Tasking a look at the 4 hour chart today we are still on track from the last update on which I said that we will enter correction to under 8800 before making our way to break out of the symmetrical triangle that has formed by the long held uptrend line and down trending line we have be forming since the ATH. I stand by my call we are currently looking to breakout of a smaller structure that will pole vault us towards the foreboding and quite resistant downtrend line, which I believe we will break, it may take another attempt or two but the calls for death cross I believe are just ridiculous and bears are just seeing what they want to see. This will be negated when we break above and out of the main structure, obviously this is a game of probabilities and the chance is still there ut I feel they are very small, not worth even talking about shorting until this actually becomes more reality and less hopes and dreams of bears and those who missed the sub $1000 price (me).
As you can see ,we definitely are still on target for the breaking of the main downtrend line and pushing back into full blown bull mode. I still have buys laddered all the way down to the bottom of the main structure, just in case bears get a taste for more blood and the bulls are happy to get orders filled.
I will post some closer looks at the indicators and reasons for my analysis but remember this is for educational reasons and not a signal or financial advice, don't buy or sell on anyone's calls cobbers, learn entry and exit methods and your own trading system. If you have followed any of my previous posts, you will see that I am all about teaching you to be your own trader and less interested in giving you entries. If you do find yourself stuck in a trade, find yourself in to deep and see i'm online, swing me a DM and I am happy to assist, see if we can sort you out of a tight spot, or just DM and tell me my charts and analysis suck, though you be hard asked to find to many that were wrong.
Happy Hunting mate and Good Luck.
G'day
Thanks for dropping by, hopefully you garner something valuable from my post, be it educational or an idea towards a trade of your own. Please share, like and comment and engage with me, I am here to help.
Reside in NQ Australia, surrounded by Crocodiles, snakes & giant spiders, not to mention the boxing Kangaroos and devilish Drop bears. It makes my job quite hazardous but strewth mate, I love it.
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trend lines are a little off as I didnt adjust them when I changed time frames from 4hr to daily to weekly.
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Seem to be heading under this trendline for now, still believe we will head above major structure in long term.
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Hammer forming at the end of this 1hr candle, plus bottom found on the vix, nice chance for a long, as this is usually a reversal signal.
We have broke down under the small structure now, I will be cost averaging down right up until we either hit the up trend line below us or we get a clear reversal, If we break down this line, look out below. I am confident on this line holding, so I sew this as an opportunity to buy. I was wrong on the direction of the short term movement, it happens but have options in place and am still confident on long term bullish trend. If you don't have this funds for this option and think 7800 is to low to hold for, you can either take a small loss and buy in at lower price or hodl and hope and stay away from high leverage in future, it's like crack and pure gambling. I know I have been down that track. Gambling with high leverage not Crack, just to clarify.
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Possibility that we may close above line but it will be a long battle with a long time before candle close.
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Moving back into structure again. talk about range trading.
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I will keep cost averaging down but Im calling this trade a failure, looks like we are going to the rising trendline with a look for a bounce , if it breaks that line all hell is to come.
Zurich Axiom:
"– When the ship starts sinking, don’t pray. Jump.
– Accept small losses cheerfully as a fact of life. Expect to experience several while awaiting a large gain."
TroyByrne
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@autoramajj, Ship is far from sinking but yes I don't let losses run but in this case I have no need to cut and run as I am not in leverage and can ride it down, the odds of it not coming up are low enough for me.
autoramajj
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fail.
TroyByrne
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@autoramajj, Sure was but I can admit mistakes and am happy to show my followers them, not pretend that I get everything right like some of the top authors do. I still think that this will bounce at rising trend line and even if it doesn't I don't use high leverage and can just keep cost averaging down until it does come back up, while still trading the swings. Note though it has been a long time since I got one wrong, even the best make mistakes ;) Happy hunting.
alexcph
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@TroyByrne, great attitude. Funny people have to comment 'fail' when you clearly stated the trade didnt go as planned.
"– When the ship starts sinking, don’t pray. Jump.
– Accept small losses cheerfully as a fact of life. Expect to experience several while awaiting a large gain."