One at market now, and one at 2492.61, stop 2210 for both.
You can book partial profits at this month's high, if and once we retest it.
BTCCNY is currently above the downtrend mode, and has created an 11 month buy signal, while RgMov is trending up and broke the all time high!
This is no small feat, BTCCNY to the moon people.
For more information and insights into managing this position, scaling in, and understanding the logic behind the technical setups contact me via pm. I'm currently hosting a skype group, where I share trade setups and also provide traders with training, as well as 2 private webinars per week, and also giving tutoring via skype calls, on a one on one basis.
See the GBPAUD-0.93% idea for an example of the kind of work that I do.
Time at Mode FX
Downtrend failure, seems like buyers exist and are holding price up there.
Up we go.
Buyers stepped in after the selling stopped.
2:25 hours to go. As long as not moving below the blue line, bullish signal might happen.
Wait for the close. Set alerts to indicate when the blue line is taken.
Building volume at one price, drifting up and down.
Careful if long.
You can cover half and wait...if stop hit, didn't lose 100% of the risk size, if not, it can still work.
Or you took the monthly trade and are simply monitoring the price action as we go.
I'd do both, but it's an involved process, so mostly longer term for me.
I have to trade other instruments on a daily basis, can't trade BTC intraday.
by downtrend invalid you mean a return to under 2400cny is not possible anymore.
meaning no more $315-320 as a lot are expecting? why would 315 gets ignored suddenly by time node, is that because 350-360 was a strong support long time ago (mode) and we held on it here again?
Downside is limited for now.
If we drop under 2210, we will go way lower, and we can buy then.
I'm taking small trades in my private group, we have taken two short term ones already.
The major trend isn't 100% defined yet. Monthly is, but needs smaller timeframes to align.