Here's how to trade this ranging market, as well as some explanations: 1) Our stop-loss for short positions is above the last resistance on the daily chart. Breaking this resistance would invalidate this scenario. 2) I see this as a good oportunity to short because we are very close to the stop-loss above us. This means greater risk/reward ratio. 3) The areas I've highlighted in the chart were based on fibonacci ratios. Trading inside them is good because they offer a great risk/reward ratio (stop-loss on the lowest support for long, and in the latest resistance for short). 4) This is the only safe way to trade inside a ranging market. There's no point in trying to tell which direction the market will go - that's impossible. Still, that doesn't mean that is certain that the market will drop. 5) Trade based on indicators. Use what works for you: RSI, MACD, EMA's. The targets I've highlighted on the charts are the "perfect scenario"; if it happens that an indicator "tells" me to close my position before these targets are reached, I will do it. 6) Most importantly: Don't trade inside the grey area. It's too far of both stop-losses, causing it to be non-profitable. Don't follow my strategy blindly. I'm nothing but an amateur. Keep your money safe, good evening.
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Bitcoin my breakup. If so, I'm not shorting on ADA.
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If bitcoin doesn't manage to break the 9180 resistance, I'll probably short this one.
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I think this is a good entry point right now. Stop-loss would be above 3180.