My first post was about the interesting price action and the weird signal of pump that happened yesterday. The bitter truth of "never trust the market"...
So what happened yesterday? After the breakout to 7650, the price settled aroun 7510-7550 almost for 12 hours. Incredibly boring weekend day with low volume. Then in 10 minutes the price spiked till 7630(ish), touch my short order at 7625 (well that was lucky) and the bull trap happened.
This is the reason why I don't give any hasty decision if I am watching the price action in front of my computer. That spike to 7630 can shake the weakhands of the bear who are short. If you have a strategy, a solid plan to follow never change it with this fakeouts.
Right now, I have an entry point of something like 7580 and my short position is still open. I have taken some profit this morning aroung 7260 just to feel good on a shiny Sunday, but I am keeping my position.
Checkout the ichimoku cloud on 2h time frame. It is just too thick to pierce through today and the resistance seems to be around 7430-7450 first and then 7550-7570. I placed my stop loss to my entry point, I already collected some profits, no reason to risk the capital. Since this is the weekend with low volume, a mad whale can pump it fiercly once again.
My expectation from today is once again boring sideway action between 7240-7300.
My final target is actually 6850-7000 range. I will close my position around there and I will wait whether it is a bounce or a crash. For me, that is a no trade zone!
I hope everyone gets a profitable weekend. Cheers!
Alper
So what happened yesterday? After the breakout to 7650, the price settled aroun 7510-7550 almost for 12 hours. Incredibly boring weekend day with low volume. Then in 10 minutes the price spiked till 7630(ish), touch my short order at 7625 (well that was lucky) and the bull trap happened.
This is the reason why I don't give any hasty decision if I am watching the price action in front of my computer. That spike to 7630 can shake the weakhands of the bear who are short. If you have a strategy, a solid plan to follow never change it with this fakeouts.
Right now, I have an entry point of something like 7580 and my short position is still open. I have taken some profit this morning aroung 7260 just to feel good on a shiny Sunday, but I am keeping my position.
Checkout the ichimoku cloud on 2h time frame. It is just too thick to pierce through today and the resistance seems to be around 7430-7450 first and then 7550-7570. I placed my stop loss to my entry point, I already collected some profits, no reason to risk the capital. Since this is the weekend with low volume, a mad whale can pump it fiercly once again.
My expectation from today is once again boring sideway action between 7240-7300.
My final target is actually 6850-7000 range. I will close my position around there and I will wait whether it is a bounce or a crash. For me, that is a no trade zone!
I hope everyone gets a profitable weekend. Cheers!
Alper
Comment:
As I switch to 4hour chart and zoom out a bit, there is a triangle formation. I believe we will see 7100 (and maybe a bit down), after that there is two possibilities in the medium term.
- We bounce back from 6900-7000 and test the resistance at the triangle
- The support will fail and we will go down more to test 6500-6600
Before this, I believe we will see some price action today, because the bollinger lines on 1 hour frame getting close. We might see a breakout either way in couple of hours.
My bet is we will first go up 7450-7500, then fall to 7100ish. This is so hard to take an educated guess in such low volume weekend, I wish you all good luck.
- We bounce back from 6900-7000 and test the resistance at the triangle
- The support will fail and we will go down more to test 6500-6600
Before this, I believe we will see some price action today, because the bollinger lines on 1 hour frame getting close. We might see a breakout either way in couple of hours.
My bet is we will first go up 7450-7500, then fall to 7100ish. This is so hard to take an educated guess in such low volume weekend, I wish you all good luck.
Comment:
I think my bet worked out in my previous update, the price spiked out till 7430ish, I admit I missed this opportunity to increase my short position. My orders were spread out between 7450-7550, so better luck next time :)
Let us see if the price will hit 7200 tonight. Good luck guys!
Let us see if the price will hit 7200 tonight. Good luck guys!
I am optimistic about the market and I believe we will have a good June.
Please share your ideas in the comment section, I am no expert in this matter so well educated comments are always welcome.
Have a nice weekend to all!