Hello friends,
I haven't had a position for a few days now because I have not had the chance to trade due to volatility not meeting my requirements. My bots are up 4% in btc though for the little action they took this month, so I am content nonetheless. Having no position is a position as it were. Not losing money is as important as making money.
Anyways, it is my opinion that we are slightly more likely to break to the upside out of this triangle than to the downside. What does this mean? Well, I don't take action based on my opinion. However, this information does impact how I will trade once setups arrive. If I see a chance to short the top of the triangle for example, I would do it with less risk than if I were to long the bottom of the triangle for example. My bias as you know has been neutral for a little bit as things were dumpy, but my metrics were still bullish. Now, things don't look as dumpy but the metrics are bullish - naturally this is why I am more bullish than before and why I believe we will break to the upside once this period of low volatility ends.
Again, this is not an actionable (as in now) post. If price breaks down hard, I will not get rekt. This is just to establish bias.
-YoungShkreli
PS A descending triangle in a bull trend is not as bad as one in a bear trend (obviously). Consider this fact if you use it as a setup. Shorting the massive triangle of last year in a bear trend was savvy (I did so). Now, it is not as savvy - that doesn't mean it won't work though...
I haven't had a position for a few days now because I have not had the chance to trade due to volatility not meeting my requirements. My bots are up 4% in btc though for the little action they took this month, so I am content nonetheless. Having no position is a position as it were. Not losing money is as important as making money.
Anyways, it is my opinion that we are slightly more likely to break to the upside out of this triangle than to the downside. What does this mean? Well, I don't take action based on my opinion. However, this information does impact how I will trade once setups arrive. If I see a chance to short the top of the triangle for example, I would do it with less risk than if I were to long the bottom of the triangle for example. My bias as you know has been neutral for a little bit as things were dumpy, but my metrics were still bullish. Now, things don't look as dumpy but the metrics are bullish - naturally this is why I am more bullish than before and why I believe we will break to the upside once this period of low volatility ends.
Again, this is not an actionable (as in now) post. If price breaks down hard, I will not get rekt. This is just to establish bias.
-YoungShkreli
PS A descending triangle in a bull trend is not as bad as one in a bear trend (obviously). Consider this fact if you use it as a setup. Shorting the massive triangle of last year in a bear trend was savvy (I did so). Now, it is not as savvy - that doesn't mean it won't work though...
Note
bids at the bottom of the triangle
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.