In my last post as I told you I am expecting Wyckoff's distribution pattern so when the market reached BC(buying Climax) it was a clear sell because the market dropped after making M reversal pattern, according to Wyckoff's theory that was the Automatic Reaction AR after that market formed bullish engulfing at 16500 and the engulfing pattern is best for this type of scenarios. Buy target is hit now and now expect a drop that will break the previous low.
Hit the like button if you successfully traded both waves.
i know it is not a financial advice, but how confident are you on this setup? coz i am in loss right now and i want to make a correct trade. no pressure though
Aadil1000x
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@jisooturtlerabbitkim, if you are holding your sell position then I will advise you to hold it because after completing the pattern it will drop hard.
Aadil1000x
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@jisooturtlerabbitkim, in this scenario i am expecting a drop exactly from 19000 to 15850/15750
SPAP1942
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@Aadil.chand so are you suggesting the price will continue to rise, reaching $19,000, then reverse sub- $15,850? also, huge CME gap formed over weekend FYi. thanks for the great ta BTW. much appreciated.
Aadil1000x
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@SPAP1942, I have a strategy that I apply in forex and gold to figure out the exact point of drop. I found this strategy last week. I have not tried it in crypto but according to that strategy it's sell point is 19000$.
jisooturtlerabbitkim
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@Aadil.chand, thank you very much! and i would love to learn your strategy if you don't mind.
Aadil1000x
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@jisooturtlerabbitkim, Welcome. For crypto i have another strategy that I am using since October. October was fantastic because when the market was confused I made 10/10 win in October. In November I was only focusing on Gold.
SPAP1942
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@Aadil.chand Thanks for the clarification, appreciated.