Looking like TRX starting on bearish leg of cycle with the b wave initiated probably at .01585.
This is a longer term short for me so the C point is not necessarily an exit. I am trading this more on the weekly chart and looking for TRX as a whole to get rejected by the market in the long term.
I do not think TRX is ever going to take any significant market share from eth, and that basically the way it will play out over the next few years is eth will become even more dominant. Markets tend to gravitate toward a single market leader such as google dominating search. TRX is not going to be the leader and has consistently been a source of embarrasing news in the media.
I'm shorting this with a wide stop because it is subject to squeezes, however I expect the longer you go out in time from here the closer to zero it is likely to be.
It is near the bottom of a major range which could provide a lot of bullish support. I intend to take profits out near the low end of the range and scale back in more heavily when it has dropped past the end of the range and is making attempts to get back in.
This is a longer term short for me so the C point is not necessarily an exit. I am trading this more on the weekly chart and looking for TRX as a whole to get rejected by the market in the long term.
I do not think TRX is ever going to take any significant market share from eth, and that basically the way it will play out over the next few years is eth will become even more dominant. Markets tend to gravitate toward a single market leader such as google dominating search. TRX is not going to be the leader and has consistently been a source of embarrasing news in the media.
I'm shorting this with a wide stop because it is subject to squeezes, however I expect the longer you go out in time from here the closer to zero it is likely to be.
It is near the bottom of a major range which could provide a lot of bullish support. I intend to take profits out near the low end of the range and scale back in more heavily when it has dropped past the end of the range and is making attempts to get back in.
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Overnight price action invalidated the abc pattern on trx altough btc seems to be following it still. It could still be an abc on trx like this
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The point trx bounced off is 0.01511 which has been an important support/resistance line. Watching for it to dump below that and maybe adding to the short once it does since it seems like price is likely to have a hard time crossing it again.
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Idea for Gartley, not sure about fib ratios
ปิดการเทรด ด้วยตนเอง:
Not looking bearish on lower time frames and not following BTC very much. Better to close trade and look for better position to short from.
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Currently managing a small short I built up over the day with an average fill at 0.01567.
I took some off twice near the bottom of the day and am wondering what to do with the rest. I still think the range low on the monthly chart is going to be retested so it would make sense to hold some for that, however it's also pretty likely to range around like it has been recently. I think I'm going to take a break and think about it. Kind of leaning on the idea of holding what I have and scaling back in if it trade up to the top of the range or prints a head and shoulders style pullback. If I can pick a right shoulder that maps to an obvious vwap that tends to be a pretty good continuation trade.
I took some off twice near the bottom of the day and am wondering what to do with the rest. I still think the range low on the monthly chart is going to be retested so it would make sense to hold some for that, however it's also pretty likely to range around like it has been recently. I think I'm going to take a break and think about it. Kind of leaning on the idea of holding what I have and scaling back in if it trade up to the top of the range or prints a head and shoulders style pullback. If I can pick a right shoulder that maps to an obvious vwap that tends to be a pretty good continuation trade.
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Ended up scratching on the runner, now looking for the right shoulder on something like this:
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Looking like right shoulder coming into view - trying to stay awake to trade it. Had a quick scalp from a bit below the head to the valley between it and the right shoulder for about .3% or something, it was mainly just to see how well I could time the valley. Looking to fade the shoulder at about the same level as the left.
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Only got one scale on this at 1554, was hoping for a second at 1563. Looking like it's going to roll over and complete the head and shoulders. Really want to go to sleep. Will probably set a stop from the hourly chart with a target at the bottom of the range and see what it did when I get up.
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Dumped out nicely over night, as usual I would like to have bigger size in the position but I'm not complaining. Planning to press this one as long as BTC is bearish and will look for points to add.
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Continuing to hold right shoulder short, basically expecting this to eventually make a test of the low on the monthly chart which will be a pretty decent size trade. There were no obvious entries I could find today to add to this but it looks like there's something brewing on etc so I might short that a bit tonight.
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Looking maybe for a head and shoulders something like this today to finally get to recent low. Would be surprised if it actually plays out that way but if it does I want to be ready.
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Looking at elliot count it looks like it has only recently completed the 3rd wave so the 5h wave could easily send it far below the recently low based on the fib extension.
