฿ Bitcoin BTC/USD Daily Video, December 03, 2020

ForexWarrior2020

Corporal
Messages
75
Hopefully so that retracement wasn't nearly as deep as everyone was expecting. Hopefully a nice Christmas push to see off the year
 

Tchurik

Private
Messages
16
Hi everyone,

Here is a possible DRPO sell look alike on Daily Timeframe. Could you correct my mystakes please.
Thanks
 

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Tchurik

Private
Messages
16
Close beyond 3X3 confirmed, here is what i would rekon
 

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Sive Morten

Special Consultant to the FPA
Messages
14,204
Here is a possible DRPO sell look alike on Daily Timeframe. Could you correct my mystakes please.
Hi mate,
Maybe you're right and it will work, but I do not like few things with this pattern. First is 3/8 retracement between the top. Second - this was not quite W&R, market stopped mostly due daily Overbought. Finally, on intraday chart, price action shows the triangle consolidation near the top, so it could be preparation for upside breakout, instead of collapse. On DRPO we prefer to see sharp drop from the second top, showing bulls' capitulation. But here we do not see it.
But again - this is just MHO, I might be wrong.
 

Tchurik

Private
Messages
16
Hi mate,
Maybe you're right and it will work, but I do not like few things with this pattern. First is 3/8 retracement between the top. Second - this was not quite W&R, market stopped mostly due daily Overbought. Finally, on intraday chart, price action shows the triangle consolidation near the top, so it could be preparation for upside breakout, instead of collapse. On DRPO we prefer to see sharp drop from the second top, showing bulls' capitulation. But here we do not see it.
But again - this is just MHO, I might be wrong.
Things you don t like, i don t like them too... i guess a good DRPO is faster.. let s see now where it goes..
 
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