BitcoinUpdated Harmonic patterns & demand zone combo long
On the higher timeframe, Bitcoin is still showing sideways action with slightly bullish bias. Therefore, we want to focus on buying on the smaller timeframe.
On the 1hr, we can see 2x harmonic patterns are in confluence with the demand zone @ around $9,300. Therefore, we can try to buy and aim for $9,600 as the 1st target.
Once price breaks above $9,600 I will move my stop-loss to break-even.
If price touches $9,600 before touching my entry zone, then trade is cancelled.
Same as the last trade idea, this trade is a short term trade which means - smaller position size & low target expectation. Also keep in mind, the better support on the bigger timeframe is at around $8,400 - $8,900.
***This idea is only to show you what my trading setup looks like. Not a financial advice. DYOR***
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Past winning trades: (without leverage)
Bought between $5,000 - $5,500. Sold around $6,850 (30% profits)
Entered $8450, sold around $9,800 (16% profits)
Bitcoin dropped from 12k to 7k as expected (40% fall)
Perfect call on 12k weekly resistance
Bitcoin, perfect call (300% profits)
Bitcoin, bought between 6.8k - 7.3k (40% profits)
Bitcoin dropped to 3.5k as expected (40% fall)
Bitcoin, bought $6220 target $8480 (36% profits)
Educational posts:
2618 trade
Top-down analysis
How I draw the trendline
Risk management series:
~~~~~~~~~~~~~~~~~~~~~
On the 1hr, we can see 2x harmonic patterns are in confluence with the demand zone @ around $9,300. Therefore, we can try to buy and aim for $9,600 as the 1st target.
Once price breaks above $9,600 I will move my stop-loss to break-even.
If price touches $9,600 before touching my entry zone, then trade is cancelled.
Same as the last trade idea, this trade is a short term trade which means - smaller position size & low target expectation. Also keep in mind, the better support on the bigger timeframe is at around $8,400 - $8,900.
***This idea is only to show you what my trading setup looks like. Not a financial advice. DYOR***
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Past winning trades: (without leverage)
Bought between $5,000 - $5,500. Sold around $6,850 (30% profits)
Entered $8450, sold around $9,800 (16% profits)
Bitcoin dropped from 12k to 7k as expected (40% fall)
Perfect call on 12k weekly resistance
Bitcoin, perfect call (300% profits)
Bitcoin, bought between 6.8k - 7.3k (40% profits)
Bitcoin dropped to 3.5k as expected (40% fall)
Bitcoin, bought $6220 target $8480 (36% profits)
Educational posts:
2618 trade
Top-down analysis
How I draw the trendline
Risk management series:
~~~~~~~~~~~~~~~~~~~~~
- Chapter 1: 1% rule
- Chapter 2: How to calculate position size?
- Chapter 3: The Sweet Spot
Trade closed: stop reached
Just got woken up by the alarm.This trade got stopped out now. It's ok, just part of the game if you have read my idea on risk management.
Going back to sleep now, night
Note
whoever left a comment with "REKT" shows they have no idea how risk management works. If you have not yet read my idea on risk management, please go ahead and read it.Without those knowledge you will not succeed in trading. Fortunately my students already understand it and we are still in profits because we keep our risk reward more than 2:1.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.