closed my luna long on binance and looking to short this pair. It's good i saw this coming around but is it really good to short?
It looks like it. I've seen this pattern before. You have a limiting candle high and three candles later, price is still closing below that high. Not bullish if you ask me...rather, it seems there's stiff selling on that level and price needs to take a break.
How then. Selling is absorbed into price action market. Price goes down to support level. You then decide what happens in the coming days. I think i have enough on there to short. In the meantime, bitcoin long is in place. If bitcoin doesnt rally or shows weakness, it's an easy short for luna.
I'll go long later if this continues on down and starts to show strength again. Like that one. The lvs pattern works. This could be a top distribution pattern. You have that side. This could be exhaustion on the distribute energy. How to short.
It's an easy short from htis side. The stops are tight...no doubt about it if the bulls decide to come back in. There is no second thinking if you get stopped. If when it's short though, this might take effect tomorrow. It's tuesday tomorrow. I think this will work out as we are headed into the new year's eve.
Things might pick up again before the new year and continue on through january weeks coming up. It looks bearing at this level. It isnt harami. Should i wait for harami? I believe so. The short order is in place. Is it too early? If you have price go down deep like that, you can go short.
Volume is going down, candle body is squat with long upper wicks. I heads out tomorrow so the order is in place anyway i will set up an alert on this. Its boring staying at home. I am able to do other things like this. Do i short at this level? Not yet. You have a big drop onto that.
I see. That's a 19% gain on the short before it settles into support. Or not. Are there other coins i can short? Good thing i did not place that long just yet. Trust the timing on this one. I think that was a dud pair. I am better off trading actively rather than adding to liquidity pool.
The coins there suck anyways. Do something else in the meantime. You know what all this is about. I think you can work something out. In the meantime, you get what needs to be done on here. Is that order short too early?
There's your failed harami. It is not too early. It's spot on to go short. Ok. I leave that be. Should i double down on that. I'm not sure. Other traders are seeing this. Do i post this and see how the market works out. If you have seventeen million eyeballs on there, you have a good short coming up.
How far will this go. Who's buying on that side of the fence? I'm not sure. Let this go on there. Others might want to jump on that bandwagon and get price to drop sooner than expected. But then again, the price is part of derivative of the coin.
If you went ahead and short futures but the underlying doesnt move, will it move? I dont know. It should be. The broker is no broker. It's an exchange. How does it work. Others see there is selling so they take profits sooner.
Should i move everything on here. It's all in bitcoin already. Let it sit on there. I have that in there anyway. Trust the timing on this. I can send it over and do some other things with the margin. At least you can work something out on there. I have enough in there to swing that over.
That candle turned red again. The bulls are losing steam momentum. I have a harami failed order to short in place. I sit this one out. The order be filled tomorrow or today. Let's see how it goes. If it were a top, the short selling will be swift on this level.
Who else is buying at this level? I did. But i turned around and closed on the position. I can reference these notes in the future. For now, i am reconding my thoughts in this way. Tomorrow i clear up that ledger and that frees up a lot in my mental capital.
That too is capital. It is part of the pee. This is where i am. I dont have to trade everyday. I like the fundamentals on this coin. I call it the story. But right now, the story is about selling short as it is overbought. I'd buy right back in later. It is natural for this to go down take a breather.
