BTCUSD Long following a nice pullback

So far, we've seen a nice run on BTC. And its been a while since I've traded BTC, but as I missed alot of opportunities since last week, I figured tonight would be a good night when I saw that nice pullback. As I am seeing bullish structure being formed, I entered a LONG, hoping for continuation.

Reasons for entering trade:

• 0.618 Pullback of the last push up
  
• Wyckoff schematic, entry on retest
  
• Entry on predefined POI
  
• As more structure is being broken to the upside, BTC is showing signs of strength for continuation
  

To be honest, I am not confident that we are going too much higher. I would like to see more structure broken to the upside before I think there is a chance that this could continue up. Even if it does continue up, we will likely see a large pullback to grab some of the liquidity created along the way.
As for this trade, I've entered a low risk, narrow SL trade, so even if it goes against me, not a big deal. If it breaks the fractal AR, then I will set BE and let it run. And if it continues, I'll take partials at the target in the chart, and let the rest run, hoping for continuation.

Bình luận:

On LTF, saw a potential SP forming so increased my SL to see if it can get an impulse from here.

Target is still 1:9R so not bad, but will close the trade if it creates a lower low.

Bình luận:

Nice one BTC! Broke the small fractal, lets see if we can get continuation to the middle fractal so I can set BE and go to sleep.

Bình luận:

So damn sleepy. Gonna crash for the night. Gonna set BE and dream about continuation while sleeping.

I'll post an update of the result when I wake up.

Bình luận:

So far so good. Price broke above the AR and had a nice accumulation before pushing higher. But as I see this structure as a Wyckoff schematic, I am conscious that there may be a big pullback before further continuation, assuming it plays out.

Bình luận:

Took a little longer than expected but target hit.