Want to see something cool? 👀

So where did today's big spike in $BTC take us?

The price went right up to and tested the lower BF trendline that I posted back on August 16th.

One of the most flawed mental models is that price trades in horizontal support/resistance levels.

The markets are always looking for liquidity, which is why you will ALWAYS see higher highs and lower lows.

#bitcoin #BTC #trading #plebchain

Always some poor soul buying the breakout at the local top. 😓

#BTC #trading #plebchain

I was wondering how the FOMO Momo up condition on the US 10YY would be extinguished.

This is how FOMO rallies end.

Now i'm watching to see how the US 2 and 10 close out month and set up into September.

I'm seeing a lot of FOMO across markets - we're setting up for some late longs to get washed out. 🌊🚽

$ETHBTC update

We have ourselves a decent BF playing out and have a clear target near the bottom trendline.

Remember that price drives narratives, so as the price action unfolds, watch for the narratives that get concocted along the way.

My bleeding eyes - ser, this is a chart crime.

Please show axis and scale. 📈📉

Don't be fooled into chasing the price here.

A lot of poor market structure is being left behind, so we are likely to retest the breakout area for liquidity.

gm

Repeat after me - "Markets don't bottom on Fridays".

US 2-year yields about to make new cycle highs.

Here comes the US dollar wrecking ball. 💣

🤞

Here's one of my all-time favorite trading quotes from a not-so-well-known book called Phantom of the Pits.

"The correct way to control positions is to only hold them once they prove to be correct. Let the market tell you your position is proven correct, but never let the market tell you that your position is wrong. You, as a good trader, must always be in command of knowing and telling yourself when your position is bad."

I hope you had the chance to smash buy some $BTC.

$BTC gave the "second mouse gets the cheese" entry.

25800 was yesterday's daily reversal pivot on Binance and we retested that level to the tick this morning.

The Fed is holed up in Jackson Hole and while it has often been a nothing burger in summer's past, all media journalists are waiting with bated breath for Powell to put the proverbial foot in his mouth so be on the lookout for that possibility.

#BTC #trading

Here's my current book -

🤞

I took profits on all my shorts and started nibbling away at the longs. 💰

We had the proverbial flush then vacuum followed by buyers stepping in.

If you've been following along then you know that I've been short from much higher levels and in the short to medium term I think the better R:R skews to the upside.

My younger trading self would often be greedy or fearful to exit winning positions, but years of repetition have made me comfortable with tactical exits because I know my method will allow me to get back into the trade should price action continue to trend.

#BTC #trading

$ETH update -

The BF posted earlier on $ETH is still unfolding, which brings the 1400 area into play.

https://iris.to/note1qk39cxyjthv3uzh9x7wn5ekp5xn47xhfhlj40aqufaqtyu5xyx2s5sumdy

#ETH #trading

Smoked chicken wings with salsa verde. 😋

Still net short and waiting for breadth to get extended before I cover.

Full disclosure - i'm short of $CRV from higher levels.

$CRV is not out of the woods yet.

Inside week and down continuation and 3M inside bar and down.

0.40 was the OTC price at which Michael was able to unload his tokens to improve his liquidation health.

But it looks like people are now gunning for $0.40 - if we crack 0.40 how long will that gentlemen's agreement hold?