Looking more longterm on the 4 hourly candles we can see that we formed a doji candle indicating short term directional change within the market. We just recently touched a MAJOR resistance point of the market around the area of 5600, which ultimately could create a nice looking double top. Watch closely how the 4 hourly candle plays out because this was a huge rejection from 5600 in the time of writing this. If we fail to hold that resistance point and breakout of it, we may see a short term bull-run commencing...
Personally, I still got my bearish sentiment here and I'm still holding strong my 5600 short position with a tight stop loss at 5689.
I feel like we will bounce off the resistance here and develop further downside momentum, as the fundamentals with the coronavirus around aren't looking too good. Gold and the Cryptocurrency market failed to act as a hedge against the general economy as we saw investors start to withdraw their funds...The market is simply moving with the economical crisis at the moment, and as swing traders, it is our goal to catch those huge impulse waves in either direction.
Keep in mind it is only Sunday today, and the volume within markets tends to be rather low. Monday on the other hand, will open up with quite a GAP!! I am looking forward for the week ahead of us, as the opportunities are limitless! :)
This is NOT a financial advice, trade at your own risk!
Personally, I still got my bearish sentiment here and I'm still holding strong my 5600 short position with a tight stop loss at 5689.
I feel like we will bounce off the resistance here and develop further downside momentum, as the fundamentals with the coronavirus around aren't looking too good. Gold and the Cryptocurrency market failed to act as a hedge against the general economy as we saw investors start to withdraw their funds...The market is simply moving with the economical crisis at the moment, and as swing traders, it is our goal to catch those huge impulse waves in either direction.
Keep in mind it is only Sunday today, and the volume within markets tends to be rather low. Monday on the other hand, will open up with quite a GAP!! I am looking forward for the week ahead of us, as the opportunities are limitless! :)
This is NOT a financial advice, trade at your own risk!
Note
Looking good so far. 2 hours until stock market futures open which should finally pump the market with proper volatility!Trade closed manually
BIG NEWS just came in!The fed launches a $700 Billion quantitive easing program. Right after that we saw a 5% jump in Bitcoins price. My bearish sentiment has now weakened and we could see a short term bull run due to this fact.
SHORTS CLOSED
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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.