Yes, it's a memstock. No, it doesn't matter if it's utterly and completely useless. You're not trading for use case, you're trading on technical analysis. Stop being in this mindset that if it's absolutely useless, it can't be traded for profit. If it's in a trending market it can be profitable regardless of use-case. Think about Bitcoin when it first started...
In my previous idea I theorized that we could be going up - HOWEVER, I remained position neutral because the middle of a consolidation zone is NOT where you want to get into any position. And I was right... I also put down conditions for other potential plays. Breaking below 53300 on high volume was one of them. This is pretty bearish here folks... So let's go...
This is actually a pretty decent place to think about going long on SHIBA. Couple of things I'm looking at: Although the initial breakout was not with the volume you would normally like to see (at the end of October) - it can signal a potential fake breakout.... SO, definitely watch for that because the breakout at the end of OCT from the previous higher high...
Been a while TV gang. Stupid busy with my new job, so I've not been a frequent visitor. While I am position NEUTRAL at the moment, a few way this puppy could go down: What I currently favor: 1) Break above the current consolidation box with low volume. This means we break above 60k with crappy volume. We likely visit the 63k neighborhood, but just passing by,...
Fellow traders, It's been a minute. I've been completely wrapped up at my new job, so frankly being on here has been at a bare minimum at best. Definitely no new ideas posted in a while. Let me carve through GME again real quick. A couple of things you need to know about GME currently. Price just tried to push through a pretty strong trendline... However, it...
Just looking strictly at how volume has played out. The reason we are looking for a higher high is because I don't think the breakout top has been tested yet... Usually take producing a higher high twice with lower volume. Even if the second higher high test on lower volume is a bit clustered in with a recent move. Then we should think about a reversal as...
Hey traders! Go check out my TA on Shiba Inu in virtual reality. It really does bring a new level to doing TA this way. There is so much more to be able to fit in there. Here is the link: www.youtube.com The general TA for Shiba is good. We will definitely see a retracement. But we are likely in for another lower high from the parabolic move up. It will be a...
Things really went from bland to interesting (volume wise)... Looking at price action, you never would have known. This is why volume is so important, it makes or breaks your trades. My initial thought this morning is that volume has collapsed on the breakout of the trading range, nothing crazy to see here. All of a sudden, higher than average volume started...
As I shared in my previous idea, this breakout range here was not looking overly impressive on volume. My impression was that a short position should be entertained due to the lack of volume.. HOWEVER, I did identify a caveat to the short idea. Two things had to happen: -The volume on the 4hr candles started picking up. As of now, we have had our last three 4hr...
Right now as it stands, I am overall more in favor of a short position than long. I have widened the view to a 4hr timeframe because the consolidation period above the trading range has lasted quite a bit longer than what we should look at in a smaller timeframe window. As of right now, the consolidation period above the trading range is NOT impressive on volume...
Ok ladies and gents. We are looking for a flat 3 zigzag or flat 3 triangle correction. Triple top around 47.4 (possibly a bit higher to 48k) with a quick plunge back down. Currently favor the push back down to 43.5 area to trigger a ton of stop losses and shooting right back up again. Can't rule out flag scenario though...
Guys, I've updated the trading plan because we are now starting to make moves here... I am STILL short biased at the moment (several reasons why, which I will explain below). -If price continues to consolidate below the red box with heightened volume, this is a short position sign. -The opposite is true if price jumps over resistance and start consolidating...
Ok guys, we have had some impulsive moves here. We DO NOT get into trades until we see consolidation areas AFTER impulsive moves. Since we do NOT know which area price will consolidate towards, we are neither long or short at the time being. We want price and low (but heightened) volume to give us an idea of what position to take. We have THREE different...
So here is a few funny things that I've learned about Bitcoin and how it behaves: 1) (See my previous idea about why this is funny) Always expect the unexpected. I had this EXACT scenario marked in my head as "unlikely, but possible"... The hourly candle blasted RIGHT through 51000 like it wasn't even there. (THIS IS EXACTLY, AND I MEAN EXACTLY WHY WE DONT JUST...
Looking for a double top here near 51000. Before randomly assessing that it will in fact fall back to retrace the flag breakout, we must see low volume at this trendline. If price pushes through strong with high volume on the hourly minimum and closes up and over the trendline going up. DONT let the possibility of the hourly candle pushing through with high...
All in the charts guys. Looking at volume going our way here. Look for high volume on the break ABOVE resistance for a confirmed breakout to the high side. Alternatively, look for a high volume candle if we break below the support to stop loss from long.
Yup, this is trading folks... I was stopped out on my short trade because we had a low volume bounce at the bottom of the trading range. If you saw my last analysis, my thought was that we would be breaking far below the trading range, which didn't happen. Some solid clues to the bounce on the technical double bottom was that the second bottom (which we are now...
I'm seeing a fall here to at least 44000, that's where our next major support will be. If you can tell, we are broken below the ascending flag which sets up our BC - buying climax at the top of the range and AR - automatic rally at the bottom. The ST - secondary test is the retrace back into the support line breached that has turned into resistance now. We have...