H4 at this stage I see as the start of an X wave before we get Z down, as I mentioned in the BTCUSD H4 Update idea (see below) price will be choppy for the next few month's and were seeing just that on the H1. Inexperienced trader's get cut to pieces in these condition's as were in a larger correction. That doesn't mean we can't trade it when we know what to expect and take high probability trade's, waiting for confirmation before entering a position scalping the next impulse on the lower TF.
H1 I think were at the start of a complex correction with the next impulse up in wave Y. For the basic EW structure in wave X I would like to see price break below the low (yellow line) impulse up on the lower TF and bullish flag to confirm more upside to come before entering the long trade.
It's important to wait for the confirmation before taking the trade for a few reason's, firstly is it cut's down your SL giving much better RR, secondly it give's you a higher probability trade and thirdly which is the most important, X wave on H1 may not be complete with a simple abc internal structure (not illustrated) and can become more complex.
Look for buy setup's against the invalidation point 1st targeting the 100fib (this level will change depending on where X end's). If price break's the invalidation point before giving a buy setup, leave it alone.
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BTCUSD H4 Update. Be sure to checkout the idea detail's and update's for the complete picture. Thank's
Get all my BTC update's in the one place on my BTCUSD D1 Long Term EW Analysis, Checkout the idea detail's and update's for the complete picture. Thanks
H1 I think were at the start of a complex correction with the next impulse up in wave Y. For the basic EW structure in wave X I would like to see price break below the low (yellow line) impulse up on the lower TF and bullish flag to confirm more upside to come before entering the long trade.
It's important to wait for the confirmation before taking the trade for a few reason's, firstly is it cut's down your SL giving much better RR, secondly it give's you a higher probability trade and thirdly which is the most important, X wave on H1 may not be complete with a simple abc internal structure (not illustrated) and can become more complex.
Look for buy setup's against the invalidation point 1st targeting the 100fib (this level will change depending on where X end's). If price break's the invalidation point before giving a buy setup, leave it alone.
If you would like to see more trade setups like this, hit the follow button. If you like my analysis, hit the thumbs up so others get the chance to see this potential setup and you get updates on the trade!
Thank's to all the traders in advance that hit the thumbs for your support!
BTCUSD H4 Update. Be sure to checkout the idea detail's and update's for the complete picture. Thank's
Get all my BTC update's in the one place on my BTCUSD D1 Long Term EW Analysis, Checkout the idea detail's and update's for the complete picture. Thanks
Comment:
First one didn't go so i'll give it another go.
Trade closed: stop reached:
H1 the low has been broken and were starting to see bullish divergence on the MACD filter. I'm only looking for buy setup's, selling at the low with the bullish divergence in play is risky. At this stage I don't see a buy or sell setup. For the buy setup we now need to see impulse up breaking out of the structure and bullish flag before we can attempt to enter the market again. I will put out a new idea when I see a potential setup.
M15 we got impulse up and price is consolidating up the top, look for buy setup.