BTCUSD - Preparing to go short from bearish pennant pattern

Price has had a small bounce off of the bottom of the pennant that I have been discussing for the past few weeks. This is a bearish bias pennant and one that I am watching to go short from. There are 2 potential trade setups to get short, one is simply going short on a break of the bottom of the pennant, which will confirm the pattern. The second option is if price rises to the upper pennant area, to then watch for bearish candle patterns to get short. Some candles to watch for is a bearish pin bar, bearish engulfing bar, inside bar/false break, and double/triple tops, just to name a few.

I also discuss a common newbie trading mistake that you may have found yourself in this past week. Watch this video to see what the newbie mistake is and my advice on how to avoid it.

Good luck and have fun!

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04:57