Today we’re analyzing Monero, with a focus on a new aspect of Median Lines — the Warning Lines, or WL for short.
Warning Lines are simply extensions of the distance between the Center Line (CL) and one of the Median Line’s outer boundaries, either the Upper Median Line Parallel (U-MLH) or the Lower Median Line Parallel (L-MLH).
So why are they important for us in our trading?
As you can see, WL1 and WL2 mark important price levels. WL2 is where price reversed, while WL1 acts as resistance.
Just like with the standard lines, our full trading rule set applies to Warning Lines too. This includes scenarios like a Hagopian, a breakout or "Zoom Through," and the Test and Re-Test.
Now, looking at the current analysis:
The price was rejected at WL1 after falling from WL2. This shows strong resistance at WL1, and now the price is heading toward the U-MLH.
If the price breaks below the U-MLH and starts opening and closing within the Fork again, there’s a strong chance it will move back toward the Center Line in the near future.
That could be your signal to take more profits, close the position, or possibly even short Monero.
Personally, I find it difficult to short crypto due to the high risk of manipulation by whales in the market. I prefer not to get caught in a short position if the price suddenly gaps to the upside. So I probably look to take a new position or add to an existing one, since it is a fair level where price found it's center.
That’s it for today.
Did you learn something new?
Great. See you next time, and trade safe.
Warning Lines are simply extensions of the distance between the Center Line (CL) and one of the Median Line’s outer boundaries, either the Upper Median Line Parallel (U-MLH) or the Lower Median Line Parallel (L-MLH).
So why are they important for us in our trading?
As you can see, WL1 and WL2 mark important price levels. WL2 is where price reversed, while WL1 acts as resistance.
Just like with the standard lines, our full trading rule set applies to Warning Lines too. This includes scenarios like a Hagopian, a breakout or "Zoom Through," and the Test and Re-Test.
Now, looking at the current analysis:
The price was rejected at WL1 after falling from WL2. This shows strong resistance at WL1, and now the price is heading toward the U-MLH.
If the price breaks below the U-MLH and starts opening and closing within the Fork again, there’s a strong chance it will move back toward the Center Line in the near future.
That could be your signal to take more profits, close the position, or possibly even short Monero.
Personally, I find it difficult to short crypto due to the high risk of manipulation by whales in the market. I prefer not to get caught in a short position if the price suddenly gaps to the upside. So I probably look to take a new position or add to an existing one, since it is a fair level where price found it's center.
That’s it for today.
Did you learn something new?
Great. See you next time, and trade safe.
🔱 Follow The Fork 🔱
👉 Avoid subjectivity.
👉 Find multiple R Trades.
👉 Trade the Medianles aka Pitchfork Edge
👉 Avoid subjectivity.
👉 Find multiple R Trades.
👉 Trade the Medianles aka Pitchfork Edge
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
🔱 Follow The Fork 🔱
👉 Avoid subjectivity.
👉 Find multiple R Trades.
👉 Trade the Medianles aka Pitchfork Edge
👉 Avoid subjectivity.
👉 Find multiple R Trades.
👉 Trade the Medianles aka Pitchfork Edge
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.