Distribution manipulation of longer term trendline.
The market is showing a lot of weakness indicated from the RSI, but the price is at its highest since July of 2019!!! Everyone is euphoric, so it's time to think the other way around.
There has just been a mini break of the consolidation to the downside. The retest of the POC level is the perfect entry for a good RR. Stop above the consolidation. It has to reach the next consolidation witch gives us a potential of 5RR or more for this trade.
Here is a better view at the trendline that will get manipulated. It got started in march 2020 (where the fear of the pandemic was at its highest)
There has just been a mini break of the consolidation to the downside. The retest of the POC level is the perfect entry for a good RR. Stop above the consolidation. It has to reach the next consolidation witch gives us a potential of 5RR or more for this trade.
Here is a better view at the trendline that will get manipulated. It got started in march 2020 (where the fear of the pandemic was at its highest)
Trade fermée: ordre d’arrêt atteint
The uptrend has not finished. The consolidation was actually an accumulation and not a distribution. What I have learned for next time: in a very strong trend, I should wait for a more significant indication of a reversal before going against the trend.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.