BITFINEX:BTCUSD   Bitcoin / Dollar
Put the fib at the real breakout level (cause that's where the rally started then) and you get an OTE             at 252. that makes good sense in combination with the price action we are seing now ... long wicks down to the ote             (typical ote             buying) !
thanks for the chart!
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What is ote buying?
BTC_Daily.Pips shawndietzer
optimum trade entry
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it's based on a concept called OTE. Optimal Trade Entry. It assumes that big players (a.k.a. whales) are not interested in taking profits until this OTE level is reached. It's the zone between the .786 and .618 level. the midlevel of .705 is often pretty close to where a bounce happens so that's why I'm using it.
there is more to this concept. If you are interested check out this website and watch the video trading lessons :) cheerz
kinda agree.. this 250 level seems hard to break.. and ew wise.. i think we still need our last wave 5 up.
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I am of the agreeing variety.
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Yes sir.
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ive been holding on btc from around 260-250... man its hard to keep watching...
rivet.popper Noobincrypt
I agree this is super painful. When will these MF bears let up?
ur last 2 charts havent worked out very well lol
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the trades didn't work. the charts themself are still usefull I hope. nothing tragic about 2 trades going wrong. look at my average risk/reward ratios. they are around 5 usually ... so even after 4 losing trades in a row I'm still profitable :P
IvanLabrie PRO MagnusTradingGroup
That's the way to go, it's hard to be right all the time.
I think this timeframe is not suitable for BTCUSD analysis of this sort though.
Try the same on 4h/daily/weekly and it might work better.
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the only thing that is "wrong" is that the OTE level I found is not the "real" one ... so obviosly drawing the fibs from the apex to the top didn't work here to predict a final OTE level :)
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IvanLabrie PRO MagnusTradingGroup
I don't use fibs, nor ICT terminology, so I wouldn't know but I know the general direction and bar by bar analysis were showing me another thing altogether.
I'm still bearish, target is a retest of 150 at the very least, down to 86-124 as an extreme move.
After that, hard to say.
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wow that sounds extreme. can you elaborate a little bit more on that ? thx !
IvanLabrie PRO MagnusTradingGroup
BitcoinGuru MagnusTradingGroup
yes definitely i didnt mean it in a bad way, i meant the "setups" you came up with were pretty good but they didn't play out. but good job crafting that up :)
BTC_Daily.Pips BitcoinGuru
I asked Magnus if he could publish it to watch the last dip, maybe to go long with tight stops at the trend line, so merely lost anything, but the R/R was worth it, so I may be faulty for publishing it, I doubt any of us was long during that crush anyway :)
MagnusTradingGroup BTC_Daily.Pips
I wasn't long and infact started shorting just after we broke the green trend line :)
There is no reason to say it's your fault that I published it. It's good that I published it :D people can learn from my mistakes aswell
ukmartyn PRO MagnusTradingGroup
If you took the breakout as the 214/215 breach, 0.78 gets you close to 236 where we are now.
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