This is a rewrite.
5m chart, because it's well past midnight and even though the BTCUSD spot isn't technically subject to market hours like EURUSD, the best traders who swing the hardest (i.e. trade bigger lots) are asleep. Their EAs are doing the work for them (if you don't know what an EA is stop reading right now), so a 5m chart is a good way to still find trends without going blind from shooting stars or bumping around in the dark of long shadows (candle references, see).
Okay, I'm getting off track.
I noticed a pretty predictable trend over the last 8 hours. So I slapped on a trendline. Then some fib retracements. If your first impulse is to sell, I'd go with your gut. I created a channel just to be sure, part of my golden rule of indicators and price action: what one indicator suggests, many indicators confirm.
Meaning don't let a single trend line tell you what the price action is doing. As you can see I'm looking to RSI, ADX with a channel AND Fibonacci retracements. The same thing is true of time intervals
For your health, you should probably take a look at the 1hr chart...
Well that's reassuring. The price action on a 1hr chart seems to follow our channel pretty nicely, and our indicators are favorable for a bearish retreat over the next hour to 238.11. There's your profit goal.
Sell baby, sell.
5m chart, because it's well past midnight and even though the BTCUSD spot isn't technically subject to market hours like EURUSD, the best traders who swing the hardest (i.e. trade bigger lots) are asleep. Their EAs are doing the work for them (if you don't know what an EA is stop reading right now), so a 5m chart is a good way to still find trends without going blind from shooting stars or bumping around in the dark of long shadows (candle references, see).
Okay, I'm getting off track.
I noticed a pretty predictable trend over the last 8 hours. So I slapped on a trendline. Then some fib retracements. If your first impulse is to sell, I'd go with your gut. I created a channel just to be sure, part of my golden rule of indicators and price action: what one indicator suggests, many indicators confirm.
Meaning don't let a single trend line tell you what the price action is doing. As you can see I'm looking to RSI, ADX with a channel AND Fibonacci retracements. The same thing is true of time intervals
For your health, you should probably take a look at the 1hr chart...
Well that's reassuring. The price action on a 1hr chart seems to follow our channel pretty nicely, and our indicators are favorable for a bearish retreat over the next hour to 238.11. There's your profit goal.
Sell baby, sell.
