PONKE - Time To Short The Monkey Meme Coin

16 Feb

Quite a clean setup here.

PONKE has had a heavy whipsawing pivot at the reverse 1.618 Golden Window taken from the 2 extremity pivots of accumulation.

This topping pivot also prints a bull trap shakeout through the upper wedge trendline; tapping into higher liquidity beyond, triggering stop losses, then ripping back again.

And now PONKE appears to be breaking down from a low time frame continuation pattern.

This is exactly what the Pure Price Action gang look for as an entry.

This is all while TOTAL is tight rope walking a limp ascending channel ;looking ready to dump hard.

When it does it should be lights out for PONKE, at least in the short term.

I am trading this with a x7 leverage short which has a liquidation way up above the top @ $0.175.

I think I can hold this down to support @$0.11 or maybe more - we'll see 👍.

Not advice

16 Feb

Nota

Check my recent TOTAL idea to see the bigger picture of why I am short here - in linked ideas

16 Feb

Nota

Look like a LTF V shaped recovery might be on here, so perhaps TOTAL will drift up and PONKE print a connect wave before the next wave down.

I've reduced here and look to re-enter in the retracement Golden Window (0.618-0.786) above.

16 Feb

Nota

Upper wick = back on

17 Feb

Nota

PONKE

I've decided to take profit here.

This might be the start of the next impulsive downtrend, but it had a hard bounce from below the wedge trendline.

And now that it is below again I think its slightly less than even odds that we may get a more significant bounce.

So that does mean that i'm slightly favouring the downtrend, but this doesn't look as attractive as it did when I entered.

Its been quite buoyant in this area.

And as I said, this could be the moment of capitulation.

But ultimately I will only short with leverage if it appears a really great opportunity, not a dicey opportunity.

There's no need to get trapped underwater in a short.

So i'll take profit here and have that profit waiting to buy my favourite coins deep 👍