2 weeks ago the key was to wait the pullback, and now ? - LDTP#5
Updated
Let's do the point !
Long time past since the last update, if you read it, I said I will wait for a pullback on the imbalances to gauge the buying force and potentially new entry setups (you can find this ideas attached to this one). And so ... Here we are. And another time PATIENCE was the key to not fall too rapidly in (maybe) a bull trap for retailers.
So, we had a first stop on the first imbalance area, no signal in it so that why I waited this second area to post another update. Furthermore we already have an interesting thing : on lower timeframe (5 minutes) we have an accumulation pattern of Wyckoff in construction and I will post picture of it with more details later in this idea. This setup is for me the first to focus on because if we fail in the spring I expect the price to go down to $35,000 AND SO the fail of the pullback on the imbalance AND SO a retest of the support area in the next days. If the Wyckoff pattern succeed, it will be a good opportunity to see nice pressure candle on higher timeframe (4 hour probably) AND SO the opportunity to see the basic pattern = Exhaust - Pressure - Volumes.
I want to add that for the moment volumes aren't convincing, they don't show interest for the level or from buyers, so buying volumes will have to be brutals to expect a long term bull conclusion.
Don't forget : "Making money in trading is math and respect of strategy, so never let your emotions guide you in uncomfortable positions"
PS : Like, follow or comment if you like, it give me some strength to continue! This idea will be probably update until I did a new idea.
Long time past since the last update, if you read it, I said I will wait for a pullback on the imbalances to gauge the buying force and potentially new entry setups (you can find this ideas attached to this one). And so ... Here we are. And another time PATIENCE was the key to not fall too rapidly in (maybe) a bull trap for retailers.
So, we had a first stop on the first imbalance area, no signal in it so that why I waited this second area to post another update. Furthermore we already have an interesting thing : on lower timeframe (5 minutes) we have an accumulation pattern of Wyckoff in construction and I will post picture of it with more details later in this idea. This setup is for me the first to focus on because if we fail in the spring I expect the price to go down to $35,000 AND SO the fail of the pullback on the imbalance AND SO a retest of the support area in the next days. If the Wyckoff pattern succeed, it will be a good opportunity to see nice pressure candle on higher timeframe (4 hour probably) AND SO the opportunity to see the basic pattern = Exhaust - Pressure - Volumes.
I want to add that for the moment volumes aren't convincing, they don't show interest for the level or from buyers, so buying volumes will have to be brutals to expect a long term bull conclusion.
Don't forget : "Making money in trading is math and respect of strategy, so never let your emotions guide you in uncomfortable positions"
PS : Like, follow or comment if you like, it give me some strength to continue! This idea will be probably update until I did a new idea.
Note
For the accumulation of wyckoff, I didn't had time to wrote the idea in time before the setup and signal happened. I was expecting a spring and the situation surprise me. I will explain it in details later, that don't mean for the moment we will not have spring but that could be the last support before SOS.s3.tradingview.com/snapshots/y/yQvE4U6J.png
Note
So here the details, you will find the accumulation of Wyckoff pattern on the picture under. So why entry now and not wait the spring, cause we have a signal in a setup where there is low chances to see a spring now. Why should we not see a spring ?
Because volumes are decreasing in the range, so this mean we have a loss of interest for the level. Spring happen when we have constant volumes in range.
The increase of volumes on the support area confirm that we will not have a spring on this cycle.
Why this is a signal ?
We have the level (support area), we have the exhaust (down arrow), we have pressure and buying volumes in the same candle (two up arrow).
Why not targeting the top of the range ?
"Making money in trading is math and respect of strategy, so never let your emotions guide you in uncomfortable positions."
So first we aim to have constant results, whatever your strategy dont deviate of it. Here it's simple : breakeven at 1:1 ratio, first target 60% at 2:1 ratio, second target 50% of the rest on resistance area, exit if SOS fail, let run your profits if it's succeed.
Basic pattern. Basic signal. Basic Trade.
Note
Here we can see the 4 hour timeframe view with the first stop on the first imbalance area and the second right now in the second. We have exhaust, we have pressure, you know the pattern, we wait for buying volumes.
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