Trading idea for an upcoming breakout. Several day consolidation shows a big move is coming to the up or the downside. Which way? It's a 50:50 guess
So to trade it you can set stops and walk away.
Whichever one triggers, cancel the other and place your stoploss on the other side of the consolidation.
Having your stop-orders a little wider (e.g. don't enter the trade unless you clear the whole consolidation) will give you a worse entry but less chance of getting faked out
So to trade it you can set stops and walk away.
- Sell short stop @7825
- Buy long stop @7959
Whichever one triggers, cancel the other and place your stoploss on the other side of the consolidation.
Having your stop-orders a little wider (e.g. don't enter the trade unless you clear the whole consolidation) will give you a worse entry but less chance of getting faked out
Trade active:
Short entry triggered with break below 7825. Got 7853 as entry
Stoploss above the consolidation at 8129
Stoploss above the consolidation at 8129
Trade active:
Trade update. Stops moved to break even
Trade active:
Trade still open. Switching to 1hr heiken ashi. We have a potential re-short building now.
Comment:
Traed update, we only got one green candle before the dump. was not able to enter a second short, but the 'strategy' to sell breakdown of a Heiken Ashi candle would've entered short here with stop here
Comment:
For the brave... a possible continuation is forming on 1-hour Heiken Ashi chart. I would prefer to see a bit more consolidation and upside before selling this but you don't aalways see it in a bear market
Comment:
+ image
Trade active:
Trade is still in progress. The previous sell signal I did not take but it would've worked out great.
Looking at the weekly chart there is a confluence of support here.
- 50 Week SMA
- Downtrend line from previous wedge
- Near February lows
Might be a good take profit area
Looking at the weekly chart there is a confluence of support here.
- 50 Week SMA
- Downtrend line from previous wedge
- Near February lows
Might be a good take profit area
Trade active:
Unfortunately one cannot be awake 24/7 and overnight BTC came within inches of my profit target of 6556 and rebounded hard to 7200
In case we are reversing here I have moved my take profit stops down to 7370.
In case we are reversing here I have moved my take profit stops down to 7370.
Trade active:
Prices are meeting the downtrending 30minute 50 SMA. Let's see how it reacts. Can it cross the line or will it get pushed down?
Trade active:
Hitting resistance now at 7200 and a pullback. We have a potential candidate to re-short developing
Trade active:
Sell condition reached (1hr red candle, 1hr break below)
Trade active:
Trade in play, have calculated total stoploss of the trade so its lossless at 7600. All stops moved to 7600
Trade active:
Second short now 5% in profit
First short now 15% in profit
First short now 15% in profit
Trade active:
Two shorts still open.
Using the Heiken Ashi method of identifying trend continuation we get pretty good entries into trades
Using the Heiken Ashi method of identifying trend continuation we get pretty good entries into trades
Comment:
Trade active:
I closed the second short position at 6750, the support seems to be holding.
Keeping the first one open. Stops at 7600
Keeping the first one open. Stops at 7600
Trade active:
Looking like gonna have to close this remaining 2/3 short soon if price breaks out up
Trade active:
... or am I?
Trade active:
2/3 of short is now closed. Watching for a possible reversal up to 7400 or continuation pattern.
It looks like a bearish continuation but experience shows these can break either way.
It looks like a bearish continuation but experience shows these can break either way.
Trade closed manually:
All positions closed. Breakout UP. Successful short from 7900 to 6800 area with 3 short closes in the consolidation of 6500-7000