₿itcoin broke up this triangle📐 and I think there is chance for run to 40500 and even higher. Setting BUY LIMIT order to previous range so I can catch the pullback.
ENTRY: local high @ 37400
STOPLOSS (SL): local low @ 36770
TARGET (TP): height of the triangle projected from midpoint of the local range (BUY LIMIT - SL) @ 40500
REWARD RISK RATIO (RRR): 5
INVALIDATION: when SL level hit
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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
This was a great thought. This looks more like a bear flag on a larger timeframe. I trade this pattern all of the time, it’s called a “wolf wave.” Credit to Bill Wolfe, it’s an extremely high risk reward ratio when you identify the pattern. There are some nuances which you can only get from feeling the market for yourself. Let me me know if anyone wants some further learning and my insights
bizmark
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@TraderKenM, Thanks for your comment. Yes, I see some sort of bear flag on larger TFs, but I think the key level will be 35-33K (see idea below and it's updates). Please feel free to elaborate here on the Wolf Wave pattern.
robyroy
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You are a great trader .... I know for sure.
But this call to the 40,000 was a big mistake.
bizmark
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@robyroy, I wouldn't call a trade with RRR 5 as "big mistake". With sound risk management the loss shouldn't exceed 1% imo (that depends on your risk apetite) of your capital while you could gain up to 5% and that sounds like a good deal to me. Lose small, win big. Losses are part of the trading and actually you should always know your invalidation point before even entering the trade.
robyroy
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you have always been good with forecasts, I admit, but you know we all call 30,000, is there a strong resistance?
why do you have this certainty?
bizmark
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@robyroy, thx for your comment. Regarding strong support/resistance levels, please see this idea below. We are now between a rock and a hard place. If you mean 30K being strong "support" (not resistance) then probably yes it is. But as you have mentioned "we all call 30000" then bear in mind that market usually doesn't do what is expected by majority, it actually does what is expected by (well informed) minority. In other words when it's too obvious for most then it probably is not going happen. So I wouldn't be surprised if 33K is the bottom actually. Trading is more about probabilities than certainties ... and I can be absolutely wrong. We can't control the markets, but we can be sure what reward and risk (and their ratio) of our trade are going to be, and this is what we should focus on.