This idea is an update continuation of my main trading idea from 08-09-2019. We are seeing the next wave down building up now and breaking through our short-term supports!
We need to see some more volume here for the next movement. I am still following the major trend until the market proves otherwise. That trend is down!
Just in case the trend flips on us, I moved my stop to around $10.65k above the recent candle wicks. That way, we can secure profits if we see a large volume spike up. Other than that, I am just waiting to see what happens. I am guessing more sideways movement for another day or so.
Action:
Move stop-loss to near $10.65k - if the market goes down, we win with more % profits. If the market goes up, we win by securing profits and looking for our next position.
6 Hour Indicators:
MACD - Histogram is trending positively. However, we have no volume yet. I am waiting for volume to come into the market.
RSI - Oversold and rebounded. I am looking for a higher lower with lower price action here.
STOCH - Trending up. I am waiting to see if this sideways movement allows price action to stabilize and lead to another wave down.
EMAs - We have rejection by the 21 EMA (orange line). If the market is going to go up, we need enough volume to break through that resistance.
Now we wait patiently.
Original Idea:
Happy trading!
I am a simple market analyst - not a financial analyst
fortis Fortuna adiuvat - fortune favors the brave
We need to see some more volume here for the next movement. I am still following the major trend until the market proves otherwise. That trend is down!
Just in case the trend flips on us, I moved my stop to around $10.65k above the recent candle wicks. That way, we can secure profits if we see a large volume spike up. Other than that, I am just waiting to see what happens. I am guessing more sideways movement for another day or so.
Action:
Move stop-loss to near $10.65k - if the market goes down, we win with more % profits. If the market goes up, we win by securing profits and looking for our next position.
6 Hour Indicators:
MACD - Histogram is trending positively. However, we have no volume yet. I am waiting for volume to come into the market.
RSI - Oversold and rebounded. I am looking for a higher lower with lower price action here.
STOCH - Trending up. I am waiting to see if this sideways movement allows price action to stabilize and lead to another wave down.
EMAs - We have rejection by the 21 EMA (orange line). If the market is going to go up, we need enough volume to break through that resistance.
Now we wait patiently.
Original Idea:
Happy trading!
I am a simple market analyst - not a financial analyst
fortis Fortuna adiuvat - fortune favors the brave
Trade closed: stop reached:
Trade is closed. The stop was triggered after the first support bounce. Happy trading everyone. Waiting for the next position setup.