Macd is setup for a short, falling below Red signal line heading for 0 level line. Entry was a sell stop @ 2613.40 Take Profit will be the 50 sma
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We are currently in a break-hook- pattern on a 15m chart. We are waiting for price to "Go" short to complete the break-hook-go pattern. If price returns above the sell stop entery level then we may be in a "Bear Trap" pattern which price will then continue long.
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I have added a Bear |Trap Stop Loss and I have changed to a "NEW" 15m 50 sma Profit Target.
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Since the market seems to be strong today I moved my Bear Trap Stop Loss to the 23.6% fib @ 2636.00
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I have closed out my trade at the 38.2% @ 2568.00. Entry was at 2613.40.
@Arvin_Darred, Thanks for your insight, let's see what happens. "We are currently in a break-hook- pattern on a 15m chart. We are waiting for price to "Go" short to complete the break-hook-go pattern. If price returns above the sell stop entery level then we may be in a "Bear Trap" pattern which price will then continue long."
Arvin_Darred
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@Tradingstrategyguides, Youre not wrong for looking at it the way you are. But the bigger picture is that the market is "healthier" right now than it has ever been. Even though prices may be below ATH's. Given that, the dominance of BTC over the market is also at its all time low. Almost everything is in the green today, and BTC is looking good too. So I think for right now, its fair to say the market is back in the boom days like in November.
@999Levin, Thanks for your insight, let's see what happens. "We are currently in a break-hook- pattern on a 15m chart. We are waiting for price to "Go" short to complete the break-hook-go pattern. If price returns above the sell stop entery level then we may be in a "Bear Trap" pattern which price will then continue long."