Philakone Bearish @ 8800
His recent video expects a swing up to 8800 or so then back down.
I'm still looking for somewhat higher prices that tag the bottom of the old triangle before looking for swing shorts, but I will also keep in mind that it might dump out before then.
In the mean time I am not looking for any kind of long or intermediate term swing positions because this area on the day chart is a great place to get yourself trapped. It's very hard to define a decent RRR in either direction and most likely end up finding yourself stuck in a pocket.
I consider this area to be sideways congestion and so am only looking at intraday movements and am flat at the end of the session. The path to 8800 will be choppy more than likely, and that's assuming it doesn't dump when it gets to the pitchfork median.
Volume has been drying up which means it could be building for an explosive move out of this region which is another reason not to hold swing trades until it shows better direction.
TLDR: Still looking to short from the other side of the pitchfork.
I'm still looking for somewhat higher prices that tag the bottom of the old triangle before looking for swing shorts, but I will also keep in mind that it might dump out before then.
In the mean time I am not looking for any kind of long or intermediate term swing positions because this area on the day chart is a great place to get yourself trapped. It's very hard to define a decent RRR in either direction and most likely end up finding yourself stuck in a pocket.
I consider this area to be sideways congestion and so am only looking at intraday movements and am flat at the end of the session. The path to 8800 will be choppy more than likely, and that's assuming it doesn't dump when it gets to the pitchfork median.
Volume has been drying up which means it could be building for an explosive move out of this region which is another reason not to hold swing trades until it shows better direction.
TLDR: Still looking to short from the other side of the pitchfork.
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