Another Long Opportunity in BTC

Hi All

There's another possible long scenario in BTC. We can play this in two ways.

1. Buy the support at the bottom of the wedge or 2. Buy the breakout of the wedge.

I prefer 1/2 of the position on 1 and the other half on 2.

Stops at 7200 initially.

keep position size small, this is a higher risk zone.


trade with care

Order cancelled:

Cancelling the trade, the structure did not complete.

Cheers

Comment:

I had some comments that says this trade is still active, and they are correct.

I cancelled the trade because I'm in meetings all day today at work - when i saw the price stay at the 8100 levels i eyeballed it to break the upper trend line.

please be advised if you follow this trade, I will not be able to give updates until I'm off work and at home. (6 hours from now).

Comment:

meeting break. just wanted to say if you're going to buy at the bottom of the wedge, put your stop right under the wedge. if this wedge breaks there is a potential of a large selloff.

trade with care

Comment:

ok... rushed home to get this update in.

if you're going to try and catch the bottom of the dip, this is the plan below.
IF the price breaks below the upper wedge then move your stop up to breakeven (can be above breakeven as long as it's well inside the wedge).

Comment:

notice also you set the stop 60 points below where the price touches the wedge.
Tight stops guys. This looks messy to be honest.

Comment:

Be weary of this scenario.
if you want to set your stop at a much wider position but keeping the same risk exposure, you can set your stop below this downward trendline, however use 1/3 of the position you would normally use.

why is this? because your stops need to be around 200 points lower instead of the 60 points lower. if you 1/3 your position but widen the stop by about 3 your risk exposure stays the same. Of course profit potential is less, but the probability of the trade working is higher...

trade with care

Comment:

Structure did not form. No trade