GRASS - "A retail trader´s dream": I have an eye on the chart since some days. It could have went for a lot higher prices while being at 2.10, but unfortunately it didn´t. Maybe fortunately? The profile probability up there at the pmVAH wasn´t given. What´s the story now? Price rejected the pmPOC for a potential bullish FTR. As long as this remains valid, we are targetting the origin of the move. In this case this is all the liquidty up there at the pmVAH, where price came from. So the bullish FTR with the pmPOC as your key level is your foundation for a long setup. Yesterday it wicked again into the monthly liquidity level, which is like a pmVAL. This was your long. I didn´t take it, because I was in LDO, INJ and DEGEN. I just longed it tho at 1.62 a few minutes ago because of aggressive shorts and decreasing selling volume in the 30 min timeframe. These boys are trading against the probably bullish FTR (bullish rotation). For me this was a good local pullback to take a long. Probable 4 hr higher low here aswell, good. The pwVAH is the main target number 1 at 1.9390. Target 2 is the pmVAH at 2.1610, being the origin of the move and providing liquidity for the grab. Sometimes I like to have a look at sequences to have a higher timeframe direction and more importantly get a better understanding for the higher timeframe structure / foundation. Is it weak or strong? This one is strong as hell. IF the price can break the high blue "A" after the bullish FTR, it would activate a bullish sequence. Let´s say that sequences increase the chances for an expansion based on the price structure. The special thing is that the blue "A" is so close to the yellow "A" which would activate another bullish sequences. Two sequences like this mean that price will likely just expand super high and fast without stopping at the high or 100 extension. So we are having a high probabilty to run for the ATH, once the blue "A" gets broken.
Then it would also activate the biggest bullish sequence, revealing likely ATH targets of 4.30$ and higher. It is a very good long term outlook. There was a bearish sequence that was bringing the price below the big 100 extension, but with the current foundation it is more likely to run for the highs than to keep expanding lower.
I want to stress that I won´t hold my long until 4.30 or higher. I am trading profiles. The sequences only provide a possible long-term outlook, but you rarely see such a good "ladder" of sequences, at least once the blue "A" get´s broken (the high).
So I am planning to TP at the pwVAH (most of it), then a small runner for the pmVAH and a smaller runner for 4.30 (new expanded ATH).
If the price would lose the pmPOC and the monthly level and starts to find acceptance below, then I would need to think about cutting the long. Price would likely rotate to the pmVAL to finish the bearish rotation. For now, after rejecting the pmPOC and being above the monthly and fresh pwPOC, looking for longs is a damn good idea. No trade or a long.
We are also having local aggressive sellers on decreasing volume. Such a bad spot to hard sell, if the bullish FTR is your likely scenario.
Cherry on the cake at GRASS. Last week price was dropping also into the 1.272 expansion from the previous week. There are most of the stops. Such a nice confluence with the pmPOC and monthly liquidity area. So if most of the stops got taken and retail got punished, is an expansion to the downside probable? I am buying.
Then it would also activate the biggest bullish sequence, revealing likely ATH targets of 4.30$ and higher. It is a very good long term outlook. There was a bearish sequence that was bringing the price below the big 100 extension, but with the current foundation it is more likely to run for the highs than to keep expanding lower.
I want to stress that I won´t hold my long until 4.30 or higher. I am trading profiles. The sequences only provide a possible long-term outlook, but you rarely see such a good "ladder" of sequences, at least once the blue "A" get´s broken (the high).
So I am planning to TP at the pwVAH (most of it), then a small runner for the pmVAH and a smaller runner for 4.30 (new expanded ATH).
If the price would lose the pmPOC and the monthly level and starts to find acceptance below, then I would need to think about cutting the long. Price would likely rotate to the pmVAL to finish the bearish rotation. For now, after rejecting the pmPOC and being above the monthly and fresh pwPOC, looking for longs is a damn good idea. No trade or a long.
We are also having local aggressive sellers on decreasing volume. Such a bad spot to hard sell, if the bullish FTR is your likely scenario.
Cherry on the cake at GRASS. Last week price was dropping also into the 1.272 expansion from the previous week. There are most of the stops. Such a nice confluence with the pmPOC and monthly liquidity area. So if most of the stops got taken and retail got punished, is an expansion to the downside probable? I am buying.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.