Probably some sideways now that BTC is stealing the show.
Building support in this blue box S/R area.
Overall super bullish.
I expect it to go sideways for some hours until we reach the support line of the rising wedge. There it's decision time. We obviously can break out sooner.
IF the market doesn't do anything strange, I expect it to break to the upside from there, but we obviously should NOT trade based on our (personal) bias, but react when the event actually happens. Alerts are set on both the support and resistance line (nice Tradingview feature btw)
FYI: 1. a rising wedge has a bearish bias, and that's something to keep in mind, but don't forget that all patterns CAN always break out both ways. 2. The bigger double bottom (W) pattern usually should be traded like one if it's the bottom of a downtrend, so don't pay too much attention to that. 3. I take my entries extremely tight to either the support or resistance line, so I can hold that same line as my invalidation, to exit (I exit manually so I can exit at the bearish retest, stoploss can't ever be so tight or it would hit immediately)
Thank you for your TA drawing. Very good of you. 😊
Azygosman
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These are excellent learning points. By exiting manually it means you'll wake up during the night if an alarm is triggered.
I find that difficult with regular work the next day so i prefer setting the stop loss with the risk of getting taken out.
Thank you for sharing !
MellanyCB
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@Azygosman, I have let trades open with a stoploss set overnight, but I've changed my strategy to day trading and closing when I'm not looking.
I'm more profitable and relaxed when I'm in full control.
If I have anything open overnight, it will definitely be with a stoploss. Leave nothing to luck <3
Keep killing it.
Azygosman
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@MellanyCB, Thank you for your reply. Keep up the good work!
jackorichens
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Thanks for the info, most kind. Looking forward to more of your insight. Cheers!