4 hr BoT in an 8 hr BoT oh my - BTCe long setup locked & loadedHello all,
regular readers will not be too surprised with today's offering. I have been watching this potential 4 hour bullish BoT setup (BoT = my way of playing ab=cd harmonic price patterns....to learn more please refer to this guide: docs.google.com) for a few sessions now. I thought I would take some time today to comment on that setup and how it currently looks.
Considering the rather well defined double bottom in price (seen on the left hand side of the chart) long ideas are not too hard of a pill to swallow. That double bottom confirmed a massive 8 hour bullish BoT formation (thick Fib study levels on chart) where both of those camps are currently long against the $615 area with stops just below key lows near $545. Considering too our belief in Optimal Trade Entry (OTE) windows, anticipation of a rally into the Daily short window ($700 to $900 area) isn't that bad of an idea either. The question then becomes, how does one actually trade this for profit where risk on all trades taken is less then potential reward. The BoT is my way of addressing this concern and has helped me immensely with both trade execution and management. Help with both of those has reduced personal trade anxiety which leads to better decision making and a generally happier life...which is always a good thing. As traders, we are literally paid to be uncomfortable. The less uncomfortable-ness I have in my job the better...
Here then is how I shall be trying to play my anticipation of a move in price up into the higher time frame Optimal Trade Entry (short) window. While higher time frame players are currently long off the $615 level (as noted above) Lower time frame players will get confirmation of their 4 hour BoT long entry on a move through $628.76. Considering the significant peak in price at $629.60 I would consider a breach of this level a significant event anyway. Should that event occur, I shall be a buyer. I really like the fact that the bottom will have three key lows to work with. Stops should initially be on a breach of the recent key low at $603.70. Stops should be moved to break even on a touch of $653.81 and our ultimate target on the setup is $703.91.
That's all for this post. Trade well and god bless,
Brian
p.s. be sure to watch my free 5-10m Daily BTCe summaries on YouTube:
www.youtube.com .
For more in depth BTC analysis & help in your trading journey consider joining our group of crypto-currency traders at:
www.therationalinvestor.co
Bullishbot
BTCe 4hr Bullish BoT comes aliveHello all,
Thought I would quickly post the 4hr chart on BTCe just to give you an idea of one setup that has come alive for me today. With the move through $610 we have confirmed a nice double bottom off the 38.2 Fib. Levels for the setup are outlined on chart above. While a this trade has a bit higher level of risk, this setup is perfectly justifiable and as long as it fits your trading plan I wouldn't have a problem with a person taking the trade.
Cheers all and hope you can you this information to your benefit.
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Crude Oil & The BoT - one way to play bull marketsHello all,
A trader's journey is one of self discovery. Learning to identify and then appropriately trade 'setups' is really about finding what you are comfortable with. It took me many years of self discover to find what works for me as I am sure it has for you. To that end, I found one model that I really like and it is my privilege to bring it to your attention. Take it for what it is worth, but it has aided me greatly in both executing a consistent trading plan and not getting anxious on trade location/execution. As I say in my tutorial, when I turn myself into a robot, I trade like a machine...
One reason why I like 'BoT' trade setup is because of its inter-market portability. Meaning, it is a model i can use to trade the stock market, Bitcoins, or in this case today, a commodity like Crude Oil. Here then is a bullish BoT setup in action. Notice the technical signals (MA cross, momentum upthrust) coincided with the 25% level - that is so cool to see when it happens! Anyway, the trade took little to no heat and moved very cleanly to the bullish ab=cd harmonic price objective. Once the objective was hit price quickly retreated.
Cheers all and hope it helps
You can find the slide show tutorial on Google docs here: docs.google.com
If my charts help you, or you use my indicators...
please consider a BTC donation to allow me to
continue my work :
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