ninjabenja
Long

SCMR Trend change trade

BITSTAMP:BTCUSD   Bitcoin / Dollar
Edit : If you kept your stop at $251.52 ... then the stab down to $252.50 just stopped you out. Perhaps my T/P level was too ambitious but in all I'm happy with how this trade went. After speaking to SPYderCrusher about this trade he explained, when trading SCMR             Trends in this way, it is advised to pay special attention to follow up trend color changes (see below). For example: price spiked to $262.90 (still green bar) and then price immediately pulled back lower to follow with an orange pivot bar. At that point we should have moved our stops to reduce our risk, as the trend was no longer constant green/bullish. Aggressive stop would have gone below the pivot bar low @ $257.64; conservative stop would have gone below the first gray bar low @ $254.80. In both cases we would have been stopped out of the trade, still in profit. See chart posted below.


Original : We've crossed up on Stochastic 4hr, SCRM trend changed from neutral (gray) to bullish (printed a "weak" bullish candle, dark green) and we just got the long entry signal by price breaking above the first green "signal" candle. We've already challenged the last dynamic resistance level and I've got a potential t/p on the trade at historic horizontal resistance @ $265, just under the 200 MA (yellow line)... and also aligns with a volume gap. Stops under previous gray candle at 251.52

Here is what my chart looks like so you can see the color bar changes
snapshot
+1 Reply
nailing it so far :D
+1 Reply
choo choo!

I ike this trade, great risk reward setup. If works, booyah, if not, small loss
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