Category:BLTP-BTC

BLTP trapping BTC bulls. For example here at the open of the session, We’ve got a couple big tails on the bottoms of the bars, a bull bar closing on its high (b4), a small bar, and now a big bar (b6). The market looks like it’s accelerating up. Let’s say the beginner buys b6 close, hoping for a Buy The Close rally – which could it be. It’s reasonable to do. However, he’d have to be disappointed by this bear bar b8, and he has to understand what took place right here. If he does not understand, he’s in big trouble. Bulls who bought this close b6, disappointed by this bear bar b8, tried to get out breakeven. They placed a limit order to get out at that close, or they placed a limit order a little bit below it, and you can see what happened when this bar got near that close, It sold off (big tail on b10) , and this is caused by a lot of bulls deciding this was a bad buy. This bar b11 tried again to get above that close. It could not even get above this high. That tells you that the bulls who did not get out here lowered their limit order to take an even bigger loss, and a lot of them did not get filled here (at b10 high). The market’s going down, and ultimately the bulls give up^[1].