valentynestad

Short --- double bottom ahead?

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Many traders looking at this chart will be wondering if there might be a double bottom . The charts tend to do what people think they might do, often in both long and short directions, so on that basis I'd take a short position here.

If the us government opens, the target is met, or a week has elapsed, I'd exit this trade.
Trade closed: stop reached: Seems we had gone done too far, too fast, for it to continue here. Closed at a loss.
Comment: down
Trade active: I think my stop was too tight. Trade reentered.

Thoughts: I need to do some computerized backtesting to know where to place stops. Trailing stops would be better. Computerized exits are required for this market now since it is mostly traders against traders (seems few investors now, so it is more a zero sum dog eat dog game).
Comment: Current price is $3611.
Comment: Trade closed at $3522 (current price on bitfinex) for ?$90 profit? The is too much upside price risk to be worth this trade currently. Cash is king.
Trade active: Trade active again. Price at $3450 @ bitfinex.
Trade closed manually: Exited with profit of $7. We spiked down and reversed on the double bottom price from Feb. 19 on bitfinex. I forgot about that support level. It might mean we float here a while. I will reenter after we get back to that level again after the upside risk is less.
Trade active: in play yet again. bitfinex price stands at $3439 usd.
Comment: out at a loss of about $43. current bitfinex price is $3495.4.

Comments

BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture!
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valentynestad HenryVanEpps
Thanks for the comment @HenryVanEpps. We will see. Personally, I don't think the H&S pattern is meaningful on a chart if the width (shoulder to shoulder) time frame is under several days.
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HenryVanEpps valentynestad
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HenryVanEpps HenryVanEpps
,
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valentynestad HenryVanEpps
@HenryVanEpps, What's the argument with this chart?
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HenryVanEpps valentynestad
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valentynestad HenryVanEpps
@HenryVanEpps, if you are saying that your third chart suggests H&S is a valid pattern on short time scales, first of all the 3rd chart is over several days. Second, if you hit the play button, your green area prediction were proven wrong. The market went down, not up. See https://ibb.co/Yj6shrr .
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