BTC long

After a nice rise in price a bullflag seems in the making.

I am laddering longs 10X leverage
15% 10.300
15% 10.250
30% 10.175
40% 10.100
SL 9.950

Targets: Arround 10.800 which is the .5 fib and the green resistance box which should be red :)
loss when stop loss hit = 23%

The first entree is right arround the resistance level which we have been trading couple of hours and it may look as support.
the second entree is only a little lower.

The last entree is too catch a wig if that happens.
Lets see if I enter at all :) Now 10.350

Comment:

None of the ladders did hit. The bull flag plays out now. Also the prior high's on 23 and 26 august are past, so that more traders will be going long.

I don't think this is a fake out like 26th of august but more so like the 19th of august.
If the flag plays out the target is 10.900. With a possible backtest of 10.400 which would be bullish if that holds.

Additionally we ran right trough the red Ichimoku cloud on the 4 hour.

For now I am removing my orders.

Comment:

The steem is of the BTC.
So Now I am flipping to short. Entree 10.660 Leverage 25x

Comment:

The flag did not play out to 10.900 but I actually expected that 10.800 was a heavy resistance. As good traders may also have noticed this, many have been taking profit just under 10.800. The Bitmex top was 10.783.

My small 25X leverage short is still open from 10.665 and the stoploss is moved to this level. So I can not loose on this trade. Taking profit for a small % at arround 10.400 which was the prior consolidation zone. Next target will be under 10.000 :) Though 10K is some level from a psycological point.

Trade closed: stop reached:

took 25% out of the game with 65% profit. The rest was stopped out at break even.