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Confirmation

BTCUSD - Trading in formation? Important levels to watch!_______________________________________________________________________________________________________________________________________ Hello traders investors and community, today I will have a look at the current price action BTCUSD is providing us. We are looking locally on BTCUSD with possible short term trade entry. _______________________________________________________________________________________________________________________________________ Currently, BTCUSD is forming a descending wedge on the 2-hour timeframe, these types of patterns are known for a break-out to the upside. However, we have resistance in bitcoins trading range at 8555 and 8745, which where we have a pull-back when we touch it. _______________________________________________________________________________________________________________________________________ The bullish outcome of the wedge is expected but we have to watch out with how much volume and momentum the break-out occurs. As for now the volume looks rather weak then bullish . A possible short term LONG position can be entered whether in the orange support area seen in my chart or with a break-out and confirmation of the wedge . _______________________________________________________________________________________________________________________________________ We have strong support between 7670 and 7850 where a price bounce is highly likely when we visit this are again. At a bullish continuation the 8000 USD are is very important where we seen several bullish upthrust which where a part of the range formation in which BTCUSD is trading now. _______________________________________________________________________________________________________________________________________ The RSI is sending neutral signals right now, as i changed the RSI value from 14 to 28 to have a better look on locally price action which differs on the 2-hour time-frame from the 4-hour time-frame. A visit of 15 - 30 in the RSI will give a bullish signal. _______________________________________________________________________________________________________________________________________ Thanks for watching! May you have a good day and all trades going well! For more market insight feel free to support! The information provided is for educational purposes only and should not be used to take action in markets. _______________________________________________________________________________________________________________________________________
BITFINEX:BTCUSDLong
by VincePrince
31
BTCUSD - THIS PATTERN COULD LEAD BITCOIN TO NEW ATH__________________________________________________________________________________________________________________________________________________________________ Hello traders investors and community, as BTCUSD shows some good bullish momentum and volatility I made an interesting observation which I share with you today. __________________________________________________________________________________________________________________________________________________________________ In the last bull run, BTCUSD formed an inverted head and shoulders with a confirmation on the support level of the head. You can see it in my chart marked with the green box. Normally the target of this pattern is the percentage length from the top of the head to the neckline, BTCUSD made double of this length projected from the head to the top of bitcoins bull run. __________________________________________________________________________________________________________________________________________________________________ When looking on the daily chart , BTCUSD could exactly form this inverted head and shoulders in big format as seen in my chart, with confirmation above the last top at 13800. We have strong support between 7900 and 8000, when we visit this area again it is highly possible that we test it as support again, the same as BTCUSD bounced several times in the 10000 area. __________________________________________________________________________________________________________________________________________________________________ This pattern can be taken into consideration when BTCUSD comes back to the support area and establishes to hold the 7900 - 8000 range as support and form bullish momentum. When the pattern confirms and makes a clear confirmation above the top of the last bull run, the target between 24000 and 25500 will be intact, that would be a new all-time high for BTCUSD . __________________________________________________________________________________________________________________________________________________________________ For this scenario, it is important to hold the 7900 to 8000 range as support otherwise when we fall under this level new lows could be possible. A look at price action in the range should be taken into consideration before making any decision. __________________________________________________________________________________________________________________________________________________________________ Thanks for watching! May you have a good day and of course all trades going well! For more market insight feel free to support! The information provided is for educational purposes only and should not be used to take action in markets. __________________________________________________________________________________________________________________________________________________________________
BITSTAMP:BTCUSDLong
by VincePrince
13
THE STAKES FOR SHARP ENTRY ARE TOO HIGH!!!OANDA:XAUUSD I took total of 4 trades on Gold in the last 2 weeks. All of them hit my target TP. Do I aim for sharp entry? Well I don't. Not anymore. I used to chase sharp entry before, but now all I want is profit. Not perfect entry. The stakes for sharp entry are too high. Also, you need to stay focus all the time and mainly use limit orders to place your order. You might get stopped out multiple times before you finally catch the reversal edge or you might missed out some good trades as well. As you can see all my past trades on gold are based on structure breakout. I do not aim for sharp entry, but I'm looking for confirmation. I wait for confirmation (aka structure breakout) then only I place my order at the market price. Is waiting for confirmation performs better than trying to get sharp entry? Don't be surprised, IT IS WAY BETTER! Of course there are some opportunity costs waiting for confirmation. My SL is larger, my risk to reward ratio is lower (1 to 1 if I really have high confidence). But I'm still able to make 1:2, 1:3, or even 1:4 RRR. Another opportunity cost will be my entries are late.I do not catch the earliest reversal, I enter the market only after the momentum is picking up. Another cool part trading with confirmation (my confirmation is structure breakout) is that I have more time to do other stuff. As I'm trading the 4H chart, I'm reducing my screen time and only look at the chart every 4hour and it took me less than 1 minute each pair to make market decision. In summary, structure breakout is my confirmation & entry at the market after confirmation give me higher win rate while still able to maintain my RRR. I got more time to other stuff and really enjoy my life as a trader. I'm not that adventurous anymore to chase for sharp entry. Entry late, but still profit. So my advice, make yourself wait a little bit longer when you want to trade. Be patience and wait for confirmation might be a short cut for you to become a profitable trader. :) Hope you learn something from this article. Enjoy, follow me & share this if you like it.
OANDA:XAUUSDEducation
by BarryAllen_Thee
How do YOU trade harmonics?? So guys, there a tons of way to trade harmonic patterns.... in the end most of them fail so how do people trade them successfully... I myself decided to look into different approaches to trading harmonics. I have looked at tons of charts on different timeframes and i found an approach I was not able to find online anywhere for some reason... (wonder why) I have never seen a trading strategy that could provide you with this amount of RRR. The risk per trade is absolutely minimum, while the return is maximum. The process is quite simple, and im sure this is what most of the real traders out there are doing, and probably charging thousands and thousands of dollars for teaching this to people. But its all good! First you must find a harmonic pattern. This should be easy with all the software out there. (some guy said you take the ''art'' out of trading by doing this, please don't be that guy) For this approach, price will have to see a retracement greater then 50% of CD in the harmonic pattern. if price retraces down to the 61.8% this will follow with a pullback to 23.6%. Afterwards price will come down at touch the 23.6%, (sometimes a few pips above or below) to trigger all the pending orders. Price will fight its way up to touch the 127.2% extension, while finding support at fibonacci retracements greater then the initial 23.6% ( it will not go under this level! ) If price retraces down to the 78.6%, it is considered strong and the move is expected to turn at 161.8% In some cases the move will go much higher, extending up to 4.618% (!!?) Same approach for bearish situation. Now the price does not always retrace to those exact levels, but when it does you can be 100% sure that it will happen. With this approach you will have signals, confirmations and entry points based on pure data! If you happen to find this approach useful, give the post a like and comment below with your ideas. God bless
Education
by MikulovicFOREX