BCHUSD: Vunerable below 1300 - sell here stop 10 points above
BCHUSD Update Trading Strategies Today
We were short from 1346 back to 1245-1228 range for a quick 100 point win but then reversed here according to the plan
(top left) - we were looking for a wipe-out to 1286 and hena bounce back to the line above it on chart and then the big
collapse. It went OK, but the low at this point was 1274 (so stops which were way too tight in a crazy fast market were
hit for a 5 to 20 point loss and we missed a great trade back on the rebound as it duly whipsawed back up to 1349-1367 range
with a great pin bar of rejection appearing as it attempted to break free of the parallel that still holds it back now - a clue that
this is still unloved right now...so with TV down and no way of uploading we had a second chance there to short again...what
a night for TV uploads to explode. This is so technically near-perfect (the new downtrend contained within the parallels is
hardly perfect, but still feels right (but we know it's can be violated on upside and not be trustworthy, so not perfect
here for sure)...will it stay that way for the finale?
BTC still doesn't look finished on the downside yet. It's about to hit the upper parallel and can reach 1300 where it becomes
a sell again, looking for the final flush out back to 1178 to 1123 range. Look to get long again in this range if struck later.
Will likely be hectic and full of whipsaw potentially, nevertheless brave the storm and look to get long as low down
as possibe in this range. Can set buy orders now, rather than in heat of battle, if it comes as expected to. Spread them
across the range from 1178 down to 1123 with all stops below 1100. if not all struck be ready to add on break of upper
parallel once the lows have been struck.
Cannot trust a break above this upper paarllel that controls upside as we can see it's been broken through but never
survived a retest, but still believe it will hold back this rally at 1299. Sell from here with stops 10 points plus above the
parallel and look to buy back later, as above.
We were short from 1346 back to 1245-1228 range for a quick 100 point win but then reversed here according to the plan
(top left) - we were looking for a wipe-out to 1286 and hena bounce back to the line above it on chart and then the big
collapse. It went OK, but the low at this point was 1274 (so stops which were way too tight in a crazy fast market were
hit for a 5 to 20 point loss and we missed a great trade back on the rebound as it duly whipsawed back up to 1349-1367 range
with a great pin bar of rejection appearing as it attempted to break free of the parallel that still holds it back now - a clue that
this is still unloved right now...so with TV down and no way of uploading we had a second chance there to short again...what
a night for TV uploads to explode. This is so technically near-perfect (the new downtrend contained within the parallels is
hardly perfect, but still feels right (but we know it's can be violated on upside and not be trustworthy, so not perfect
here for sure)...will it stay that way for the finale?
BTC still doesn't look finished on the downside yet. It's about to hit the upper parallel and can reach 1300 where it becomes
a sell again, looking for the final flush out back to 1178 to 1123 range. Look to get long again in this range if struck later.
Will likely be hectic and full of whipsaw potentially, nevertheless brave the storm and look to get long as low down
as possibe in this range. Can set buy orders now, rather than in heat of battle, if it comes as expected to. Spread them
across the range from 1178 down to 1123 with all stops below 1100. if not all struck be ready to add on break of upper
parallel once the lows have been struck.
Cannot trust a break above this upper paarllel that controls upside as we can see it's been broken through but never
survived a retest, but still believe it will hold back this rally at 1299. Sell from here with stops 10 points plus above the
parallel and look to buy back later, as above.
Bình luận:
It's Ok to short from 1290 which should be limit but stops above 1300 in case of spike higher
Bình luận:
Lower stop to 1285 for small profit/break-even. So far this is beng stubborn and there's interest at 1250-1245 showing by the pins but it should get forced lower all the same...cannot always expect to be right though...and if wrong it means that 1250-1245 is going to be the low (can close out sort there if you want but be ready to short again if 1245 breaks (that way it's 2 less risky trades in fact).., but if 1250-1245 does hold we then look to buy/add on break above the upper parallel followed by a successful retest -either look to buy early on any such break if it develops with a stop at least 10 points under it...risky but low loss if wrong, or wait for a successful retest, which we may not see because it could break cleanly, like Bitcoin tends so often to do. Can only watch it and react as planned or risk buying the break (this is not like Bitcoin though, ususally) depending on profile. But we stay short here until the charts tells us otherwise.
Bình luận:
So this made a series of lows/double bottoms at 1205 giving multiple chances to close down around this level...loss of downside momentum and ready to turn up. Now testing the upper parallel and ready to buy again soon...a move above 1286 followed by a successful retest of this level from above, which holds should then be followed...do not fall for these weird spikes...just noise. this is why we need a successful retest