Bitcoin long 4 to 1 risk reward

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
1659 28
Not my field, but this is a nice spot to long for a 4:1 Risk/Reward trade
I had made a mistake in the previous chart and while i deleted the previous and published the new the price changed. My exact entry can be checked here in twitter
Comment: They owe me obedience, like a Caesar
Comment: A retest of this neckline would justify a move up to 10k
Comment: Inverse head and shoulders just confirmed targeting the same area.
Comment: Time to think about stops in profit. If 8800 ends up failing and there is no bounce we will retest lows, which i dont want to do holding my position. So placing a stop at 8250 for now.
Comment: After being stopped out at 8250 I am a buyer again in the low 6000
Got some interesting fills down there.
Comment: Buys played out great
Comment: Trying to unload at least half of my position near 8000
Comment: Got those sells below 8000.
Let's see if this ihas plays out
Comment: Inverse head and shoulders played out perfectly.

Now that we are deep in green time to set a stop loss in profits and choose a target.
By now our SL is going to be at 6900
And also by now our take profit is going to be a 10500
Comment: Let's see if this bull flag plays out.
Comment: There is this
And also this
So once (if) we breakout this trendline fomo will kick in
Comment: As suggested here i am expecting a bull trap, at least upto 12k, maybe even higher, before more blood.

I still target 10.5k with the remaining of this long, and i consider it a safe target for now.

Mainstream media is calling bottom, JPM is comparing btc/eth/xrp to regular bank transfers... this is the perfect "return to normal" enviroment. But there are so many people in loss (new buyers since november) that i dont believe we can get rid of them without MOAR panic
Comment: In head and shoulders we trust.
Go, go, go Bitcoin!
Comment: Looking good so far.
Raising that stop loss in profits to 7900.
Trade closed: target reached: And this is it. I hope you had fun.
From 6000 to 10500 :)
updates, new posts?
@bagofXMR do you see BTC going down now ?
bagofXMR avinashpolepally
@avinashpolepally, potentially yes.
We face a strong reversal zone above 10900 and up to 12700. not worth being long here.
It is everything about risk reward. here you dont have a clear stop nor a clear target, and it is a strong reversal zone. some indicators are already signaling overbought and we are up 80% from bottom.
Very smart..;)
Curious how you measure your H&S targets? Most people do head to neckline, which would put target around 8800-9k
bagofXMR jimmy_
@jimmy_, I measure th H&S target using the lowest point of the neckline retest and i ignore wicks IF necessary to adjust the neckline to the retest point. Then i do as everyone, i measure from lowest head to the neckline at connecting with right shoulder and place it from the lowest point of the retest.
bagofXMR bagofXMR
@bagofXMR, This is a conservative approach which I've been using long time since i used to miss targets. That is why i tend to use the "worst" version possible of the target.
bagofXMR bagofXMR
@bagofXMR, That is also why I wait for a succesful retest of neckline (bouncing off it and making a higher high) to decide which is my target.
jimmy_ bagofXMR
@bagofXMR, Solid. Def also felt the burn after H&S not reaching target. Thanks for explaining
5600 buys should be ok? Or you think I can set them lower?
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