get should be the last low prices to close shorts before the bounce picks up steam and takes us about 6-10% higher.
Adjusting targets based on the buyers showing up