Hello Lads and Ladies,
Welcome back to a TJ TA Session.
Lets take a look at XBT for today’s update.
We saw yesterday a nice rejection at the upper bands, breaking the little uptrend that we have had. This rejection went exactly into our expected 3.6k region. Nevertheless, we closed on the trend as if nothing would have happened. This lets me to believe that we will see another leg down towards the same region.
3640 is a nice point and target to reach, yet not a very significant .
>We are in a small symmetrical channel with the same angle of descending.
>We are still very near the upper bands and need at least a nice close at 3728 and there have a “close double bottom”.
This is all just a chance and possibility, which is why we need to cap our idea with a stop. Here the easiest point would be at 3888, if we significantly break this point, it would break our idea of continuing downwards and we would return into a nice long position.
Moreover, a possible pump after such a “weak retrace” would most likely just provide a nice shorting opportunity. Yet, if we come down naturally and in a healthy manor, we can get ready for the next big and significant move upwards.
With this we are still expecting a small pump or small reaction upwards, yet not breaking the key levels of invalidation for us.
This trade has been published before in my private learning group “ETG”.
We are going over many observations and possible trades very frequently.
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Cheers TJ
Published at Thu, 28 Feb 2019 09:27:19 +0000
