BTC Trading Diaries: 1H Trading the Trend
Updated
Starting this series mostly for myself to reflect on - but welcome other's comments as well.
BTCUSDTPERP
Double ABCD pattern can be seen forming on the 1H chart. End of ABCD corresponds with previous strong demand zone.
RSI breaking under 50 showing momentum in favour of sellers.
Looking to enter on the retracement: We enter just before previous supply zone, shown by the box.
Stop loss - 4000 pips; Profit level - 8000 pips (We don't take a trade if at least 2:1 ratio cannot be achieved)
BTCUSDTPERPDouble ABCD pattern can be seen forming on the 1H chart. End of ABCD corresponds with previous strong demand zone.
RSI breaking under 50 showing momentum in favour of sellers.
Looking to enter on the retracement: We enter just before previous supply zone, shown by the box.
Stop loss - 4000 pips; Profit level - 8000 pips (We don't take a trade if at least 2:1 ratio cannot be achieved)
Trade closed: stop reached
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