OPENED A NEW TRADE
- Im trading previously mentioned triangle breakout.
- Entry 7721, SL below triangle, target 7950 (just below 8k).
- https://www.tradingview.com/x/OcdQpQYH/
- Total risk: 53%.
EDIT (April 29th, 03:18 PM forum time): I made couple of trades today but I will sum them up later.
MEDIUM TERM VIEW UPDATE.
- Ok, so we broke up on high momentum, it’s gonna fly for a while.
- We are above MA200 daily and there are no major divergences.
- https://www.tradingview.com/x/adcdipon/
- There are 7 consecutive green bars on weekly. Correction must happen at some point.
- https://www.tradingview.com/x/W8sZMbc1/
- There are two options now:
- (1) We are going towards ATH now in a Wave 3 of some major bull market.
- https://www.tradingview.com/x/437fOydR/
- (2) We are inside some sort of a long-term triangle.
- https://www.tradingview.com/x/ypxa8jCa/
- From my experience bull markets start with smaller waves and a series of pullbacks then accelerate in the middle of a trend.
- But now there are no major pullback and price accelerates.
- I think it’s not sustainable and simply a symptom of a pre-Halving euphoria.
- Once all people get in price’s gonna drop.
- Early 2019 bull market looks corrective https://www.tradingview.com/x/OD8xiMJ2/
- So most likely we are within a triangle. Option (2) https://www.tradingview.com/x/jOkqmwcp/
- I have no idea what kind of a pattern price is drawing since mid-March.
- Might be some sort of A, triangle B, C. https://www.tradingview.com/x/UpG5ip1z/
- Corrective waves are hard to read and all waves within a triangle are corrective so it’s better to focus on short-term patterns.
- To recap: I think we are going up until mid-May (halving) and I won’t be shorting until then. I don’t think we are going towards ATH in this stage.
SHORT TERM VIEW UPDATE
- As mentioned above, we broke out of MA200 daily and are technically in a bull market.
- Where are major resistance?
- There is MA50 weekly at 8730 (not super important, but worth to keep in mind).
- The next, major area is 9300-9500. Strong resistance plus local trend line.
- https://www.tradingview.com/x/6tnz65sY/
- I think 9500 might be a stopping point.
- There are no divergences on H1, H4, D1 and short-term trend is very strong.
- We might be within a large 5-th wave. https://www.tradingview.com/x/mH1Mdfaj/ of Impulse that broke out of a triangle https://www.tradingview.com/x/WwunifCS/
- I think this wave won’t stop until 9500.
- The triangle that I expected around 7700-7800 was not a triangle but a series of 1, 2, 1, 2 waves.
- I think we’ve finished some sort of a middle of the middle Wave 3, there is no M15 divergence. https://www.tradingview.com/x/mxp4lTqe/
- Now it’s gonna be a series of consolidations and impulses of 4, 5, 4, 5 waves towards 9500.
- It should take about 5 days.
- I will be holding my position to 9500 and won’t be adding to it.
- After that, no idea.