Closed trade & next scenario
Updated
Closed trade & next scenario
A quick update on our trade and what we see happening in the market. Our plan still holds: we reached our second target and reached max target. We expect some to see some range-like behaviour before possibly reaching the 2.618 extension level. Or perhaps we will see a strong bearish reaction and cycle at our max target. As always, we will have to allow time to lead us.
DAILY
While typing this we reached our max target and closed our trade. Now we wait for bearish signs to enter a short, or breaking resistances to consider re-entering a long position. The daily 9 on the TD system indicates this move is exhausted, and we’re probably going to see a pullback, or major correction. We don’t know yet..
As you can see on the chart below the longs are taking profit, we’ll have to see if this is enough to start a new bearish cycle, or if we get a push through to the red box (with the weekly kijun) for a perfect shorting opportunity. As we said, this may take a while, and price will probably not go directly up and then directly down, but range a while before agreeing on a direction.
2HR - Bitfinex longs/shorts
There;s a strong (>10%) drop in longs, so there’s some major profit taking going on at the moment. We’ll have to wait and see if this is enough to usher in a new bearish cycle.
2HR
We can see a nice hammer candle forming as a region from the 0.618 retracement of the last bearish move. As we said before, we closed the trade and are waiting for the market to choose its direction. We suspect a range, and then down, possibly after reaching up once more. We have bulls taking profit, but no bears stepping in yet, so let’s see how this plays out in the coming days.
We hope you enjoyed this trade, and as always, remember,
Be patient, only time will bring you profit.
A quick update on our trade and what we see happening in the market. Our plan still holds: we reached our second target and reached max target. We expect some to see some range-like behaviour before possibly reaching the 2.618 extension level. Or perhaps we will see a strong bearish reaction and cycle at our max target. As always, we will have to allow time to lead us.
DAILY
While typing this we reached our max target and closed our trade. Now we wait for bearish signs to enter a short, or breaking resistances to consider re-entering a long position. The daily 9 on the TD system indicates this move is exhausted, and we’re probably going to see a pullback, or major correction. We don’t know yet..
As you can see on the chart below the longs are taking profit, we’ll have to see if this is enough to start a new bearish cycle, or if we get a push through to the red box (with the weekly kijun) for a perfect shorting opportunity. As we said, this may take a while, and price will probably not go directly up and then directly down, but range a while before agreeing on a direction.
2HR - Bitfinex longs/shorts
There;s a strong (>10%) drop in longs, so there’s some major profit taking going on at the moment. We’ll have to wait and see if this is enough to usher in a new bearish cycle.
2HR
We can see a nice hammer candle forming as a region from the 0.618 retracement of the last bearish move. As we said before, we closed the trade and are waiting for the market to choose its direction. We suspect a range, and then down, possibly after reaching up once more. We have bulls taking profit, but no bears stepping in yet, so let’s see how this plays out in the coming days.
We hope you enjoyed this trade, and as always, remember,
Be patient, only time will bring you profit.
Note
We've got a reaction off the daily 9, now let's see how far this reaction takes us. If we get a significant pullback we can consider re-entry for a final push upwards to around 9000. If we reach the 9000 area before we can look to enter a short based on a bounce off the weekly kijun.
As we said before, we expect the price to range a while, so again as always be patient and let the market guide us towards the next trade
Note
Quick update:We're waiting for the scenario to unfold:
1. Price moves down and we see a reactivation of a new bullish cycle somewhere in the support area. Here we can re-enter a long position if we get good signals
2. Price stagnates and allows some time to pass, reactivating the momentum for a next push up. Here too we can possibly re-enter a long, however the risk would be bigger (as we are farther away from our invalidation level than when price would move down first. The target remains the same)
3. We go up straight away in some kind of fomo run, in which case there is no safe entry for us, as we’re going up on exhausted momentum.
4. We break down violently. in which case we would have to reassess momentum before entering short.
As we said, the odds are we’re about to have another upmove, but we need to find a good low risk entry. For that to happen we need to see some reaction first: we don;t want to get in at the end of the last move, we want the beginning or confirmation of the next.
So patience again, and serenity: we have our plan laid out.
Let’s glance at the charts briefly
Daily
https://www.tradingview.com/x/1ZSHDinJ/As we can see we are out of equilibrium, and will need one of the above scenarios to play out to restore that: either price moves to kijun, or kijun moves to price. Kijun and Chikou were not able to break the kumo on the last push. Again, waiting for momentum to restore and possibly break out. Kijun will remain flat for the coming days if we don’t make new highs, in which case the consolidation may take some days.
2HR
https://www.tradingview.com/x/k2a1icKS/
The 2HR timeframe is showing all signs of consolidation, as all elements move into each other, about to meet the kumo. We will either hold the area around the kumo for a while, or dip down before starting the next wave up.
We’ll have to wait and see how this plays out, and if we get a good setup developing on this timeframe to enter the trade.
Now, utter a brief word of gratitude to the passage of time, without which we would have nothing, set alerts around the key levels and close the charts.
Note
Dailyhttps://www.tradingview.com/x/1ZSHDinJ/As we can see we are out of equilibrium, and will need one of the above scenarios to play out to restore that: either price moves to kijun, or kijun moves to price. Kijun and Chikou were not able to break the kumo on the last push. Again, waiting for momentum to restore and possibly break out. Kijun will remain flat for the coming days if we don’t make new highs, in which case the consolidation may take some days.
2HR
https://www.tradingview.com/x/k2a1icKS/
The 2HR timeframe is showing all signs of consolidation, as all elements move into each other, about to meet the kumo. We will either hold the area around the kumo for a while, or dip down before starting the next wave up.
We’ll have to wait and see how this plays out, and if we get a good setup developing on this timeframe to enter the trade.
Now, utter a brief word of gratitude to the passage of time, without which we would have nothing, set alerts around the key levels and close the charts.
Note
Dailyhttps://www.tradingview.com/x/1ZSHDinJ/As we can see we are out of equilibrium, and will need one of the above scenarios to play out to restore that: either price moves to kijun, or kijun moves to price. Kijun and Chikou were not able to break the kumo on the last push. Again, waiting for momentum to restore and possibly break out. Kijun will remain flat for the coming days if we don’t make new highs, in which case the consolidation may take some days.
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