Alright so I was right and I was wrong
Right -
Nosterdamus type call here :)
Wrong -
However I did say we need to breakdown - bears needed followthru which they didnt get. Bulls held on, made it a support.
Then CPI numbers came in and pumped the whole market, SP500, NASDAQ, and BTC.
Anyway, now I am just a making note to myself that this is definitely the time for waiting. No Swing bull entries as we have hit
- the rising wedge resistance on 4HR
- hit double top at ~1920
- Weekly Resistance of this area goes back to Feb, March, May, June, July 2021 as well as recently May-June of 2022 - Lots of action - RS area
- Weekly RSI trendline resistance!
- Weekly 21 EMA resistance!
- Weekly 0382 Fibs retracement! - dead cat bounce territory
- 2k psychological resistance level
Jeez as i stack up all these resistances, the shorting opportunity seems to be amazing. Too bad I do not short as a rule. But this is where heaps and heaps of shorters will be opening up their positions. Including big money that move the markets. So going long here is suicide for the bankroll. Unless of course a HUUUUUGE amount of bull volume comes in and smashes everything. We should be setting a Weekly Lower high.
For me I may do some short term, 5 minute chart flips, like maybe buying a first 5min, 15min, 1HR OS bounces. but that's it. This is time for waiting and at least looking for Daily Higher Low to form - anywhere above 1650.
I will also put a small buy at ~1590 level as it has some nice support there for a swing trade for now.
GL everyone,
Protect your bankrolls
Right -
Wrong -
However I did say we need to breakdown - bears needed followthru which they didnt get. Bulls held on, made it a support.
Then CPI numbers came in and pumped the whole market, SP500, NASDAQ, and BTC.
Anyway, now I am just a making note to myself that this is definitely the time for waiting. No Swing bull entries as we have hit
- the rising wedge resistance on 4HR
- hit double top at ~1920
- Weekly Resistance of this area goes back to Feb, March, May, June, July 2021 as well as recently May-June of 2022 - Lots of action - RS area
- Weekly RSI trendline resistance!
- Weekly 21 EMA resistance!
- Weekly 0382 Fibs retracement! - dead cat bounce territory
- 2k psychological resistance level
Jeez as i stack up all these resistances, the shorting opportunity seems to be amazing. Too bad I do not short as a rule. But this is where heaps and heaps of shorters will be opening up their positions. Including big money that move the markets. So going long here is suicide for the bankroll. Unless of course a HUUUUUGE amount of bull volume comes in and smashes everything. We should be setting a Weekly Lower high.
For me I may do some short term, 5 minute chart flips, like maybe buying a first 5min, 15min, 1HR OS bounces. but that's it. This is time for waiting and at least looking for Daily Higher Low to form - anywhere above 1650.
I will also put a small buy at ~1590 level as it has some nice support there for a swing trade for now.
GL everyone,
Protect your bankrolls
Stop loss in
