Currently I am seeing the finger pattern, and this means a price rejection, if the bar on the right is closing higher.
Category: High risk trade.
Medium term
Reason: As we're seeing heavy dropping behaviour of BTC lately, it can ruin this trade.
We are in a bear market, so the target will be around the local swing high, right before we will decline again.
On the chart of 1D we see this finger pattern, see the blue arrow. It is sticking out the the bar on the right is closing higher. MACD-Histogram is about to show a bullish divergence. This, in combination with the finger pattern is a strong indicator.
DMI is still low, but when I draw a line just below the lowest points of the +DI indicator, we can see that it has bounced around that level a couple of times already. We do want to see -DI decline of course.
The Stop loss has been placed at the level halfway of the finger sticking out. which is around 0.21 cents. Because if we are getting there, the trade setup has become invalid and we could fall further to the support line.
Stop loss has been set a fraction lower so we are at the bottom of the Stoplosses, which are often place around round numbers.
Risk Reward Ratio:
Entry level: 0.232
profit target 1: 0.301
profit target 2: 0.45
Stop Loss: 0.2095
R/R ratio: 1:10 for Profit target 2
R/R ratio: 1:3 for Profit target 1
Weak points: The market in general. This would mean that profit target number two is quite ambitious. We will manage the trade and see how it behaves, to decide to sell 100% or partly take profit and leave some open for the second profit target.
Disclaimer: This is an idea, something I might follow myself, and is placed on Tradingview to share and discuss, but it is actualy for myself mostly, to keep a trading diary. It is by no means an advice and I'm not stating what I expect is going to happen.
Possible targets:
Category: High risk trade.
Medium term
Reason: As we're seeing heavy dropping behaviour of BTC lately, it can ruin this trade.
We are in a bear market, so the target will be around the local swing high, right before we will decline again.
On the chart of 1D we see this finger pattern, see the blue arrow. It is sticking out the the bar on the right is closing higher. MACD-Histogram is about to show a bullish divergence. This, in combination with the finger pattern is a strong indicator.
DMI is still low, but when I draw a line just below the lowest points of the +DI indicator, we can see that it has bounced around that level a couple of times already. We do want to see -DI decline of course.
The Stop loss has been placed at the level halfway of the finger sticking out. which is around 0.21 cents. Because if we are getting there, the trade setup has become invalid and we could fall further to the support line.
Stop loss has been set a fraction lower so we are at the bottom of the Stoplosses, which are often place around round numbers.
Risk Reward Ratio:
Entry level: 0.232
profit target 1: 0.301
profit target 2: 0.45
Stop Loss: 0.2095
R/R ratio: 1:10 for Profit target 2
R/R ratio: 1:3 for Profit target 1
Weak points: The market in general. This would mean that profit target number two is quite ambitious. We will manage the trade and see how it behaves, to decide to sell 100% or partly take profit and leave some open for the second profit target.
Disclaimer: This is an idea, something I might follow myself, and is placed on Tradingview to share and discuss, but it is actualy for myself mostly, to keep a trading diary. It is by no means an advice and I'm not stating what I expect is going to happen.
Possible targets:
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.
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.