New Month, new Monthly Pivots!
Last month was opened with a candle closing above the Monthly Pivot declaring bullish intentions.
Indeed most of the month was spend on building a base, ranging, chopping impatient traders to small pieces, checking support and then breaking above resistance.
Last part of April closed with a slow grind ending with a two day rally.
Trade target played out perfectly for April from the monthly Pivot at ~$6500 to the Monthly R1 at ~$9300 (+43%).
Pivots don't lie!
Indeed a strong rejection with profit taking was the month's closer, but everything is pointing toward a continuation. So what can we expect?
The charm of Pivots is that they are a predictive indicator going into the future. From my experience, a time period closing with a bullish move from Pivot to the R1 is many times followed with a stronger continuation to the next period's R1 and R2. Sometimes, when serious FOMO kicks in, it can even fly to the R3. So my expectations would be at least seeing a PA going to May's new R1 at ~$10k and beyond to the R2 at ~$11.5k.
I've posted here a scenario with a high probability of playing out, but this is nothing more than an Idea.
The fractal candle pattern connected to Today's price action is simply a snippet from last month's ranging. It shows what I suspect is a probable move to check support of the new Monthly Pivot at ~$8090, followed by a period of ranging building the base for the next move up. But, I have seen many times before how current price behavior, when is playing out very bullish, just keeps on going higher to the above mentioned targets. Leaving patient traders with their **** in their hand.
Trade wise and be well!
XBTUSD.P
Last month was opened with a candle closing above the Monthly Pivot declaring bullish intentions.
Indeed most of the month was spend on building a base, ranging, chopping impatient traders to small pieces, checking support and then breaking above resistance.
Last part of April closed with a slow grind ending with a two day rally.
Trade target played out perfectly for April from the monthly Pivot at ~$6500 to the Monthly R1 at ~$9300 (+43%).
Pivots don't lie!
Indeed a strong rejection with profit taking was the month's closer, but everything is pointing toward a continuation. So what can we expect?
The charm of Pivots is that they are a predictive indicator going into the future. From my experience, a time period closing with a bullish move from Pivot to the R1 is many times followed with a stronger continuation to the next period's R1 and R2. Sometimes, when serious FOMO kicks in, it can even fly to the R3. So my expectations would be at least seeing a PA going to May's new R1 at ~$10k and beyond to the R2 at ~$11.5k.
I've posted here a scenario with a high probability of playing out, but this is nothing more than an Idea.
The fractal candle pattern connected to Today's price action is simply a snippet from last month's ranging. It shows what I suspect is a probable move to check support of the new Monthly Pivot at ~$8090, followed by a period of ranging building the base for the next move up. But, I have seen many times before how current price behavior, when is playing out very bullish, just keeps on going higher to the above mentioned targets. Leaving patient traders with their **** in their hand.
Trade wise and be well!
XBTUSD.P
トレード稼働中:
A week in to May and the Monthly R1 has been already hit. Price does not wait for anyone.
As a precaution, I did put a hedge on the R1 but as mentioned at the beginning of the month, I do expect a continuation to the R2 and it seems that price is signaling bullishness at this point with no apparent retrace. Just flags flagging away is what we get for entries.
As a precaution, I did put a hedge on the R1 but as mentioned at the beginning of the month, I do expect a continuation to the R2 and it seems that price is signaling bullishness at this point with no apparent retrace. Just flags flagging away is what we get for entries.
トレード終了: ストップロスに到達:
SL at 9400 was activated. Hedge From R1 played nicely and was closed at 8726.
This is a great example of how market can play you out even if you have the right picture. I was originally predicted a test of the Monthly Pivot but lost belief due to bullishness. Market demonstrated how in one day it can wick back there.
This is a great example of how market can play you out even if you have the right picture. I was originally predicted a test of the Monthly Pivot but lost belief due to bullishness. Market demonstrated how in one day it can wick back there.