TroyByrne
Giá lên

BTC is it looking to jump the Creek

BITFINEX:BTCUSD   Bitcoin / Đô la
G'Day Cobbers

I hope we didn't panic sell this morning and you had your risk management in place. Take a look at the chart I have posted, you will see a few patterns that may give you back some confidence. We have a buy signal on the William%R and a similar pattern is emerging as you can see. Now, this is not a 100% certainty as it never is but we play the probabilities and I feel this is a good R&R. If you didn't have your buys laddered down to catch this dip, a possible long if we can break back into the channel we were in last night. Set your stops tight just outside the channel, it looks like this was a failed breakout and we may even be heading to "Jump the Creek" which will pay off in a massive way if we are right, if we are wrong you get stopped out for a small loss. Don't let a loss run too far though, if you get stopped out there will be another opportunity to get in.

Good Luck and Happy Trading.

G'day

Thanks for dropping by, hopefully, you garner something valuable from my post, be it educational or an idea towards a trade of your own. Please share, like and comment and engage with me, I am here to help.
Trader, Chart analyst, and all round larrikin. Reside in NQ             Australia, surrounded by Crocodiles, snakes & giant spiders, not to mention the boxing Kangaroos and devilish Drop bears. It makes my job quite hazardous but strewth mate, I love it.
Bình luận: Williams %R turned back down as I was writing this but still, the play is to wait now until we break back into the channel, if you are already long, you know the drill, set them stops.
Bình luận: Still going down by the looks.
Bình luận: This is how market makers take out silly traders on high leverage it also takes out lots of stops as many will have put stops close to the bottom of what seems to be a flag forming. You should never use high leverage, you will learn the hard way if you do. You may win here and there but over time, you will blow your account up.
Bình luận: Massive divergence on the 1hr, we should be going up soon. Also still getting higher Highs and higher lows, if we don't break down much further we are still on track.
Bình luận: 20ema is resistance currently, need to push through it.
Bình luận:
Bình luận: Cross your fingers we are taking off
Bình luận: Remeber that the arrows show projected price action but I always set my orders well under to be sure they are filled. I have profit to be taken at 7100 7200 and then the rest to 7400, bring up the stop as I go.
Bình luận: Up we go baby
Bình luận: Still, have to break this trend line or we could retrace to the bottom of the flag again.
Bình luận: Back down into the channel
Bình luận: If this candle closes as a Doji with the resistance above, we may have a reversal, will need to wait until the next candle to confirm, we have struggled to push through and hold above, lots of selling pressure above, we may head down to retest the bottom of the structure, before another attempt to break through happens. Be vigilant .
Bình luận: As usual by the time I post it changes, looking more like an inverted hammer currently lol
Bình luận: %R will be moving into over bought territory soon also
Bình luận: Mild divergence too
Bình luận: Symmetrical Triangle is becoming the dominant pattern now, these are generally continuation patterns.
Bình luận:
Bình luận: Second is a perfect example of rising high meeting up with lower high. This would push us above 9k.
Bình luận: I advise caution here, this could end badly. Talk about mixed signals.
Bình luận: Its not really a H&S but as the price action for the head is a screwed up but I am giving it to you anyway. Set you t stop loss under that neckline. Plenty of novice traders in this market and you can get a large number of trades on a poor pattern.
Bình luận: For those on Bitmex like me, here is a clean char. The price action is a little off but you can see where we attempted to move higher, bulls got stronger and moved high but on the third shoulder, they were rejected again, this can regularly lead to a large drop as the buyer become exhausted. The fact that we consolidated for a long period is where it gets a little hazy for me.
Bình luận: Good LUCK ;)
Bình luận: Oh Fractals, why?
Bình luận: So your stop losses should have been hit if you didn't take profit on the initial breakout. I am in a no-trade zone until I can get a clear indication of what I can see as the best play moving forward. How did you go? Any profits taken, I hope so.
Bình luận:
Bình luận: Next trade will be a breakout of the Symmetrical Triangle, this is a wait and see trade, set a stop buy above the line when we get close or wait unti lwe get confirmation and then st another stop just below the line, breakout fakeouts happen, they also tend to fake out and then reverse after taking out stops, so if possible in your risk plan, give it some room to breathe.

Also, you could set some buys orders close to the bottom of the triangle and long to the top, again stop outside the structure this time, just in case it breaks down.

+1 Phản hồi
"Also, you could set some buys orders close to the bottom of the triangle and long to the top, again stop outside the structure this time, just in case it breaks down. " this works really good.
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@hkh222, Yes this is a great plan if you can watch it develop. Definitely. Just watch out because if you are away from the screen you can get a fakeout and a reversal, without a stop loss as it goes against you, until the other side of the triangle.
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@TroyByrne: Thank you for all the heads-up throughout this ride. I was in the parallel action in ETHUSD, which this time around provided opportunity for a little more profit than BTCUSD. I took profit then entered again on dips a number of times, on low margin and using a small amount, but adding up to satisfactory profit. I found myself pausing where you were pausing, and going bullish where you were going bullish. And now I'm out too and waiting to see what comes next. You're number 1 !
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TroyByrne TroglodyteHomunculus
@TroglodyteHomunculus, Thanks for the nice words, I happy to help, us little fish have to stick together or the whales will eat us. Glad you made some profit today.
+1 Phản hồi
Are you now saying probability is on the side of btc price falling?
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TroyByrne samiswilf
@samiswilf, Sorry I went out to the footy, no I was just giving you what I was seeing in the charts and pice action, The play was if already long was to set the stop loss and let it play, if out on the sidelines, wait for a confirmation of a breakout . It went up and then has come down but as I will show, so far we are still getting higher highs and higher lows, indicated by the stars.
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TroyByrne TroyByrne
@TroyByrne, Looking like it will dump more though
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https://www.tradingview.com/chart/wZMJIezm/
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i04e12 i04e12
@i04e12, sorry, beginner, just learning :)
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