BTCUSD CFD Shot Call No. 1
Updated
Trading currently on just "I've seen this before".
This is traded in the same account, so p&l will be listed separate for each idea.
Typical situation I have seen many times over, price will drop, then come back just as fast with a stall near the lower portion. Trading the completion of the expected pattern (drawn in blue) and then looking to short from the double top neckline after.
Current trade on is at 58015.85 market entry for 0.03, though will adjust down to 0.02 through management later should the pattern not want to finish.
Expecting at a minimum for price to want to be attracted to the neckline of the double top and topside consolidation, where many shorts will then pile on to take price down (yellow path).
Should the trade finish cleanly, the buy orders protecting the long will be eliminated and look for a long drive back down in the next trade set. Sell Limit orders will be in place at 60,240, 63,800 & 74,150 respectively for that one when it gets here.
Additional buy at 56,877 and 52,100 as protection in the same style as the eurusd approach (same strategy/method of madness) where if the price should start heading short, the breakeven of the overall position would then be a much better exit point, with a greater chance of being achieved vs just letting price come all the way back.
With two entries, price is breakeven between both entries. With three entries, price is breakeven at the second entry.
This is traded in the same account, so p&l will be listed separate for each idea.
Typical situation I have seen many times over, price will drop, then come back just as fast with a stall near the lower portion. Trading the completion of the expected pattern (drawn in blue) and then looking to short from the double top neckline after.
Current trade on is at 58015.85 market entry for 0.03, though will adjust down to 0.02 through management later should the pattern not want to finish.
Expecting at a minimum for price to want to be attracted to the neckline of the double top and topside consolidation, where many shorts will then pile on to take price down (yellow path).
Should the trade finish cleanly, the buy orders protecting the long will be eliminated and look for a long drive back down in the next trade set. Sell Limit orders will be in place at 60,240, 63,800 & 74,150 respectively for that one when it gets here.
Additional buy at 56,877 and 52,100 as protection in the same style as the eurusd approach (same strategy/method of madness) where if the price should start heading short, the breakeven of the overall position would then be a much better exit point, with a greater chance of being achieved vs just letting price come all the way back.
With two entries, price is breakeven between both entries. With three entries, price is breakeven at the second entry.
Trade active
Trade is active at 58,015.85 with .03 Lot CFD (1 lot = 1 BTC)Note
Risk is slightly higher than I would like, but using a max limit drawdown in $ amount, looking for no more than about $175-$200 ( about 13-15%) drawdown max before a full hedge would be looked forNote
Second entry triggered about an hour and half ago while I was asleep. Slowing price action, watch the reaction. Target is still valid as is at this point. Target will be maintained but should this area fail, target will be just above this second entry to come out as an alternative exit point should things start to look worse. Still expecting that neckline to be tapped at least though still.Note
Quite a fallout, adding a .02 at 54,595.11.Seeing some strong movement back up and near the extreme low from before, see what type of movement we get on return.
At 10% on drawdown at the moment, so keeping a close eye to that. Will fill hedge if it just keeps ripping south, and the additional 0.02 here makes more flexibility in the future to roll out
Note
Starting to make a very clean base of a "w" pattern/double bottom, holding steadyNote
Some position closed late in the evening, but not posted (too tired to update went back to sleep 😴):58,105.85 closed full +€3.71 (58,149 close price) Original Long
56,875.05 closed full +€23.28 (58,136.39 close price) Limit Add on
54595.11 closed partial +€33.12 ( 58,184.54 close price) Manual Add on
0.01 from 54595 manual entry still on for to and holding
Size is reduced, risk was a bit high, 0.01 is much more comfortable and won't have such violent swings in the balance.
+€60.11 so far
Trade closed: target reached
Target reached, short entered at the same level.Closing price:60,249.80
Short now active at the same price to continue the second leg of the idea.
Will post a fresh publishing for the second part. No longs below and looking for a distant target ( I'll address in new post in a few 👍 strategy is a 100% up time system)
Note
€51.85 gained in the final close for a total accumulated gain of €111.96 (+7.64%)
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.