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4 H BTC UPDATEHello there guys, after few day of inactivity, after the weekly close, yday monthly and quarterly close we have still the bounce up due to oversold reasons going on. We could see the volume was declining, hence a possible rebound due to oversold regions in almost all oscillators. We broke our 1st resistance point at 8290-8300, next possible resistance is 8800, which i think could be the maximum we could have as run up for now, REMEMBER THAT THIS IS NOT A BULL RUN!!!, as you can see we are still under the long term EMA (yellow, blue and light blue) and only the fast EMA turning back, we are still under the death cross, this is just a relief bounce up. Possible we have some wicks above 8800, which is also where we find the FIB level 0.382 level. I'm looking to close my 50% of my longs after breaking the 4 h 50 EMA (yellow), then let it ride till it goes, then also looking a point to revers the long trade to a short.
BITMEX:BTCUSD.PLong
by taryjaya
BTCUSD 4H 1H DESCENDING CHANNEL BEARISH BREAKOUTStep#1: Draw a Price Channel if you are able to see at least two Higher Highs and Higher Lows. The Price Channel pattern is drawn by connecting the highs and lows. During this stage, we’re looking for distinctive price action that can be contained within two parallel lines. These lines will ultimately form the Price Channel Pattern. If you’re able to spot two consecutive swing highs followed by two consecutive two higher lows you simply connect these points using the Price Channel tool. The majority of the trading platforms has incorporated into their default trading tools the Price Channel indicator. Step #2: Wait for a Swing High to fail to reach the top of the Price Channel pattern. In the case of an ascending or upward Price Channel pattern the first warning signal that the price will fail to trade within the boundaries set by the Price Channel Pattern presents itself when the last swing high point fails to reach the top of the channel. Only our Price Channel trading strategy makes use of this powerful price reading technique because our team at Trading Strategy Guide has developed the “early signs” of Price Channel breakout. The fail attempt to test again the top of the Price Channel is a sign of price weakness which is confirmed when the price also fails to bounce off the Price Channel bottom and breaks it instead. Note* - The more times a swing High fails to reach the top of the Price Channel pattern the better the trade setup Step #3: Wait for the Price Channel breakout and for breakout confirmation One of the worst mistakes traders does when trading Price Channel patterns is that they don’t wait for confirmation signal when the breakout happens. You should always wait for breakout confirmation! What do we mean by breakout confirmation? In simple terms, we want the breakout candle to post a close below the Price Channel bottom to confirm the breakout. We also have training on How to use Japanese Candlesticks. So we don’t just wait for the Price Channel breakout, but instead, we also want to see the breakout candle closing below the Price Channel pattern. This is a very simple way to avoid many of the false breakout signals. Note* - The breakout candle needs to be a big decisive looking candle, but it’s not mandatory Step #4: Sell right at the Breakout Candle Closing Price The Price Channel trading strategy uses a very simple trade entry technique. A sell order is triggered at the breakout candle closing price. The Price Channel breakout technique provides us with an entry signal that you can be confident in executing the trade. The next logical thing we need to establish for the Price Channel trading strategy is where to take profits. Step #5: Take Profit 1 at the 50% Fibonacci Retracement of the previous trend, Take Profit 2 at the starting point of the Price Channel The Price Channel trading strategy employs multiple entry techniques. Our first potential take profit zone is the 50% Fibonacci retracement of the previous trend. What do we mean by the previous trend? The trend that was contained within the Price Channel pattern. So plot the Fibonacci retracement indicator between the high and the low of the price channel. The second potential take profit zone is the Price channel starting point. Step #6: Place the protective stop loss above the swing high prior to the Price Channel breakout We’re adopting a very conservative approach when it comes to the stop loss technique. Simply hide the stop loss above the swing high prior to the Price Channel breakout. We also recommend you to trail your stop loss above the last swing high once you cash in on the first portion of the trade.
COINBASE:BTCUSDShort
by Tradingstrategyguides
4 H BTC USD UPDATEWell, what a beauty the TD setup trend resistance line, I can't keep thinking how many times it kept up to my expectations. Adding to the daily 9 BUY, 128 daily EMA, the TD setup trend resistance line, a 4 h 9 BUY is also to be factor in as support area. In my view exiting (or at least taking 50% profit) in the short is a must, then wait and reevaluate. We are still in a down trend, as you can see by the EMA in the 4 h are trending downwards, but a good trader live long when he follow his own strategies and obey by his own rules. Don't be greedy and stick to the plan.
BITMEX:BTCUSD.PShort
by taryjaya