Tendorian

2nd April Bitcoin Looking for long trades.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Currently I am flat and waiting for a correction which might happen soon to go long again to target above 7500 up to 9000.

Trades will be posted below.
Comment:

Looking for a correction to 6800-6900 area to go long again.
Comment: Just a warning, the current upmove is not bullish at all. If it changes direction I would start shorting again. But no confirmations yet.
Comment:
Comment:

Open 6900
SL 6750
TP 9000 But I can close anytime especially if price struggles at 7500.
Comment: The upmove looks corrective for now, but there is at least one more leg up.
Comment:

Move SL to breakeven at 6900
Comment:

Move SL to 7000, watching this area up to 7600 carefully for any signs of reversing.
Comment:

Move SL to 7100

This is not the type of price action I am hoping if I was bullish. But there should be another upmove to around 7550 area, that might be the place I take profits and wait for a correction or signs of reversal.
Comment:

Area where I would be looking to take profits. If price keeps pushing up through 7800 I will probably look to short.
Comment:

Move SL to 7200
Comment:

As long as 7200 holds, I am revising my target to be higher to be above the 7700 up to 8000 area.
Trade closed: stop reached:

Stop taken out, will watch first if this is only a correction or a reversal.
Tendorian alansoft
@alansoft, Yes it is possible, another drop to 6k is not out of the picture yet. That is why I am taking my profits soon with another upmove here, then I would wait to see if we reverse or consolidate. If it reverses I will definitely short it.
Reply
alansoft Tendorian
@Tendorian, but that's a falling wedge.... if broken to the upside could result in a good rally. But, if not, well..... here's another good one:
Reply
Tendorian alansoft
@alansoft, I don't trade chart patterns, a falling wedge is just a downward trend line connected at the highs and lows. Wedges, triangles, flags, cypher, bat etc patterns does not work for me, burned me way too many times trying to trade them. horizontal price support resistances are way better for me. But could be just my style of trading that is different.
Reply
alansoft Tendorian
@Tendorian, I am not a trader, so I am just researching the different angles. If they all converge, that might be something to look at. I am definitely with you on this one.... The fractal above is converging to your opinion. The falling wedge too (if it doesn't break to the upside). So, if it breaks the resistance, will go long again, if it does not, will go short.... I already moved up my stops like you did! :) Thanks for sharing!
Reply
Tendorian alansoft
@alansoft, After trading for so long I realised one thing, that is price action is the most important. No point people saying market will go to this price or that price when on the charts is showing a potential change of direction.

For me technically if everyone's ideas converge, something is wrong and will go wrong. The best ideas are contrarian, if you see many analysts are bullish, you can be sure the top is near and vice versa.

And for this trade, I think the consensus is if we break above 7700 we will turn bullish, and that is probably where you look for shorts.
Reply
savage-s Tendorian
@Tendorian, This is the BEST advice I have ever read on TradingView. Thank you!!
Reply
Tendorian savage-s
@savage-s, You are welcome! but in case you were being sarcastic then well I knew there was an upmove coming and I was taking a chance to predict a reversal, which apparently was not, but I play the waves and go along with the market whims.
Reply
savage-s Tendorian
@Tendorian, Lol! I was not being sarcastic. I really don't have time to be an ass, so I was totally serious. I have found the same thing as you wrote to be true. Whenever the analysts or masses expect something, the opposite happens. I was glad that you were pointing this out for others to pick up on. I hope you'll keep publishing. It's very helpful!
Reply
Tendorian savage-s
@savage-s, Haha for a moment I thought you were being sarcastic because your wrote BEST in caps. For sure I will keep posting as long as I am involved in the market. =)

And yes when many analysts say the same thing is probably because they are all using the same method (mostly breakout method also known as FOMO method to me).
Reply
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