2 Scenarios for BTC where i would feel take a long position.
Scenario 1 (blue arrow)
1. Price breaks under the red line (Former S/R level)
2. Reclaims red level aswell a close above orange line (Former S/R level)
3. Buy on retest of red line
Target: Resistance level with confluence of the 61% FIB level
S-L: Under the Swing- Low that would generate in Step 1
Scenario 2 (green arrow)
1. Price goes above orange line
2. Buy on retest of orange line
Target: Target: Resistance level with confluence of the 61% FIB level
S-L: Under the red line. I dont want to see too many closes under it. Just wicks preferable.
Scenario 3 (yellow arrow)
1. Price goes above 61% FIB level
2. Price falls under 61% FIB level
3. Short on retest of 61% FIB level
Target 1 : S/R level (red line). Will stay in the trade until we go above the orange line again
Target 2: Recent Swing Low (0% FIB Level)
S-L: Swing- High generate in Step 1
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My General rules and approach regarding trading:
- I mark levels that i find interesting and set up requirements what price needs to do at these levels so i feel comfortable to take the trade
- What price does till its reaches my levels doenst matter to me, even if it takes days, weeks or even months or never at all (Alarms are set and thats it)
- For my entries i often use Strategies on smaller time frames and to increase my chances and profitability (Breaks in LTF-MS, HS etc.)
Dont forget:
- Watch your Risk management
- DYOR (Do-Your-Own-Research)
- This information / article is only for educational purporses and not a recommendation to buy or sell. I'm not a Financial Advisor.
Thanks for reading!
trader_se
Scenario 1 (blue arrow)
1. Price breaks under the red line (Former S/R level)
2. Reclaims red level aswell a close above orange line (Former S/R level)
3. Buy on retest of red line
Target: Resistance level with confluence of the 61% FIB level
S-L: Under the Swing- Low that would generate in Step 1
Scenario 2 (green arrow)
1. Price goes above orange line
2. Buy on retest of orange line
Target: Target: Resistance level with confluence of the 61% FIB level
S-L: Under the red line. I dont want to see too many closes under it. Just wicks preferable.
Scenario 3 (yellow arrow)
1. Price goes above 61% FIB level
2. Price falls under 61% FIB level
3. Short on retest of 61% FIB level
Target 1 : S/R level (red line). Will stay in the trade until we go above the orange line again
Target 2: Recent Swing Low (0% FIB Level)
S-L: Swing- High generate in Step 1
////////////
My General rules and approach regarding trading:
- I mark levels that i find interesting and set up requirements what price needs to do at these levels so i feel comfortable to take the trade
- What price does till its reaches my levels doenst matter to me, even if it takes days, weeks or even months or never at all (Alarms are set and thats it)
- For my entries i often use Strategies on smaller time frames and to increase my chances and profitability (Breaks in LTF-MS, HS etc.)
Dont forget:
- Watch your Risk management
- DYOR (Do-Your-Own-Research)
- This information / article is only for educational purporses and not a recommendation to buy or sell. I'm not a Financial Advisor.
Thanks for reading!
trader_se
Comment:
BTC broke S/R level (red line) - lets see if it can reclaim it could be Scenario 1 then