BTCUSD - Local Swing Fib Short
Premise:
1. The 4hr Hidden Bearish Divergence will cross at a possible sign of weakness (some sort of distribution/reversal pattern on lower timeframes) on the SRSI. The RSI beardiv is confirmed.
2. The OTE will be where this Bearish Divergence crosses
3. The former support during the trade will get cut through - if the 4hr recrosses backward into positive territory, the divergence is invalidated
Execution:
1. 1:2:3 entry at 4020, 4100, 4175, hedge + 2x cross short
2. Stop at 4371
3. Target 1 : 3607
4. Target 2 : 3000
Result:
1. A 6:1 RR trade is completed.
1. The 4hr Hidden Bearish Divergence will cross at a possible sign of weakness (some sort of distribution/reversal pattern on lower timeframes) on the SRSI. The RSI beardiv is confirmed.
2. The OTE will be where this Bearish Divergence crosses
3. The former support during the trade will get cut through - if the 4hr recrosses backward into positive territory, the divergence is invalidated
Execution:
1. 1:2:3 entry at 4020, 4100, 4175, hedge + 2x cross short
2. Stop at 4371
3. Target 1 : 3607
4. Target 2 : 3000
Result:
1. A 6:1 RR trade is completed.
Note
Shorting here.Note
Hedged. May not go that high, will double down at retraces later if need be.Note
Exited hedge
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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.