Before this we can see price coming into it's first test at channel resistance + the 61.8% extension level + divergence on the lower time frames.
I am going to short half my normal size position in 3 orders at 1011/1015/1020 which I will not be using a stop loss on but rather hedge my position if price were to break above 1041.6 and unwind in the 1080's for the C portion of the leg.
If price retreats from where I short and forms a corrective structure to the downside e.g breaks below 1k then I will add more shorts and look for a minimum target of 960 RR/Ratio 2+
Any move beyond the R2 daily resistance level brings 1080's.
Everything from 1010 / 1030 being aggressively sold but need to see conviction either side. Supplement below.
Looking to build more in currant area.
Covered 1 short at 1008 for a small gain holding 2 short positions avg above 1020.
If price breaks to the upside need to see conviction and momentum to see us to 1080's.
It's all about the weekly bar closing above or below 1k so things are about to get interesting for price action.
After retracing off of 1040 back into the lower 1020's I closed my final 2 shorts just below my average taking no loss and gaining from the 3 successful short positions closed earlier.
I am currently on wait and watch mode for direction to open longs or shorts but the range is defined for a move higher or lower 1040/1020 is the area to watch out for.
Price still respecting the channel.
In from 950/960, hour bar closes in the 990's and we see mid 1k-20's/30's.
Hope this helps.
im confused by all these nomenclatures
bitfinex OCO stuff is totally confusing to me
this might be the answere
pls reply :D
would help me