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Medianline

[Modded] London Breakout pt II*This is not a signal. Trade at your own risk.* Here's an update on the setup. Same basic S/R rules, ignore the wicks, 1HR chart. H/L S/R is determined at the first hourly reversal. Median line is used in conjunction with indicators to determine probability of direction. Blue arrow: Daily open at 1700 (Ignore the 1600 processing hour) Yellow arrow: Breakout (Looking for closing prices either above or below the S/R within the first 8 hours.) Green check/ Red X: Daily close at 1500 win/loss. See for yourself. Leave your comments. FX:GBPUSD
by LoonKnight
[Modded] London BreakoutGoing back to a simpler time of S/R. Identifying the day's first H/L from open to close (Blue Arrow; Around the first 5 hours) until either side breaks out (Yellow Arrow), mixed with directional indicators seems to point at a 70% chance of success by processing hour. (Green Check for a win or Red X for a lose.) Not so much in the range but I suppose it's worth a shot sometime next week. Nothing fancy, just get as close to the price open/close, and away from the wicks. Try this in demo. FX:GBPUSD
by LoonKnight
BTC Pitchfork Analysis: Attractive short-term buy area Price has greatly respected this pitchfork, and it has served as a useful guide. Here we see that the .5 - .618 area has served as a strong support and resistance zone in the past. As of writing, the 7,400 - 7,500$ area falls in this range and is where price becomes more likely to bounce and test old highs. In my opinion, target points from longs taken in this area should be extremely conservative, with 7,800$ serving as a maximum with profits taken along the way. Although a long becomes attractive in this price area, stop placement is tricky. Previous price action around the .5 - .618 area suggests that stops just below the .5 line are likely to be triggered with price only to reverse and test the .618 area, at the very least. The next attractive area to place a stop is beneath the line-of-best fit ( The red solid line on the chart; calculated via linear regression starting from the all-time-high) or the dotted trend line. However, placing a stop loss beneath these areas reduces the reward-to-risk ratio to unacceptable levels (less than 2:1). Price becomes more likely to bounce and test old levels as price approaches the line-of-best-fit and at the dotted trend line. Although the red circled area on the graph above highlights the first safe area to go long, it might be wise to cost average in. The long could be split up into three buys: At the .5 - .618 area of the pitchfork, the regression line from the all-time-high, and the dotted trend line. A reversal from the line-of-best fit or the trend line would likely allow price to rise to a break even point, as price decreases past this point without retests of prior levels is unlikely. :Note that the line-of-best fit on the chart above is dynamic and changes with time. You will have to use the regression tool in tradingview to be sure of where it currently resides.
COINBASE:BTCUSDLong
by TheChartmergeny