Bitcoin - Weekly S/R update and StarGap Formation description!
Updated
Hello Traders and Community!
Thanks for comming to this idea!
Please click on like button if you like my ideas, it motivates me to keep making contents for you all for free.
Bitcoin is testing short term trendline. We will see if break will come or not.
In the chart you can see Long / Short levels into which I enter directly through the limit and then I control them based on the volume . If the market does not respect the level and starts to form a volume in the negative zone, I try to end the position at the breakeven point or stoploss. I set the Profit Target according to RRR or according to key levels and S / R zones. These levels can also be traded from the other side, support becomes resistance and vice versa.
Key levels are usually traded by waiting for confirmation or some setup on a smaller TF. These are very strong levels at which turnovers often occur, so they consider them to be very successful and the advantage is that they are based on the Market Profile method, so they can trade in any market.
If you would like my free levels directly into your chart, write me message or comment, I will send you the indicator.
FULL GAP FORMATION DESCRIPTION
StarGap is an extension of the Gap formation, where there will be an even stronger action of buyers or sellers. StarGap does not consist of three candles as in the classic Gap, but directly of four. The difference in StarGap formation is that the first and second candles must be in opposite directions.
With a long StarGap, the first candle must be negative (close smaller than open), the second positive, the third positive, the fourth no longer matters whether it is positive or negative. The first two are the most important. The main idea of StarGap is that the sellers or buyers must significantly outperform the counterparty at the beginning of StarGap. Ultimately, the point is that sellers or buyers have run out of power and the counterparty has taken the initiative of a new move, a trend. In the Price Action Pack visualization, StarGap is shown as a short horizontal yellow line located at the point where a coup between buyers or sellers occurred.
We use this very popular and unique formation as important level of support or resistance or also as an indication of a new trend.
Share your ideas. analysis in comments!
Hope it helps, have a nice day!
Thanks for comming to this idea!
Please click on like button if you like my ideas, it motivates me to keep making contents for you all for free.
Bitcoin is testing short term trendline. We will see if break will come or not.
In the chart you can see Long / Short levels into which I enter directly through the limit and then I control them based on the volume . If the market does not respect the level and starts to form a volume in the negative zone, I try to end the position at the breakeven point or stoploss. I set the Profit Target according to RRR or according to key levels and S / R zones. These levels can also be traded from the other side, support becomes resistance and vice versa.
Key levels are usually traded by waiting for confirmation or some setup on a smaller TF. These are very strong levels at which turnovers often occur, so they consider them to be very successful and the advantage is that they are based on the Market Profile method, so they can trade in any market.
If you would like my free levels directly into your chart, write me message or comment, I will send you the indicator.
FULL GAP FORMATION DESCRIPTION
StarGap is an extension of the Gap formation, where there will be an even stronger action of buyers or sellers. StarGap does not consist of three candles as in the classic Gap, but directly of four. The difference in StarGap formation is that the first and second candles must be in opposite directions.
With a long StarGap, the first candle must be negative (close smaller than open), the second positive, the third positive, the fourth no longer matters whether it is positive or negative. The first two are the most important. The main idea of StarGap is that the sellers or buyers must significantly outperform the counterparty at the beginning of StarGap. Ultimately, the point is that sellers or buyers have run out of power and the counterparty has taken the initiative of a new move, a trend. In the Price Action Pack visualization, StarGap is shown as a short horizontal yellow line located at the point where a coup between buyers or sellers occurred.
We use this very popular and unique formation as important level of support or resistance or also as an indication of a new trend.
Share your ideas. analysis in comments!
Hope it helps, have a nice day!
Trade closed: target reached
First target on the short level reachedTrade closed: target reached
Second target ReachedTrade closed: target reached
.The last target reached!
Beautiful swing trade.
Related publications
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.