- We had an upthrust through the trendline resistance dating back to Dec - We have our two consecutive lower closing price on 15 mins chart - My opinion is the price has been rejected by this level. This should be valid until we close above $11652
- I am short term bearish - First buy zone is based on 1.618 fibonacci extension of the previous leg to the downside. - Second buy zone is based on 2.618 fibonacci extension + .236 retracement from the low of ~6K
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rejected again. This is no trade zone
Trade ativo
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accumulating at minor pullbacks i am bullish now
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Keep in mind the buy zones mentioned are still valid, i will be laddering my buys
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I have expressed my opinion on bear vs bull market before, I just want to show why that is again. From price A to B, a bear market usually travels faster (slope is steeper).
In this case, we would have had made the same amount of $ shorting the downtrend in almost 50% less time! Cmon, how can you not love bear markets?
Why is it the case? Because people panic faster compared to the time it takes for greed to kick in.
I am now bullish because the price action says so. Nevertheless, I look forward to the next mega bear trend.
Thanks for sharing...
Question: How did you adjust the buy zones in your last update? What's the basis for this?
someone514
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@EspressoDopio, i adjusted it using the new peak as coordinates to find fibonacci levels
EspressoDopio
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@AlexCh, Makes sense. I believe there is a H&S formation building up which only confirms the shorts and lowers the risks...
darkandblue
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good call
jimo79
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Can you explain your buy laddering philosophy/methods
someone514
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@jimo79, identify levels --> draw a box on the chart enclosing each level --> allocate % cash for each level --> randomly draw a bunch of horizontal lines within each box -->ladder according to the lines you just drew
Question: How did you adjust the buy zones in your last update? What's the basis for this?