Today I wanted to share how you can use line charts for clarity.
When checking my work, I often switch to line charts to validate my own thoughts.
Today I was analyzing BTC and trying to determine direction from here on the 1HR chart.
After I mapped out my thoughts, I switched over the line chart to validate. Why do I do this? To keep it clean.
A clean chart is an easy chart and if you can see what you are trading, your chance of success is much higher.
I recommend using both line charts and candlesticks to validate one another.
We have 2 scenarios playing out for BTC on the 1HR today.
Potential LONG:
Waiting to break above and close above resistance at 9390
Entry - 9400 Take Profit - 9950 Stop Loss - 9120 R:R - 1:2
Potential SHORT:
Waiting for 2 things to happen: 1 - Break down and out of trend line 2 - Break down and close below support at 9140
Entry - 9130 Take Profit - 8570 Stop Loss - 9420 R:R - 1:2.06
Where do you think BTC is going today? Comment below.
All trading ideas are my own. Do your own research before entering any trade and manage your risk! This is not financial advice. You do you.
Happy Trading!
Trade active
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We have lift off ! ... so far... :-)
Trade closed: target reached
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We didn't get the exact long target, but as I was managing the trade, I still took down some profit. Could be a stop hunt. Will wait to see next moves! Stay safe!