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Continuation Short off of MA and Previous Support turned ResistaContinuation Short off of MA and Previous Support turned Resistance. I’m testing a strategy I found on YouTube. It seems like the goal is to use Ma and higher timeframes to determine overall trend and then use support and resistance areas in combination with ma to find entry in direction of overall trend. I believe strategy was only tested on GBP NZD and had about a 60% win rate . I believe the stops ands tps were to always be set to either 20 pips or 50 depending on ATR but I am not sure 100% sure and may have set those incorrectly. Also I’m not sure if those old S/R are valid anymore but I used them because this pair hadn’t been at this level for a significant period of time. If you want to see the strategy breakdown it’s on The Trade Channel on YouTube and I am likely not doing it any justice.
Short
by MikePips
1
Bitcoin Daily Close Below $6000The bearish case for Bitcoin is starting to gain more substance and I plan to "dip my toes in the water" and start building a short position. - On the daily chart Bitcoin officially closed below the $6000 mark for the first time in 2018. - The orange support trendline is well and truly broken - We continue to make lower highs and lower lows without any real sign of a reversal pattern setup Having said this, if there is a strong turn around and a break of the blue resistance trendline, then I will be out very quickly as I DO NOT want to get caught on the wrong side of this trade. We are in a period of very low volatility - and low volatility precedes highly impulsive moves. Therefore, I will not be risking a large amount at this stage and plan to make use of a tight stop loss. I will post another trade idea today showing entry levels on a shorter time frame.
BITFINEX:BTCUSDShort
by tennant.graeme