2.Auction Bidirectional Trade Idea

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
1996 15 15
Wait for a voluminous breach of the purple triangle, and place shorts/longs in the same direction.
I provided a couple targets for both directions.

Small green arrows are 1.618 extensions of the big green arrows.
They nicely land into existing key support/resistance levels.

I prefer the upside as it would be a good point (in the context of the 2. auction) to break the long-term resistance diagonal (blue dashed line) and go into a new uptrend with new highs above 1k :]
I had a long position opened at 378 USD. Then the price went down to almost 367 USD yesterday. Should I hold onto it for above 400's or should I close the position at 388 USD ?
You should define the order size before hand, based on the distance to the stop.
For stop placement, you can use a significant price rejection area, or a low of a congestion area.

Risk is 2.49%, so you can use 2x leverage and risk your whole account value two times for a 5% total risk which is relatively acceptable. (20 trades and game over)
+1 Reply
F.U. IvanLabrie
Hi. I dont know anything about these things. I just go where the market goes and try to make a profit. One of my buddies told me to do that.
Quick way to lose money, not knowing your way around bar charts.
Dangerous to do what 'buddies' tell you to.
+1 Reply
ask your buddie how much he made with that advanced strategy
thanks for your elaborations ! : ]
IvanLabrie MagnusTradingGroup
Anytime, I liked your previous long setup ;)
I just wouldn't trade btcusd right now, but we'll see...

How do you feel about the US Dollar index topping and the FED terminating the QE program by year's end?
+1 Reply
I expected this 6 months ago ... I shorted the EURUSD early on. rightnow though, it seems like it's going to hit strong support again, therefore the USD hitting resistance (=topping). not sure about the QE consequences. imo its far too early to be able to messure fundamental effects of QE, so any reaction in the USD is more or less pure speculation ...
MagnusTradingGroup MagnusTradingGroup
play with the scales a little bit to make the white line the median of the rising wedge. TV likes to break my charts from time to time ^^
IvanLabrie MagnusTradingGroup
Yeah, I don't rely on angles for that reason. You can see when things are too steep anyway.

Nice going on the eurusd short. I mostly trade short term moves, so I don't get to ride the big moves, only price swings between key levels.
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