Here is what were looking for. We have broke the local support trend line. We are currently trading in the downward channel (red trend lines).
We can see simple rejection from resistance and support. But obviously which ever one is broken first we can actively trade upon that.
I talked about the Bitmex Domino whale effect.
If we break below the white support. We can see the 8400 area. And if we see resistance broken our next target would be 9800 area.
Since we have broken local support i am going to be leaning towards the SHORT position. I will not enter trade until major confirmation. If i enter any trades it will be for scalping purposes.
For scalping purposes i always put a stop loss at 5% and adjust my stop as price moves up or down depending on my position. Taking a 5% loss is better then risking it to go to 10% and waiting for it to come back down.
Learn risk management. This is not financial advice.
We can see simple rejection from resistance and support. But obviously which ever one is broken first we can actively trade upon that.
I talked about the Bitmex Domino whale effect.
If we break below the white support. We can see the 8400 area. And if we see resistance broken our next target would be 9800 area.
Since we have broken local support i am going to be leaning towards the SHORT position. I will not enter trade until major confirmation. If i enter any trades it will be for scalping purposes.
For scalping purposes i always put a stop loss at 5% and adjust my stop as price moves up or down depending on my position. Taking a 5% loss is better then risking it to go to 10% and waiting for it to come back down.
Learn risk management. This is not financial advice.
Comment:
