BitcoinLong
BTCUSD - Local Fib Long
Premise:
1. The 4hr SRSI will bottom,
2. The 4hr SRSI will throw a Hidden Bullish Divergence,
3. Price will not reach entry in one candle,
Execution:
1. Scale out 1x long in range,
2. Scale out net 2x long at 88%
3. Stop Cluster as marked
Result:
1. 3.55:1 Reward:Risk trade
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Wanted to share a couple of things.
1. I forgot to upload charts that showed my entry call at 5840 - called it on the OneX discord.
2. Stop Clusters - I typically never use market stops except as a last resort, what I do is have multiple "close on trigger" limit stops. This saves me fees (in fact it rewards a maker's fee), and does not render slippage. BitMEX is known for stop skipping, which is why I have six of those lined up for every trade, in addition to two trailing stops. One trailing stop deleverages me at 95% retracement, the other stops me out at 100%. Finally, the market stop is below all of those, and like I mentioned is a last resort.
All my trades are either 1-2x leverage or much lower depending on the state of the trend.
1. The 4hr SRSI will bottom,
2. The 4hr SRSI will throw a Hidden Bullish Divergence,
3. Price will not reach entry in one candle,
Execution:
1. Scale out 1x long in range,
2. Scale out net 2x long at 88%
3. Stop Cluster as marked
Result:
1. 3.55:1 Reward:Risk trade
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Wanted to share a couple of things.
1. I forgot to upload charts that showed my entry call at 5840 - called it on the OneX discord.
2. Stop Clusters - I typically never use market stops except as a last resort, what I do is have multiple "close on trigger" limit stops. This saves me fees (in fact it rewards a maker's fee), and does not render slippage. BitMEX is known for stop skipping, which is why I have six of those lined up for every trade, in addition to two trailing stops. One trailing stop deleverages me at 95% retracement, the other stops me out at 100%. Finally, the market stop is below all of those, and like I mentioned is a last resort.
All my trades are either 1-2x leverage or much lower depending on the state of the trend.
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