The monthly candle has closed and here is my analysis on the price action and how Im gonna trade it. Will put updates in here if I get any major active trades.
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Trade active
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Trade opened at 7178. Hardly a proper retest right away. Lets see how price moves. Please leave a LIKE if youre enjoying this content.
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First target at 7380. Bed time. Stop below 7140
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Price went down, I had moved my stop to 7118 luckily with another buy for the rest of my position at 7160. Price retraced to 7137. Trade still going.
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First target reached. Took 25% off at 7276
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Observing to see if we form a range here that we can scalp over the next 18-24 hours or more.
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We have some more lines showing ranges. Blue line showing the how the range possibly is changing.
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So the price moved down closer to the bottom of the range. I drew some more sublevels by looking at the 5min chart. Added 25% to my long and took profit of the same amount at the next sublevel.
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This is pretty much how I usually will trade ranges. Make sublevels inside the range. if need be to take profits while trying to relong or reshort the upper or lower part of the range. I dont add too large a position as I dont want my risk:reward for the whole trade to get out of whack.
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heading to bed. Targets to close out the position are 7350-7460. Then got some shorts above there. Probably wont be hit by the time I wake up.
Good night Traders. See you in the morning. Remember to check out my YouTube channel on my signature. <3
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Still moving between these ranges that I outlined. Good opportunities to get some scalping in, while we wait for more volatility. Which should happen soon.
If we go down, Ill get stopped out but with some profit in the bag already and if we move up. we let our winners run.
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closed 80% of my position at 7275-7430.
Last target is 7486.
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Sorry for the infrequent updates. On the road currently.
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As I cant babysit my trade cuz im travelling Im gonna change my target to 7450. If er break above 7470, Ill look for opening more longs possibly.
However its important to note that we are sitting at the top of the trend channel that starting forming back from 5900.
Trade closed: stop reached
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Great trade. We longed the breakout albeit a bit late. made good profits and 20% of the position got stopped out at 7303. Ill make a new trade idea tomorrow. Happy trading!
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Please leave a LIKE if youre enjoying my content. See you in the next video!
Hi @alexcph , I'm trying to use your 3day theory about bullish and bearish switches. Is this the right interpretation and we switched right now to bearish again?
alexcph
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@petrkovacik, sorry to answer this so late. Been on the road, but yes.
petrkovacik
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@alexcph, thanks. This is great insight and I will keep testing it.
Larrycrypto
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Been waiting for pullback but has stayed quite steady.