CRInvestor

BTCE BoT short off failed rally

BTCE:BTCUSD   Bitcoin / Dollar
Here is a great example of The BoT in action in a shorting situation. BTCE had just rallied back into an OTE             short zone on the higher time frame charts (and was quickly rejected) so a pullback was to be expected. The BoT came alive when prices moved from 440 down into the 407 area and then rebounded back to 430 area. Looking for an ab=cd price pattern continuation here (and an ultimate target just under $400) The BoT suggested the 420 area itself would represent a level where (according to the model) the potential reward to risk setup would be 3:1. Notice how price itself put in a nice double top right at that level and then slowly gave everyone multiple opportunities to get in. Once the trade got going in earnest both the stop to break even and stop to trail levels where hit in short order. Since the ultimate target (397.04) has yet to be hit, and there has yet to be a serious bottom registered in either volume or momentum, i recon stops just above recent rally peaks (and the 13ema) are warranted on the 421 shorts. Of course, with Willy rather stupid at the moment, shorts and or sales simply are not realistic.

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What exactly does "BoT" setup mean, and how can I learn more about it?
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CRInvestor PRO RaphaelSlinckx
BoT stands for Break out trade. It is my model for trading ab=cd price patterns and it is very mechanical in nature. Feel free to PM during one of my tutorial sessions so that I can explain how it works in person to you.
Cheers
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http://i.imgur.com/UV9P8Lw.jpg
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teehee
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When it hit $401-402.. Macsheesh msg'd me and was like 'you shorting this' . . I said.. 'no I just bought.. ' ;)
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