We seem to be forming a classic wyckoff pattern. Textbook accumulation with large volume breakout.
https://pbs.twimg.com/media/DS8D3zRV4AAUlRe.jpg
I'm looking to buy the stop run back into accumulation zone (very common). Very strong orderblock here as well.
Upside risk/reward is amazing at 6:1. I will be closing my trade a bit below where I think price will end up.. not getting greedy.
Confluence for target = higher timeframe orderblock, daily pivot, and log downtrend line.
Some pretty strong bearish divergence on the hourly (remember RSI doesn't factor in wicks)
I'll probably enter a third of my ideal position in the blue box in case we don't make it down so far.
https://pbs.twimg.com/media/DS8D3zRV4AAUlRe.jpg
I'm looking to buy the stop run back into accumulation zone (very common). Very strong orderblock here as well.
Upside risk/reward is amazing at 6:1. I will be closing my trade a bit below where I think price will end up.. not getting greedy.
Confluence for target = higher timeframe orderblock, daily pivot, and log downtrend line.
Some pretty strong bearish divergence on the hourly (remember RSI doesn't factor in wicks)
I'll probably enter a third of my ideal position in the blue box in case we don't make it down so far.
Comment:
The gap is calling: