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XRPBTC 1D ORB Nr4 Breakout StrategyStep #1: Wait until you can spot a bar that has its daily range smaller than the previous three days The first rule requires you to have the patience until the Nr4 pattern develops on the chart. When we have a daily trading range that is narrowed than the previous trading ranges it means that the price is contracting. Based on our backtesting results we have found out that there is a high probability of a trend move after you spot this type of contraction. This is kind of a general rule because the markets do move from periods of contractions to periods of expansion. This is the reason why this short-term price pattern is so powerful. Note* The 4th day doesn’t necessarily need to be an inside day, it only needs to have its daily range smaller than the previous 3 days. Step #2: Mark the High and the Low of the 4th day and switch to the 1 hour time frame Our trade is taken the next day after the Nr4 pattern showed up. In order to have a clear view of the short-term price action we need to switch our focus to the 1 hour time frame. Before you switch the time frames make sure you mark on your chart the high and the low of the 4th day. The short-term pattern Nr4 satisfies all the requirements for a valid setup Step #3: How to buy: Buy only if the breakout of the Nr4 high happens during the first 5 trading hours. We use the Opening Range Breakout technique to time the market and have an effective trade entry. The ORB is even more profitable if it occurs after inside days that have a smaller trading range than the previous 3 days. Here is another strategy called simple yet profitable strategy. Our trade doesn’t may not have an inside day, but nevertheless we want to buy only after we break above the Nr4 day high. Also, we want to make sure the breakout happens during the first five trading hours of the next day. Trades based on the ORB – Nr4 pattern will show you a profit instantly. Now, if the trade is not showing you a profit right away than your trade becomes more vulnerable. As a general rule, if after the first trading hour your trade is not in the green, you can safely close the trade at the market. Of course, you can only do that if your stop loss hasn’t been triggered in the meantime. Step #4: Place your protective Stop Loss below the Nr4 day low You can hide your protective stop loss below the Nr4 day low. Alternatively, you can also place your stop loss below the current day low as this will give you a better risk to reward ratio. The ORB - Nr4 pattern tends to precede strong trend day activity, so your stop loss should be rarely hit. Both of these patterns can be traded individually, but when combined they tend to produce even more powerful trades. Step #5: Take profit at the close of the first 1-hour bearish candle Our take profit strategy is fairly easy and it’s slightly modified from the original strategy highlighted in the “Day Trading with Short Term Price Patterns and Opening Range Breakout” book written by Toby Crabel. Even though the ORB pattern tends to lead to trend trading days we’re more conservative and want to quickly take profits. So as soon as the first bearish candle shows up we close the trade and enjoy our daytrade profits. Alternatively, you can keep the trade open until the end of the day if you want to extrapolate more profits from the cryptocurrency market. Note** the above was an example of a BUY trade using our Dogecoin cryptocurrency strategy. Use the same rules for a SELL trade – but in reverse.
by Tradingstrategyguides
How to spot a Trend Reversal with Price ActionMany traders like to define a trend as a series of higher highs and higher lows , or a series of lower highs and lower lows . In the chart, the price initially is in a down trend as indicated by the series of lower highs and lower lows . First indication of a reversal is a break of the trend line. The second and more important indication is the breach of the recent high and we created a higher high and subsequently a higher low. The Trend is always your friend but the skill is to identify the correct direction of a trend or eventually a reversal.
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by Kaetea_Ng
Bitcoin breaks new records.Here talk only about 2017, as that was his year, and no one of years before. On my post from 8 Dec2017, can see that BTC NEVER down less than 50% Fibonacci correction,. again in 2017 only, because BTC start to have big attention only since 2Q 2017 up. 17.12.2017 trend turn down on risky speed between 0.25 and 0.382 Fibo, with spike to 11,159.93 . which so near 61.8% Fibo Correction. than recover his position to 17,234.99 break 1/1 and bring hope for next epic number rally to 25,000$ as was predicted by major crypto persons. Than all movement can see. This graph cant help as in pass, because cant build it before, but relying on this Fibo lines, support and resistance+Pivots, at least can see the hopeless and hopeful range
BITSTAMP:BTCUSD
by GeorgeVeritas
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