We fake broke trend twice now. The more we press against the trend it the more likely it will break. Twice now I've longed thinking we broke trend but the chart can't seem to make up its mind (I am currently sitting in a long). I've shorted and got stop-loss back out when we pumped. For now, I'll rely on some fundamentals that if trading at complete random, you are going to be better off longing than shorting. We have a thick cloud coming up on the 4hour and are sitting right on top of the cloud on the daily. That should be support in both cases. The trend is still holding. I see no divergence on the MFI except for a bearish on the 1 hour and I could us that to rationalize why when we pumped it didn't hold and fell back down again.
I'm sure some more experienced traders have some better insight but I'm hoping my TA holds up.
I'm sure some more experienced traders have some better insight but I'm hoping my TA holds up.
Comment:
Check out the 1-minute chart from some scam wicks. We went up to 12k only to be slapped back down to 11.5k and then jumped right back up. Stop hunted right out, maybe some spoofing.