2018-6-4 BTC LONG (short term - swing trade) broadening wedge
Updated
Hey guys, do you remeber the last trade I've made? I mentioned that there was a broadening wedge possibly forming, and I think it may be confirming right now!
So I managed to enter in a position in it's support and I will try to ride it up! Let's do it!
As you can see in the 1h chart, the black lines are forming the broadening wedge (the dotted line is the rising wedge that we shorted in last trade).
I placed a stop-loss just below the first SAR of this wave. In the current candle, we already made a downward move that hitted the support SAR (just like it did in the last trade trying to shake me out of the position).
The R:R here is pretty solid, as we can see down here:
Money management
We are in a candle that will decide if the broadening wedge will be confirmed again or will be broken, we are in the support (best place where you could buy).
It's hard to buy here because you feel bearish, but using money and risk management, everything will be ok.
So I managed to enter in a position in it's support and I will try to ride it up! Let's do it!
As you can see in the 1h chart, the black lines are forming the broadening wedge (the dotted line is the rising wedge that we shorted in last trade).
I placed a stop-loss just below the first SAR of this wave. In the current candle, we already made a downward move that hitted the support SAR (just like it did in the last trade trying to shake me out of the position).
The R:R here is pretty solid, as we can see down here:
- Stop-loss: $ 7450
- Entry: $ 7483
- Profit: $ 7811 (may change depending on price action)
Money management
- Volume: 4 % of main capital
- Risk: 0.44 %
- Reward: 4.39 %
We are in a candle that will decide if the broadening wedge will be confirmed again or will be broken, we are in the support (best place where you could buy).
It's hard to buy here because you feel bearish, but using money and risk management, everything will be ok.
Trade active
What makes me bullish (besides the support):RSI is a little oversold (but may go deeper)
MACD almost crossing signal (but may not cross)
This is why you always have to have risk & money management: things may happen different from what you were planning. Let's see what BTC brings us this time!
Trade closed: stop reached
Stop-loss reached, position closed.
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