My final target of $0.75 has finally been met. Currently seeing some signs of significance in that level as price is struggling to close below it.
On the 1hr timeframe you can see the accuracy of this level, what does it mean for me?
To me this is reinforcing my idea that a potential reversal could be forming here.
On the weekly chart things look very bloody but that’s a good thing as it might convince people of further down side before switching momentum and going in the opposite direction.
What would price have to do to convince me to long?
As it’s the end of the week I have no intentions of jumping into anything, I would like to see a setup form on the 15m-4hr chart. Clear market structure violation followed by accumulation. Price needs to close above $0.75 on a weekly basis for me to be further convinced to long.
If price does close above $0.75 I would wait for a dip back to that same level and long it from there.
I’m willing to get involved on the short side of this trade too, but I would wait for a rally. A close below $0.75 will trigger a short watch scenario for me. If next week opens below $0.75 I’m shorting above the weekly open and target the “previous low” marked with the green arrow. As always I need to have a good enough R:R to warrant getting involved. Shorting close enough to the weekly high so I can quickly move my stops to BE and let it run risk free.
The goal is to minimise the amount of time I’m exposed to the market. Same applies to the targets, no one ever went broke taking profits from the market, but greed is a killer.
If you’re reading is and would like to see a weekly breakdown, comment and I will oblige.
I am Golb.
On the 1hr timeframe you can see the accuracy of this level, what does it mean for me?
To me this is reinforcing my idea that a potential reversal could be forming here.
On the weekly chart things look very bloody but that’s a good thing as it might convince people of further down side before switching momentum and going in the opposite direction.
What would price have to do to convince me to long?
As it’s the end of the week I have no intentions of jumping into anything, I would like to see a setup form on the 15m-4hr chart. Clear market structure violation followed by accumulation. Price needs to close above $0.75 on a weekly basis for me to be further convinced to long.
If price does close above $0.75 I would wait for a dip back to that same level and long it from there.
I’m willing to get involved on the short side of this trade too, but I would wait for a rally. A close below $0.75 will trigger a short watch scenario for me. If next week opens below $0.75 I’m shorting above the weekly open and target the “previous low” marked with the green arrow. As always I need to have a good enough R:R to warrant getting involved. Shorting close enough to the weekly high so I can quickly move my stops to BE and let it run risk free.
The goal is to minimise the amount of time I’m exposed to the market. Same applies to the targets, no one ever went broke taking profits from the market, but greed is a killer.
If you’re reading is and would like to see a weekly breakdown, comment and I will oblige.
I am Golb.
