Hello Again fellow Traders!
Once again, it's time for some simple Analysis as there has been some recent Developments in the PA which might help Confirm Macro Bias
As you may or may not have seen from my Previously posted simple Analysis in which I go to show the breaking of the Macro Parabolic Advance followed by the Retest and the Failure it is now mirroring into lower Time frames as well and we are believe it or not now creating Inverted Parabolic support. As i'm still learning about how exactly Parabolic curves function in each and every Scenario I'm not able to clearly forecast the outcome of this
BUT
It is Clearly visible in this Exact chart that the Past PA which Painted this Type of I-Parabola Support Broke down once we reached the Top of the Curve.
This leads me to the suspicion to believe that the currently forming "ascending triangle" is not actually Bullish but much rather a Bulltrap. If I am correct, I expect the current Price to continue moving inside of the tightening range, then wick to the Top of the larger Curve on a Fakeout and get massively rejected breaking the smaller curve we currently hold as support.
I have taken Profit on my Last short & Entered a scalp long from the recent Drop @10175 XBTUSD
My TP is 10300 & SL 10169
Once we reach 10300 I will enter shorts once again with SL@ 10401 & TP@ 9880
Good Luck to you all :)
Still hoping we break Bullish deep Inside.
Once again, it's time for some simple Analysis as there has been some recent Developments in the PA which might help Confirm Macro Bias
As you may or may not have seen from my Previously posted simple Analysis in which I go to show the breaking of the Macro Parabolic Advance followed by the Retest and the Failure it is now mirroring into lower Time frames as well and we are believe it or not now creating Inverted Parabolic support. As i'm still learning about how exactly Parabolic curves function in each and every Scenario I'm not able to clearly forecast the outcome of this
BUT
It is Clearly visible in this Exact chart that the Past PA which Painted this Type of I-Parabola Support Broke down once we reached the Top of the Curve.
This leads me to the suspicion to believe that the currently forming "ascending triangle" is not actually Bullish but much rather a Bulltrap. If I am correct, I expect the current Price to continue moving inside of the tightening range, then wick to the Top of the larger Curve on a Fakeout and get massively rejected breaking the smaller curve we currently hold as support.
I have taken Profit on my Last short & Entered a scalp long from the recent Drop @10175 XBTUSD
My TP is 10300 & SL 10169
Once we reach 10300 I will enter shorts once again with SL@ 10401 & TP@ 9880
Good Luck to you all :)
Still hoping we break Bullish deep Inside.
Comment:
Stopped out of long Scalp
Looking to enter shorts very soon depending on the close of the 12h candle in the next 25m
Looking to enter shorts very soon depending on the close of the 12h candle in the next 25m
Short entry also placed at 10292
Might go to 10340-10350s but that should be the top if Bears are in control. Keeping SL @10401 for the shorts and TP also stays the same @9880 I'll update this if anything changes for me.