I'm looking for entry on a failed retest of that 530 high. I'll take the shot if it creeps anywhere into that red zone on very low . I'd set my stop on a print above 530.
With my system expectancy, I'm targeting minimum 4R (4 x risk) moves - painted in green. That said, I wouldn't bid out there, that's how you miss the 8R bangers (although I may unload some size). If it crossed, I'd set a hard stop at the target and let it run with a trailing stop on a 50% pullback. I'm looking for selling exhaustion or major support to close the trade.
What's your science saying?
I'm seeing volume confirmation of the move now (~1000BTC on the 15M) and I'm shopping this hard. I'll grab a short on the first low volume pullback I see. Hopefully we can get something near 500 and pick up extra resistance on the figure level.
When you're trading pullbacks, watch for a failed retest of the high on lower volume to enter. You ARE NOT trying to call the top of the pullback so set a tight stop above the high. Don't be afraid to pull the trigger a few times if the move up isn't done. When you see high volume selling on big spreads like this its a good expectancy the move will continue (at least until some solid buying is found).
Let me know what you think!
Unless you're super active, I really dislike the idea of going long around here unless we see some selling exhaustion (extreme volume on very tight spreads) or heavy buying (which could indicate a short term move up).