Hello again. I've been in and out of short positions since $9,550. Currently, I'm looking to buy back half of my position at the $7,500-$7,700 level, and taking profit at $7,200. There are two scenarios that make the most sense to me in the short term. Either a small break up from this falling wedge, or the wedge is invalid entirely and we take the escalator (if not the elevator) down.
With that being said, I wouldn't be the least bit surprised by a break up to $9,100 either. My stop loss is at $8,500 just in case.
With that being said, I wouldn't be the least bit surprised by a break up to $9,100 either. My stop loss is at $8,500 just in case.
Note
Got a bulls eye on the 4hr chart. Note
I never updated this, but I did close my position right around $8k I think when it clearly didn't want to give away. As soon as I made it home from work this morning, the price was breaking out of the small descending wedge, so I took a small long position and closed it near the resistance line. When I woke up, the price had not broken above that line, and now I'm in a small short position again. If I get stopped out, I'm going all in https://long.https://www.tradingview.com/x/j3JW3dmC/
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.