Reflection & upper resistance adjustment
Looking in hindsight, placing limit buy orders around the .618 & .5 fib retracement levels with a tight sl would have bin justifiable. I will keep this in mind and try to utilize it as a setup in the future.
I also adjusted the upper resistance line. I made it touch the weekly candle boddies from previous highs and the rising wedge is driving exactly into it.
Next to the rising wedge into resistance, which is producing consistent lower lows ever since the all time high, seller exhaustion is sowing on multiple time frames. The present pump looks unsustainable, unless we get a healthy retrace to at least the .5 fib retrace level.
I'm placing limit buys on the .5 fib retracement, with my sl just below .382 retracement. If it gets filled, I will work on my tp targets afterwards but I am considering to play it with a trailing stop instead of tp strategy until upper resistance.
I also adjusted the upper resistance line. I made it touch the weekly candle boddies from previous highs and the rising wedge is driving exactly into it.
Next to the rising wedge into resistance, which is producing consistent lower lows ever since the all time high, seller exhaustion is sowing on multiple time frames. The present pump looks unsustainable, unless we get a healthy retrace to at least the .5 fib retrace level.
I'm placing limit buys on the .5 fib retracement, with my sl just below .382 retracement. If it gets filled, I will work on my tp targets afterwards but I am considering to play it with a trailing stop instead of tp strategy until upper resistance.
Nota
forget first yellow (sell) target, way too riskyNota
Nota
'' forget first yellow (sell) target, way too risky'' .... starting to reconsider.... Bulls look weak and their longs are getting way overexposed...
Penafian
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