To know where we could be heading, you have to know where you've been. BLUE was from where I left you last night. Yellow is what happened. Purple is where we are. Pink dots and dashes are ideas of our path forward.
It's never a good idea to make huge decisions based on the 1 minute time frame. That being said, there was a slight indication of the upside-down cup's rim being at 4.08. The more obvious, and far stronger, was at 3.75 area. This may still be in play, and we won't know until the price goes back to the 4.30's. In the shorter term, the upside-down cup did actually form with the rim at 4.08 and played out perfectly. What didn't happen was what some people thought, and never happens, "to the moon at 2.20." I marked where we left off last night with a vertical yellow line.
Purple is where we are at. We are lucky in that the structure is here and it is simple. Thin purple lines are just thoughts for very small trades for the experienced. These trades are probably not worth your time based on risk, imo, if you are trading less than $25k. If you are experienced and have nothing better to do with less capital, go for it. Pink dashes and dots are just a motif of the future flow, not exact for those of you who are new. the bars are not going to coincide exactly because I don't have divine control of the function of time. RSI is still overbought, by definition, but still plenty of room for a little run if you missed profits yesterday. If you are new and not actively trading, sit tight, be patient because I don't think MANA is going away. Just my ideas, not financial advice. Let me know other possibilities that I may be missing. Don't forget your SL's. Good luck.
It's never a good idea to make huge decisions based on the 1 minute time frame. That being said, there was a slight indication of the upside-down cup's rim being at 4.08. The more obvious, and far stronger, was at 3.75 area. This may still be in play, and we won't know until the price goes back to the 4.30's. In the shorter term, the upside-down cup did actually form with the rim at 4.08 and played out perfectly. What didn't happen was what some people thought, and never happens, "to the moon at 2.20." I marked where we left off last night with a vertical yellow line.
Purple is where we are at. We are lucky in that the structure is here and it is simple. Thin purple lines are just thoughts for very small trades for the experienced. These trades are probably not worth your time based on risk, imo, if you are trading less than $25k. If you are experienced and have nothing better to do with less capital, go for it. Pink dashes and dots are just a motif of the future flow, not exact for those of you who are new. the bars are not going to coincide exactly because I don't have divine control of the function of time. RSI is still overbought, by definition, but still plenty of room for a little run if you missed profits yesterday. If you are new and not actively trading, sit tight, be patient because I don't think MANA is going away. Just my ideas, not financial advice. Let me know other possibilities that I may be missing. Don't forget your SL's. Good luck.
Comment:
Sometimes, no indication yet, early on in the formation of triangles and pennants, they can play out as actual upwards or downwards channels. Should this be the case, obviously, the purple triangles will be breached. If this breaks the lower trend line, there is a lot of confluence and support on the GREEN line, I just added, around the 3.58/3.60 zone. Just another possible scenario, not financial advice. copy/paste, because I'm not going to pay for "pro" status to share my ideas. tradingview.com/x/kXMrPGbH/