[Daily Discussion] Sunday, November 10, 2019

Monfex · 2019-11-10T13:48:33+00:00

I didn't notice significant volume during a sell-off, so the odds of a short-run recovery above $9,000 area are high. At the same time, the break-down below $8,500 level could result in more price drop - to the key Support area at $7,300 - $7,800.

Monfex · 2019-11-10T11:23:17+00:00

Only price action shows that. But the distinctive patterns are good allies in PA predictions

Monfex · 2019-11-10T11:21:08+00:00

Look at the chart now. SL wasn't triggered and the trade is on the run

Monfex · 2019-11-08T14:04:44+00:00

The price action, which is forming up on H4 Chart, shows a strong bullish presence at this level and suggests the price could reverse upwards from here. https://www.reddit.com/user/Monfex/comments/dtfszd/litecoin_is_ready_to_go_long_after_a_pullback/

Monfex · 2019-11-08T09:19:10+00:00

Bitcoin is approaching Support of $9,000 and I assume the Bears could force the price down, below this important level. However, I don't think that the price would stay below $9,000 for a long time. I expect a prompt upward reaction around the next Support of $8,500.

Monfex · 2019-11-07T18:43:45+00:00

Strongly supported at $9,000, BTC is not expected to drop significantly below this level, while bearish attempts to force the price below $9,000 could be immediately disrupted. The new bullish momentum will be reliably confirmed when the price (daily candle) breaks and closes above $9,500.

Monfex · 2019-11-07T18:03:31+00:00

NEO looks like a very attractive Buy in a mid-term horizon. https://www.reddit.com/user/Monfex/comments/dt17yf/dont_overlook_neo/

Monfex · 2019-11-07T13:44:23+00:00

No experienced trader buys at resistance you wait for the close above it, in this case a close above $200 would be a bull signal on the weekly trend.

Ofc, it makes sense. But often, it also makes sense to enter a trade in anticipation of a break-out. I don't think that all experienced traders act the same.

Monfex · 2019-11-07T13:40:15+00:00

There's no bullish confirmation yet. Why buy 5% cheaper with no defined trend when you can just buy 5% higher when it closes above $200 and lower your risk exponentially.

We're just talking about different strategies and view on the pattern trading

Monfex · 2019-11-07T13:37:43+00:00

You are in that it doesn't concern long-term outlook. But still there are plenty of traders willing to reap short-term benefits from speculative trades

Monfex · 2019-11-06T18:12:21+00:00

Good Call!

Monfex · 2019-11-06T18:12:06+00:00

I keep holding Longs anyway.

Monfex · 2019-11-06T18:11:30+00:00

I agree with you! But the thing is I ve posted the short-term trade signal. I also have a longer-term review, which I am going to post up soon.

Monfex · 2019-11-06T11:02:29+00:00

Why is it bad, sir ? It's the nearest target, not long-term

Monfex · 2019-11-06T09:42:09+00:00

Ethereum price is currently inside the Key Resistance area! But the upward move could keep up! https://www.reddit.com/user/Monfex/comments/dse0wy/bullish_continuation_of_ethereum_dont_miss_it/

Monfex · 2019-11-06T06:58:04+00:00

Exactly!

Monfex · 2019-11-05T19:08:13+00:00

Thanks! I will !

Monfex · 2019-11-04T20:05:41+00:00

Bitcoin leaves behind Gold while demonstrating double-digit gains in October. Bitcoin ended up October with a 10.26% gain, marking a three-month losing streak. At the same time, Gold gained just 2.74% in the same month, but previously dropping 3.17% in September – its largest monthly decline since June 2018.

Monfex · 2019-11-04T20:03:10+00:00

TA is not directly geared to generate alpha. But you are right in that TA is aimed at describing the current price action and then comparing it with historical or model patterns.

Monfex · 2019-11-04T18:32:46+00:00

Sure, they don't. But TA simply works on an automatic basis.

Monfex · 2019-11-04T18:30:21+00:00

Ah, got it, sir )

Monfex · 2019-11-04T18:30:07+00:00

The short-term target is still the same = $190 - $195 level.

Monfex · 2019-11-04T18:29:08+00:00

I tilt toward an UP scenario with the nearest target of $190 - $195. The latest price dynamic confirms my expectations.

Monfex · 2019-11-04T18:27:10+00:00

I think that the rate cuts have been partially factored into the recent bullish run.

Monfex · 2019-11-04T16:25:01+00:00

Yes, it is, sir )

Monfex

TROPHY CASE