JETS
Today, I decided to scale in a 1/3 short in relation to JETS on the weekly timeframe for the following reasons:
- It is difficult to manipulate the price action of the weekly timeframe due to the share number of traders involved, and the weight of capital needed in order to do so.
- The weekly timeframe Stochastic RSI is in the overbought position.
- The price action of JETS has now reached a key resistance level after an unusual 10 to 11 week straight up price rally.
- If the price action does not decline at the current resistance level, then there is a stronger likelihood that it will start declining greatly at the next resistance level. As a result, using a limit order, I have submitted another 1/3 entry at the next resistance line.
Let’s see how this plays out!
Learning Point
- I already feel the psychological difference of carrying out weekly timeframe trades. They create a sensation of more certainty, which I guess is the upside to the fact that they will require far more patience and discipline.
Next Action
- Continue to monitor the price action of JETS everyday to keep up my fast learning rate and process.
MARA
As detailed within MARA’s chart above, today, I scaled into a long trade based on its weekly timeframe for the following reasons:
- Bitcoin (the crypto market’s leading indicator) is still in bullish consolidation on its weekly timeframe.
- The price of MARA has consistently been moving up a diagonal trendline on its weekly timeframe after the price has been depressed for a significant period.
- MARA’s weekly Stochastic RSI has been travelling upwards from its oversold position for the last few weeks.
Let’s see how this plays out!
Next Action
- Keep on monitoring the price action of MARA everyday to continue with your learning process.
