Long
2021-02-13 SRMUSDT Pennant Long
Updated
BINANCE:SRMUSDTPERP has seen a recent push and is forming a pennant on the 1h timeframe.
Demand has been drawn off the 1h pause at the base of the pennant and then refined on the 15min timeframe. Entries are to be staggered between the base of the pennant and the top of this demand block, with the stop loss positioned below the demand, as indicated by the long position tool.
Target is the fib extension, less some, to ensure that the psychological level of $5.5 doesn't stop the TP being hit.
Invalidation of this long will occur if the pennant fails to pop and the price winds sideways, or if the stop loss is hit.
Demand has been drawn off the 1h pause at the base of the pennant and then refined on the 15min timeframe. Entries are to be staggered between the base of the pennant and the top of this demand block, with the stop loss positioned below the demand, as indicated by the long position tool.
Target is the fib extension, less some, to ensure that the psychological level of $5.5 doesn't stop the TP being hit.
Invalidation of this long will occur if the pennant fails to pop and the price winds sideways, or if the stop loss is hit.
Trade active
Price is now starting to present as a Wyckoff Distribution. EMAs 10 & 20 can be seen acting as a good representation of "the creek". If price is unable to break back through these, and closes below the identified demand zone, this would be a good area to short the re-test.Alternatively, if price is able to "jump the creek" then the bullish scenario is still in play.
Both alternatives are squiggled on the chart.
Trade closed: stop reached
Wyckoff distribution scenario play out. Price has returned to the 61.8 fib level as indicated as an option on my previous chart.
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