Yesterday my bias was short for BTC on mid-term. I think we are retesting the range of 11000, also on the weekly timeframe. So I put up three possible outcomes:
Trade 1 = A gamble short; short the swing failure of the breakout at around 11150-11200.
Trade 2 = An okayish short on low time frame: short the retest of the 10900 s/r level
Trade 3 = Much safer short; wait for confirmation of the break and retest of 10600 level.
This morning I took the retest of 10900, tight stops if it invalidates. First area of support would be 10600 and if it breaks and retests I'm already safe in my 3rd trade :)
Hope this helps to give you an idea of how I do setups
Trade 1 = A gamble short; short the swing failure of the breakout at around 11150-11200.
Trade 2 = An okayish short on low time frame: short the retest of the 10900 s/r level
Trade 3 = Much safer short; wait for confirmation of the break and retest of 10600 level.
This morning I took the retest of 10900, tight stops if it invalidates. First area of support would be 10600 and if it breaks and retests I'm already safe in my 3rd trade :)
Hope this helps to give you an idea of how I do setups
Trade closed manually:
I'm out. I don't trust this sh*t. I would only enter again if it confidently closes below 10780
Comment:
well, this aged well