“Dear Elmer: Try the crypto space for some good hunting!”
Third day in a row [so far] BTC is locked into a very tight range, with 2 doji’s
preceding today on the daily candlestick … markets basically quiet everywhere,
and so far today after 15+ hours, BTC with a measly $214 range … and when you
start to get conditions like this, algorithm parameters start collapsing in on
themselves, and you have to be very, very careful about minor price fluctuations
causing “false positives” … every market needs a certain level of IVIX, and right
now BTC is scraping the bottom of the barrel, and what that means for your
trading is to lower your trade expectations until the market changes and things
get more volatile.
A couple of brutal “Thelma & Louise” downdrafts in the NYSE session, that
specifically saw 2 M1”s get monkey hammered lower, no doubt on sell stops
below the last couple of day’s lows … however, both led to algorithm scalps from
the long side right afterwards, and once again patience & discipline in waiting for
BTC to “do its thing” will reward you with profit.
This afternoon at @ 2 PM EST sees the FED minutes released … not sure if this
will have an impact on BTC, but it’s there nevertheless and you need to be
situationally aware of what’s going on in the broader scheme of things … and
now that the sell stops have been wiped off the order books, the market literally
dies in its tracks … this is what’s known as the “loser formation”, cuz if you got
caught the wrong way, good luck making anything back when there’s no range to
trading for minutes on end … it’s been in about a $20 range for the last hour, and
that M1 stop hunt had a range of approximately $236 … and everybody who got
caught is now sitting there and saying, “well that was fucking cute, now what?
… how do I make any of this back”? … HINT: you don’t! … but if you had the
algorithm, you wouldn’t be in the mess you find yourself in, cuz there’s no way
you would have been long into either M1 break!
… until tomorrow mi amigos … Onward & Upward!!
Have a great day everybody!
-vegas
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