Jasmy Scalp Long

It's been an interesting start to the New Year and those of you that pay close attention to price action will know already that something has changed. I won't go into details here and will instead focus on what may happen with Jasmy over the coming hours. I believe we will know in the next few hours whether Jasmy will continue with rise level 2 or if it will break down for a much deeper level 1 retrace.

If it is the market makers intention to take the price of Jasmy higher, then they will take it into the manipulation zone where they will stall and do their dirty work. If their intention is to take the price lower then they can go back under 0.003000 without breaking structure. My belief is that they will take price higher and I am already long - I'm sure you are too. I don't use stop losses but I would probably manually close 50% of my longs at 003550 and the rest at 003500 if I am wrong on this trade. With that negativity out of the way, let's consider the upside potential.

I am only allowed to post one image and I have chosen the 1hr chart as we are focusing on the short term, however, it is clear on the daily chart that there is huge upside potential for Jasmy. The reason I mention that is many traders will be tempted to go short from the manipulation zone if they believe we are still in a so-called "bear market". If you are one of those traders, that's fine, I am sure you understand how fast the move higher will be if they decide to take it above 0.003900 - just be careful.

I am hoping we get a little downside to 003575 so I can add to my longs and then watch a bounce to the upside. Hopefully see you in the manipulation zone ;-)

Comment:

They are not rushing this are they? I am long SPOT so I've got all year to wait but if you are using leverage it's a bit different and you may have already got out with it taking too long.

0.003500 is holding really well so we still have hope of making it back up to the manipulation zone. SPOT traders hang in there ;-)

Comment:

It's decision time. Either you believe we are going back up or you don't. I have decided to take a chance on it and open more longs here. I have more orders waiting at 3500 and 3449. Any lower than that and I will re-evaluate.

Comment:

If we don't bounce here, then they may take us down to the 200 SMA on the 1hr chart. Look left and there are a couple of candles that we can use as an indicator of where price may bounce. My order at 3500 was filled so I currently have SPOT long orders at 3449, 3402 and 3362.

Comment:

Here comes the squeeze.....

Comment:

Just remember that in order for them to take price higher, they will first take it lower to trap the shorts. This price action is screaming GO SHORT and it takes nerves of steel not to close your longs here - or even add to them. Watch out for a fast push down and then a snapback leaving a wick to the low.

I have hedged with a short on ETH, so they can go as low as they like for me. Trade light and carefully, it's likely to get volatile...

Comment:

They are starting early with their manipulation today. Hold onto your hats - this could be a bumpy ride over the next few hours. My Idea on Ethereum Manipulation Zones will help you with this trade.

Comment:

If you made it this far - very well done! No cigars just yet, they still have to show us that the previously strong 3500 support has now turned into resistance so it may go back down a little. Other than that, we are looking pretty good.

Trade closed: target reached:

We did it guys - profits taken and moving on to next trade ;-)