BTC long on cross of multiple timeframe resistance
Updated
Legend:
normal line: candle body based support / resistance
dashed line: wick based support / resistance
red line color: 1D timeframe based support / resistance
green line color: 4H tf based s/r
yellow line color: 1H tf based s/r
Description:
The yellow 1H price has 5 interactions as support. My main premise is, that this will serve as a strong resistance. It worked well already a few times during the trade. Even though that were fakeouts.
That resistance is also visible on the 4H. During the trade a daily resistance built up on the 1H resistance as well.
normal line: candle body based support / resistance
dashed line: wick based support / resistance
red line color: 1D timeframe based support / resistance
green line color: 4H tf based s/r
yellow line color: 1H tf based s/r
Description:
The yellow 1H price has 5 interactions as support. My main premise is, that this will serve as a strong resistance. It worked well already a few times during the trade. Even though that were fakeouts.
That resistance is also visible on the 4H. During the trade a daily resistance built up on the 1H resistance as well.
Note
4H s/rNote
1D resistance that build up on the 1H levelNote
I have a 1D resistance just above my entry. But I expect that to be broken soon after the entry as it is quite close.Note
I'm basically bearish until the price enters my trade.Note
R/R is 2.34 (7.09% / 16.61%)Note
The entry has been triggered. But the 11.650 level is not clear enough to pull up my stop-loss there.Note
It reacts with the price. But not well enough in my opintion:Trade closed: stop reached
I really have to improve pulling up my stop-loss and manage my trades better.
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.