To Long or to Sell........

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Gatortpt221
Posts: 19
Joined: Sat Feb 13, 2021 11:05 pm
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To Long or to Sell........

Post by Gatortpt221 »

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https://www.tradingview.com/x/pFgKBFqd/

On Feb 17th I saw what would normally be a fairly strong swing long signal. 12hr green 2 above 1 coming at the same time as daily green 1 above one within a weekly green 3. This is the type of confluence and confirmation I'll look for to have the confidence to enter a longer term swing trade which is always my own personal preference. There were 3 or 4 factors that prevented me(so far) from doing so.
1. Daily was fresh off of a green 9 BUT did have at least a 1 candle correction so I was still ok with the idea of entering long
2. The TD Risk Line sitting right above the 9-this is something that I will typically stay away from and it was my biggest concern. When there's a Risk Line sitting so close to a green 9 or a red 9, it can often turn into a bull trap or a bear trap. In Bitcoin particularly I'll see a green 2 or green 3 candle pushed above the TD Risk Line triggering a long signal only for the candle to close below the Risk Line and have bulls trapped.
3. Daily Stochastics are hot. They can stay hot for a good while but they're getting to an area that will call for a cool down soon
4. The oscillator on the bottom is called the ifish smooth w divergence. Can be found by a brilliant trader known as Moementum on TV. This is based on Fisher Transform and is reaching a reading close to 2 which is getting to a deviation that gives low probability of price going higher.

So which confluence is stronger? I decided to wait because of the confluence of the TD Risk Line, stochatstics, and ifish smooth outweigh TI Sequential right now IMO. Ultimately I do think price is going higher and there might be a longer term trade to be had but taking profit at these areas never hurts either.

One final observation. The reason for the blue circles is because it's one of my favorite set ups. Price trading sideways into a trending moving average(9EMA). Many were looking at this as a rising wedge and expecting price to drop but I saw it as more likely to take another leg up. So far so good. Maybe one more test of the 9EMA with a small correction gets the oscialltors cooled off a little more and price can push to new ATH and move above the risk line. IF that happens before a correction there could be a strong move up perhaps faster than exptected.
Gatortpt221
Posts: 19
Joined: Sat Feb 13, 2021 11:05 pm
Has thanked: 5 times
Been thanked: 30 times

Re: To Long or to Sell........

Post by Gatortpt221 »

Took a long at 50.8 last night. Got the drop I was looking for. and now this:
Price puhsed through that TD RIsl Line which is what I would've been looking for once it was finally breached.

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