btcusd 03-04-24 - retracement setup
Tracing this move from the regional high candle, and going from the middle(top-up) high candle.
We saw an initial 2.9% move down, followed by a perfect 7.5% move to the local low.
Before entering in on a long, we took further profits on our shorts at the retest, and then began creating a separate isolated long from that point. The targets and tps for this long trace back all former tp locations of the short, and will terminate in large around the original initial local high candle which initiated the move down, and we will reserve some of the long for liquidations above that point.
When targeting 72100s we are both rounding the move, and we are fulfilling a 7.5% move above the 1tp/2nd support.
Supporting factors:
liquidity exists that support a retrace, and it is reinforced by abiding to local high/low candles reactions, as well as the innate nature of liquidations coming about due to percentage moves. i.e 0.75%, 2.9%, 7.5% etc
Incredibly clean chart, and more than optimal level of risk. lets go
If we start failing and closing below 65-65k, then the play is off and we continue down to 60-63k, and reassess from there.
We saw an initial 2.9% move down, followed by a perfect 7.5% move to the local low.
Before entering in on a long, we took further profits on our shorts at the retest, and then began creating a separate isolated long from that point. The targets and tps for this long trace back all former tp locations of the short, and will terminate in large around the original initial local high candle which initiated the move down, and we will reserve some of the long for liquidations above that point.
When targeting 72100s we are both rounding the move, and we are fulfilling a 7.5% move above the 1tp/2nd support.
Supporting factors:
liquidity exists that support a retrace, and it is reinforced by abiding to local high/low candles reactions, as well as the innate nature of liquidations coming about due to percentage moves. i.e 0.75%, 2.9%, 7.5% etc
Incredibly clean chart, and more than optimal level of risk. lets go
If we start failing and closing below 65-65k, then the play is off and we continue down to 60-63k, and reassess from there.
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