Green TD9 + Stuck between 50MA and sym. triangle resistance
Updated
Things are getting interesting. BTCUSD on 4h chart hit a green TD-9 (Signal for taking profit).
The 9 candle broke through the upper side of the symmetric triangle, but closed below it. This it why entering a trend continuation position prematurely on a TD-9 can get you wrecked.
Patient traders will be rewarded if they wait until a actually candle closes above the resistance line.
According to TD-Indicator rules the highest probability is a 1-4 candle correction and a new green countdown. Keep in mind that the higher time frames have more weight. For me they still look slightly bearish.
Two possible scenarios:
1. BTC breaks through the resistance of the symmetric triangle and closes above it
-> Enter Long Trade as soon as a green 1 starts trading above a green 2 (according to classic TD-Indicator rules)
Textbook entry since the point is clearly outside the triangle.
2. Closing of one of the next 2-4 candles below the 50MA
-> Keep calm and don't trade.
Always remember: No entry is actually a position...the position not to lose your money.
Your opportunity will come. Be patient and wait how this triangle breaks out.
*********
TD Momentum Indicator (free):
Join our Telegram group for TD-Indicator Trading advice: t.me/td_trading
The 9 candle broke through the upper side of the symmetric triangle, but closed below it. This it why entering a trend continuation position prematurely on a TD-9 can get you wrecked.
Patient traders will be rewarded if they wait until a actually candle closes above the resistance line.
According to TD-Indicator rules the highest probability is a 1-4 candle correction and a new green countdown. Keep in mind that the higher time frames have more weight. For me they still look slightly bearish.
Two possible scenarios:
1. BTC breaks through the resistance of the symmetric triangle and closes above it
-> Enter Long Trade as soon as a green 1 starts trading above a green 2 (according to classic TD-Indicator rules)
Textbook entry since the point is clearly outside the triangle.
2. Closing of one of the next 2-4 candles below the 50MA
-> Keep calm and don't trade.
Always remember: No entry is actually a position...the position not to lose your money.
Your opportunity will come. Be patient and wait how this triangle breaks out.
*********
TD Momentum Indicator (free):
Join our Telegram group for TD-Indicator Trading advice: t.me/td_trading
Trade active
Aaaaand BTC broke out to the upside of the symmetrical triangle!As usual in trading the entry point in the 9300 area gave you only a 10min window to enter your position.
Anyone who missed the jump onto the trade might get a slight pullback.
My target area: around 10,100 - right where the daily 50MA is. This is the area where things gonna be complicated. While the 50MA will be strong resistance, the target creates a double top situation with the prior bounce which usually does not hold (quoting Tone Vays).
Hit the subscribe button to not miss the next trade! ;)
Note
Correction: The red line is the daily 200MA, not the 50MA!We are now at the 9650 area which aligns with the 0.236 fib at 9600 price level which acted as resistance on April 25.
This creates a double top situation. Most likely this double top won't hold and we are going higher. Yet the 10k area might become brutal.
Don't forget to set your stop losses if you managed to get into the bullish trade!
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.