1st Outside Green Trend Bar In Over 3 Months
Updated
Today was the 1st outside engulfing green trend day bar since June 10.
There have been outside green engulfing candles since then but they have all been very wicky, this was the first very full bodied trend bar.
Last time it happened it made a nonstop run to a somewhat major high from about 8k to 14k within about two weeks.
So I am seriously considering swing trading bullishly against the overall down trend with a target at Philakone's 8800 level.
Today I daytraded long and kept half my position open for an overnight mini swing. I am considering adding to that position at least until it gets to the other side of the pitchfork.
I am not so bullish that I think it will shoot straight to 20k from here. I especially will become very bearish if it gets into the 9300 region where it is likely to stall out and reverse.
There have been outside green engulfing candles since then but they have all been very wicky, this was the first very full bodied trend bar.
Last time it happened it made a nonstop run to a somewhat major high from about 8k to 14k within about two weeks.
So I am seriously considering swing trading bullishly against the overall down trend with a target at Philakone's 8800 level.
Today I daytraded long and kept half my position open for an overnight mini swing. I am considering adding to that position at least until it gets to the other side of the pitchfork.
I am not so bullish that I think it will shoot straight to 20k from here. I especially will become very bearish if it gets into the 9300 region where it is likely to stall out and reverse.
Note
Kind of hard to come up with count that justifies idea my overnight stop won't get hit. It looks like there's a swing high that might protect it and the 3 wave peak, but overall the fibs seem like it's pretty likely to get hit over night. I'm going to keep it in anyway since the 8800 target is enough reward to not want to take full profit here.Note
Dang, my break even stop got tagged absolutely to the tick. I should have added there rather than having it as a stop.
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