Scaling into a short here, expecting it to print a Bart pattern pretty soon and dump back to the old support level.
Am catching a wick so using a wide scale in region.
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Added to short a few minutes ago with market order due to script signal I have on other system. Volume on the smaller time frame is showed a big red seller and the retrace up was due to very light volume. So I feel OK with adding a bit here.
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Woke up to huge spike up then back down. It exceeded where I had my stop on the chart but I had not yet placed a stop in the market because my initial pilot was so tiny.
The spike filled my standing limit orders and I just added what might be my last market order short. I expanded my stop and target a bit. The stop is above the recent wick and the target is the longer term low. This gives a 4.8 RRR.
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Average fill is 3604.857
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BTW fill price is on kraken which has lower prices for btc than on bitfinex. I use bitfinex for chart data because it has higher volume.
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Stop at kraken is 3691. Target is 3229. May keep on half for continuation.
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Considering adding small amount at 5 point if it acts exactly like an impulse wave and bounces off the 4 wave pretty much perfectly.
Not looking to get very heavy in this trade because it's so choppy. Willing to let it run on its own to either stop or target without watching it any more.
On the short term maybe. But I am unwilling to ignore long term buy signals like this.
mljones
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@TradingShot, I'm looking for a long term long on BTC also but not until it's at a better price. I want to see it hit a max drawdown of the high of about 90% so around the 2k region or so I'll be looking to buy spikes to the downside.
deactivatedaccount123
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What's really interesting about this, is that any traditional analyst who doesn't know about BTC would be like wtf? Shorting a bull flag? I'd swear those of us in the younger generation who decided to learn trading are being literally taught all the wrong things thanks to Bitcoin...lmfao
mljones
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@MC_Peewee, the bart pattern is also justified by looking at the volume profile which has been around for decades. The initial strong wick makes a very large low volume pocket below which is likely to get filled in. This would be called a bull trap if so.
The main difference between a bart and a typical bull trap is the bull trap has a big descending triangle on top but the bart is basically flat and thin until it finally dumps and traps bulls.
mljones
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Barts/bull traps happen somewhat often daytrading crude oil futures such as this one
They do seem to be a lot more common for cryptos than anywhere else though.