BCHSV Descending triangle + Trading Plan + Targets
Updated
TRADING STRATEGIC
BINANCE:BCHSVUSDT
Chart Analysis:
-Chart Time frame: 4H
-Time Frame Analysis: 15M-1H-4H-12H-1D
Hi everyone, SV has been in consolidation since we hit the top of wave 5 141.31 (Binance), I could not stop noticing the descending triangle SV is forming. Also last night we pushed trough resistant breaking out a trend line, however, SV has found a lot of resistance forming indecision candlesticks after the breakout, this is basically calling for a big move. Either goes down or up we dont know yet, one word probabilities, we weight the odds we measure our risk and then we get our trade. That is trading, this how we differentiate from Gamblers. I consider this a risky trade, because I have conflicted ideas, for some reason I been thinking that SV is going to go lower. so why Am I going long then? Well the way I approach Chart analysis (priority order) is by first Candlestick Patterns, I zoom In and work without any line , any indicator so I get the feeling of asset, and I pay attention to the candlestick shape form using 4H-6H-12H-1D. Second, Support and resistance level. Third, I draw patterns such as trend-lines, channels, triangles and wave counts, (notice how this last has the least impact in my methodology). In addition, I give more weight to higher time-frames. and after that I use Fib techniques combine with support and resistance to take the trade.
*Dojis*: After the trendline Breakout dojis starting to appear showing us indecision, if we pay attention to the last 3 dojis price action has been closing higher, it also showing bullish strength since several times bears have tried to pull it down. Second doji looks like a little hammer along with the third. If you draw a trend line using the lows you can see a little ascending triangle.
Indicators:
-ATR: it is at his lowest since we start the previous rally. this indicator measure the volatility.
-RSI: 12H is neutral+ D1
-StockRSI: is Over Sold (bearish), however is not a key support to paying attention to.
-TD Sequential: 12H green 2 trading above green 1, this is one of my favorite combinations to trade, if we start trading above wick 1, price well shoot. so pay attention to that.
-MA: Golden Cross at 4H
Trade Management:
-Targets:
-Risks/Rewards:
Risk/Reward Ratio: 4.60
BINANCE:BCHSVUSDT
Chart Analysis:
-Chart Time frame: 4H
-Time Frame Analysis: 15M-1H-4H-12H-1D
Hi everyone, SV has been in consolidation since we hit the top of wave 5 141.31 (Binance), I could not stop noticing the descending triangle SV is forming. Also last night we pushed trough resistant breaking out a trend line, however, SV has found a lot of resistance forming indecision candlesticks after the breakout, this is basically calling for a big move. Either goes down or up we dont know yet, one word probabilities, we weight the odds we measure our risk and then we get our trade. That is trading, this how we differentiate from Gamblers. I consider this a risky trade, because I have conflicted ideas, for some reason I been thinking that SV is going to go lower. so why Am I going long then? Well the way I approach Chart analysis (priority order) is by first Candlestick Patterns, I zoom In and work without any line , any indicator so I get the feeling of asset, and I pay attention to the candlestick shape form using 4H-6H-12H-1D. Second, Support and resistance level. Third, I draw patterns such as trend-lines, channels, triangles and wave counts, (notice how this last has the least impact in my methodology). In addition, I give more weight to higher time-frames. and after that I use Fib techniques combine with support and resistance to take the trade.
*Dojis*: After the trendline Breakout dojis starting to appear showing us indecision, if we pay attention to the last 3 dojis price action has been closing higher, it also showing bullish strength since several times bears have tried to pull it down. Second doji looks like a little hammer along with the third. If you draw a trend line using the lows you can see a little ascending triangle.
Indicators:
-ATR: it is at his lowest since we start the previous rally. this indicator measure the volatility.
-RSI: 12H is neutral+ D1
-StockRSI: is Over Sold (bearish), however is not a key support to paying attention to.
-TD Sequential: 12H green 2 trading above green 1, this is one of my favorite combinations to trade, if we start trading above wick 1, price well shoot. so pay attention to that.
-MA: Golden Cross at 4H
Trade Management:
- Trade entry: 99.80 ( ACE)
- Stop Loss: 93.00
-Targets:
- Mercury: 106.00
- Venus: 112.25
- Earth: 118.00
- Moon: 126.10
- Mars: 136.50
-Risks/Rewards:
Risk/Reward Ratio: 4.60
Trade closed manually
Stop Loss has been reached, this trade has a mental stop loss, in my head if SV managed to push down price like that after a positive breakout of the trend , its probable that it will go down again. I will keep an eye on it, Im looking for a double bottom pattern combine with low RSI. TD 9 Sequential. ATR still low so nothing big has happened yetNote
Trade active
Here is what I was looking for, a re-entry to this trade, we have formed a double bottom, even tho it havent go up yet, we are in a low cycle StochRSI + Low RSI + .78 Fib retracement lvl. -Re-Entry trade at 90.87
-Stop Loss at 90.10
Note
Note
My mental Stop Loss for BCHSV was correlated with BTC price action, I notice that BTC was trading above a cirtical lvl 0.786 Fib retracement, after a false breakout BTC has bounced annihilation 10 hr of shorts profits. I believe this is the beginning of a bigger movement wave C.Note
SV Current 30M ChartTrade active
Trade closed: stop reached
Trade active
BCHSV is back!
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