Very short term 3hour trade
Updated
It's quite hard to draw my arrows on this one as I am posting it somewhat early hoping that a 9 count will come. The probability is that a sequential 9 will give 1-4 candles reversal (including itself). I made a good short term trade yesterday using this indicator when a 9 showed up before this rally. Note that it shows a red 1 now where I shorted but at the time I shorted it was a 9 and so many people shorted here it changed the count to a red 1. it used to be that the reversal would come following the 9 but quite often it has been happening on the 9 recently and considering we hit the bottom of the triangle and started reversing, that short was literally an active trade for only an hour or two as I bought back in with support at 6800.
Either way be very careful with this trade. The daily chart shows probability that there is around 3days left of upside so this is a trade where you'll wanna have tight stops and be in and out quick unless the reversal comes in stronger than expected.
I personally think we will correct as low as $7500-$7600 before making moves back towards 8k and beyond.
My plans if the sequential gets to a 9 on this 3hr chart: I will most likely short it at the tail end of the 8 candle if the price is high enough (at least 7800) aiming for a 2-3% gain buying back in around 7600 unless the reversal is stronger than expected.
Good luck with your trades.
Either way be very careful with this trade. The daily chart shows probability that there is around 3days left of upside so this is a trade where you'll wanna have tight stops and be in and out quick unless the reversal comes in stronger than expected.
I personally think we will correct as low as $7500-$7600 before making moves back towards 8k and beyond.
My plans if the sequential gets to a 9 on this 3hr chart: I will most likely short it at the tail end of the 8 candle if the price is high enough (at least 7800) aiming for a 2-3% gain buying back in around 7600 unless the reversal is stronger than expected.
Good luck with your trades.
Note
These arrows are more accurate with my comments but you get the idea. I'm expecting a 2-3% downswing coming up in 2 candles time:Trade active
Just shorted half my planned trade at $8180, looking to sell the rest over the next hour. If it doesn't come back to $8200 than I'll just hold my current position and buy back in under 8000.Trade closed manually
Ended up buying back in for about a 1.5% gain. Looks like the bulls are strong here. I'll be looking for another 9 at 85-8600 which is around the target of this triangle breakout but for the moment I'm back to being long.
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