Retest Just In Time!
Hi everyone,
It's really hard to be bullish in times like these, but it's also the best time! When fear captures all brains, it's time to be greedy! You can even trade the fear & greed index as a counter signal, because markets are driven with fear and greed. I know pro traders that were waiting to buy at this level.
Let's get into it,
We had the spring with low volume, signaling exhaustion of sellers and a quick retest came right after that with even lower volume. What a timing before the FED news! Retest took one month in the previous accumulation. Current accumulation is like wyckoff on steroids :)))
The only thing that isn't text book here is that the test was expected to be a higher low. I'm not sure if it's a requirement. In this case we have a lower low and that is a concern, but could also be a bear trap. I'll interpet this as bear trap for now, just like the bull trap during the upthrust.
To the upside, we need to pass the resistance zone, take over 43.639 high and print a new higher high. This could happen with the news from FED and a rally could follow.
To the downside, 39.600 must not be lost at all costs or the structure will invalidate and we may see another leg down.
I'm still fully invested, but i'm ready to take a short if things go wrong. If you want to open new positions at this support level, make sure to use a stop loss!
But, what do i know :)
Trade safe!
It's really hard to be bullish in times like these, but it's also the best time! When fear captures all brains, it's time to be greedy! You can even trade the fear & greed index as a counter signal, because markets are driven with fear and greed. I know pro traders that were waiting to buy at this level.
Let's get into it,
We had the spring with low volume, signaling exhaustion of sellers and a quick retest came right after that with even lower volume. What a timing before the FED news! Retest took one month in the previous accumulation. Current accumulation is like wyckoff on steroids :)))
The only thing that isn't text book here is that the test was expected to be a higher low. I'm not sure if it's a requirement. In this case we have a lower low and that is a concern, but could also be a bear trap. I'll interpet this as bear trap for now, just like the bull trap during the upthrust.
To the upside, we need to pass the resistance zone, take over 43.639 high and print a new higher high. This could happen with the news from FED and a rally could follow.
To the downside, 39.600 must not be lost at all costs or the structure will invalidate and we may see another leg down.
I'm still fully invested, but i'm ready to take a short if things go wrong. If you want to open new positions at this support level, make sure to use a stop loss!
But, what do i know :)
Trade safe!
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