I imagine a lot of people are piling on short here expecting a break through the bottom of the support line. I intend to wait for an ATR expansion down for one full day before doing that. Getting short for a swing trade down to 6 or 7k on the close of the 1st big down ATR day will be a safer approach and have better RRR than shorting before the ATR expansion...
Here is a combo I've been working on while investigating ways to tell if a symbol is likely to trend intraday. This also looks like it will be useful for finding squeeze breakouts like on BTC. The next time the EMA range breakout prints a red or green bar I am probably going to scale in heavily with a stop on the opposite band. Eth has actually recent broken...
Will be watching to see if it wants to form a rejection pattern against the 1559.9 downward wick, probably after lunch. Could make for a good support/resistance short to hold to end of session.
There's nothing going on in the markets so I'm planning out the next week in advance. For CL the theme was that it had been in a giant consolidation triangle for many weeks and then broke to the up side on news of trouble in the middle east. Once the fears died back to normal it ranged around on the bottom of the range defined on sunday. Overall I am bullish on...
Day trading plan: It's opening inside the prior range close to the 1532 resistance area. It's coming into the green bands which usually make for easier trend days but I'm kind of expecting it to consolidate here. A significant break above 1534.4 would be very bullish and might translate into a day that ends at the high. If it shows strength after the 30 minute...
Looking like end of 4 wave would possibly bring price to the other size of the pitchfork and be a good region for find wicks that justify a short possibly to the major swing low at .677
Looking for weakening pattern such as a series of wicks testing the 1642 area. Not shorting just yet. LTC just fell off the face of the earth so there might be some follow through here. Would really like to accumulate a position to hold to the major monthly low around .011. Also watching for test of 17 area for longer term short.
GC is the symbol I am most interested in today, looking like has a fib extension to 1538. It gapped up and this could be a 3rd wave. It also has potential to close near the high. Looking to buy pullbacks at fib levels.
Eth closely following plan from this chart: Since BTC isn't being very bullish I am looking for intraday shorts on eth and similar alts. I actually am not really keen on fading eth itself because I am long term bullish on it but will use this to justify being more aggressive about fading smart contract alts that are at SR lines.
ADA is the biggest loser on binance so it's my main selection for the alt to short according to the idea from the attached eth chart. Looking for it to tag the support/resistance line then will watch for some kind of weakening pattern to get into the trade.
When The Trend Is Not Your Friend There's something to be said for the idea that ATR is more important than trend direction for intraday trading. This chart shows how this can happen. Overall the trend is up. It has pullbacks here and there but whether the larger trend is pointed up or down the big range days are at lower prices and when price pushes up to...
Looking at the last time BTC had to squeeze down to build enough pressure to break from a triangle, the ATR was 114. Extrapolating that from today gives Oct 9 as the launch date for BTC. Not saying which way it will break out. It could be up or down but I would be ready for range expansion around that time and be on the lookout to manage your risk!
Support to resistance style chart. Look to fade attempts to break through back into the prior large range. Not really the most interesting price action intraday. GC and CL have been better trading. 6e has been choppy and sporadic. The main problem is almost all the movement on 6e has been during the london session and it's barely worth the bandwidth to download...
GC is probably in the middle of a large 3rd wave which would explain the incredible bullishness. Even so it appears to have recently completed a 5 wave impulse on a smaller time frame so it would make sense for it to pull back a bit and fill in some of the low volume areas around 1480 which also matches to a pitchfork median line. Intraday I have found that a...
Overall looking to fade tests of the triangle from above but projack posted a bullish scenario at: So I'm thinking I should have a plan to take a long if it presents itself. I think if it makes a B pullback on the way to the head area that might be OK RRR for a long. Expecting it to be difficult and choppy here. Not at all looking for giant runners.
Diamonds tend to be associated with reversals. This one formed at a prior POC region at a pitchfork median. Watching for lower lows and lower highs to justify an entry short. No trade yet.
Been using this combination for shorts a lot, seeing how well it does on the alt upward movement which might be near the top of the range
The oddly shaped head and shoulders I posted in one of the other charts seems to have been right. I'm currently short ont and ltc. Scalped a few other alts yesterday evening short. I think the little alt bull market is coming to a close and BTC is headed to the bottom of the triangle and maybe below it. Since btc is still in the triangle I'm not shooting for...