As you can see on my chart, BTC is currently in oversold conditions on the 4hr timeframe and is currently seems to be retracing back to the Exponential Resistances. Due to this, and BTC losing daily exponential support I am going to be scalping in short positions from 3718-3735USD in anticipation for a rejection from both 4hr and daily exponential resistances and further downside movement.
As you can see from my chart I have a stop loss set up and am leveraging this position 2X with a potential loss risk of 3.38%. As you will see from my previous BTC and MKTCAP analysis, these scenarios have worked out rather profitable as we have respected the macro trend and entered positions with efficient trading plans in place.
I hope you enjoyed my analysis, please give me a like and a follow if you want me to share more detailed analysis more frequently.
I am the unemotional, devotional trader that society doesn't deserve, but needs!!
Trade active
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Hey guys,
just entered first top phishing scalp at 3815. Don't want to miss out on a scalp by $3 if we don't make it so adjusting other short buy orders now to accommodate for this open position.
Comment
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In regards to previous update, I meant 3715. Thanks
Trade closed: stop reached
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Unfortunately, some big bull volume came in and stopped out this trade. That is ok, from the previous 4 calls now we have made - 17.5% profit - 3.6% loss - 12.4% profit - 3.38% loss
overall we are still on top due to quality risk management strategies. Staying out of the market in this very moment as direction is unclear but will be back to share more soon.
@TheChartGuys , you should let me know what you think of my top phishing trading plan here. From what the man, Dan, taught me himself I have been succesful with these EMA top phishing plays as a bear.