We had some nice move last week, although not according to my anticipated direction. But as you can see, the trigger (buy, sell) entry points are working well and realizing profits (closing position) is always more of a personal thing.
So how does the bigger picture looks right now looking at the Mt.Gox chart? (Btw, what the fuck is with the Bitstamp stream?) Nothing has changed and the market is still in a bear condition, though it has risen a lot in recent days. But look at the Friday’s daily candle with that long upper shadow. That is a clear sell signal especially when you consider it to happen at the important $100 resistance zone. But it must still have to be confirmed by the price selling off below $88. First attempt yesterday wasn’t successful, but I think it will pass through finally. Of course this sell signal would become invalidated when the price breaks above $105.
With that in mind let’s write down the attack plan for the coming week:
Sell point: 94.00 (SL:100.00) PT: 89.00; 86.00; 82.00
Buy point: 100.00 (SL: 94.00) PT: 110.00; 115.00