The buyer got completely overruled by the sellers again. Sellers coming back
I quickly closed my sell attempt on the 15M has the sellers was showing signs of weakness. As a trader our job is to adjust movement by movement. Not the same for investing.
15M sellers tried to go lower and failed on the attempt. Trade close on half risk.
We had some aggressive sells from my last update and currently been waiting for prices to bounce off from where we got trapped at from my previous update. Taking the sell back to $46,000 at least for a total of 3.5R
Buyers made it all the way to target with 4R risk to reward
Scaled out 50% of my positions and risk to break-even. Trade is completely risk free . 350% return on risk in less than 2hr
Got back into the sell at a much higher price...same setup better price to work from
Simple trend pullback trade. 1st Target is 150% return on risk 2nd Target is 450% on risk
OKAY... as we can see $46,000 has been holding since the 1st week of December. Prices are constantly bouncing off from the $46,000 price point and these are my thoughts, I personally think the 4H sellers can breach $46,000 ONLY if we perhaps get a price point of $54,000 to attempt the sells again. Currently we got another rejection of the $46,000...
We had a strong rejection from the buyers from yesterday's sell which is causing the market to channel on the 4H currently. Perhaps the buyers are not entirely done on their move. This doesn't change my overall sell bias from the Daily perspective Lesson Learnt its very important to wait for a candlestick close for a better confirmation. Its even more...
We got hit on our initial sell attempts which is completely fine as long as you understand which and learn from your trades. Our timing was very bad on the previous sell. However, we're still bearish from the Daily time frame and re attempting the sells again
From my previous update i asked myself could this be a pullback for buyers to try again or still hold on to the sells. im just closed out 75% of my sells and see how the active buying showing on the volume performs. If the buyers fails, i'd get back into the sells again with full size
We're still holding onto our sells but we're not completely outta the last buyers . WOULD WE COMPLETELY BREACH IT ...OR... THE BUYERS WOULD TAKE THAT AS A DISCOUNT ???
On Dec 26th i wrote about still looking at a short term sell on the 4H after $46,000 held prices from pushing lower. Hence we need a much higher price to sell from which means we need buyers from a lower time frame to push prices higher. At this point we'd resume the sells ONLY if the buying momentum fades away
This's a more precise entry from my previous daily entry. The initial Daily entry was a little too early as buyers where still interested in buying more. Now is time to sell as the buyers failed