Just wanted to share an observation. There is a clear bullish divergence forming on the BTCUSD 4hrly chart. I have also included a previous chart that recently showed 2 bullish patterns (refer to link).
Its the weekend. Better to observe first and check if by the opening of CME futures on Monday there are any gaps. If there are gaps that require the price to move upwards then you will have the additional signal to consider a long trade.
For Newbies:
When you are ready to enter a trade (for example a long trade), check out the lower time frame charts, 2hrs, 1hr, 30mins, 15mins to look out for a possible short term support where you may consider entering a trade with a limit order or wait till there is a bounce and bullish candles on the bounce before entering a market or limit order. Never fomo. If you miss the trade, always tell yourself there will be many more opportunities to trade, wait for the next one!
I have heard from many professional traders, you actually 'Win' a trade at a good trade entry price point. So take extra care when choosing the right entry point for your trade. Its the most important part of your trade. The 2nd most important thing is risk management. Always research and find the best stop loss price points.
There are some who research and decide on the best nearest stop loss position first and work their way from the stop loss price to the entry point for their limit or market orders.
If your methodology and system for trading is not working, do not stick to it, move on and try a different method and use a different system, till you find one that you are able to work with and able to make good profitable trades while also being able to keep your losing trade losses at a minimum. Always divide your capital into many small portions (use 1%-5%) as nothing is 100%. Trade only what you can afford to lose. Good luck!
Its the weekend. Better to observe first and check if by the opening of CME futures on Monday there are any gaps. If there are gaps that require the price to move upwards then you will have the additional signal to consider a long trade.
For Newbies:
When you are ready to enter a trade (for example a long trade), check out the lower time frame charts, 2hrs, 1hr, 30mins, 15mins to look out for a possible short term support where you may consider entering a trade with a limit order or wait till there is a bounce and bullish candles on the bounce before entering a market or limit order. Never fomo. If you miss the trade, always tell yourself there will be many more opportunities to trade, wait for the next one!
I have heard from many professional traders, you actually 'Win' a trade at a good trade entry price point. So take extra care when choosing the right entry point for your trade. Its the most important part of your trade. The 2nd most important thing is risk management. Always research and find the best stop loss price points.
There are some who research and decide on the best nearest stop loss position first and work their way from the stop loss price to the entry point for their limit or market orders.
If your methodology and system for trading is not working, do not stick to it, move on and try a different method and use a different system, till you find one that you are able to work with and able to make good profitable trades while also being able to keep your losing trade losses at a minimum. Always divide your capital into many small portions (use 1%-5%) as nothing is 100%. Trade only what you can afford to lose. Good luck!
Comment:
Here is a discussion on Regular and Hidden Bullish and Bearish Divergences:
