12/22 Short BTC TP1 $48440, TP2 $47700 targets
SL is $49554.
Please NOTE (this is kind of important because of all the price differences between the exchanges) that the prices in this idea are bsed off of Bitfinex BTCUSD and NOT BTCUSDT (Tether and non Tether prices are very different).
The idea CAN be applied to any exchanged prices, but please have the correct set up.
Please NOTE (this is kind of important because of all the price differences between the exchanges) that the prices in this idea are bsed off of Bitfinex BTCUSD and NOT BTCUSDT (Tether and non Tether prices are very different).
The idea CAN be applied to any exchanged prices, but please have the correct set up.
The rules are different for each setup, but rely on 3 distinct drives into the 50% fib from the top or bottom of the trading range.
If 3 separate pushes happen from the top or the bottom into the 50% fib, you will either long or short depending upon what price does AFTER the 3rd attempt into the 50 fib of your trading range.
If the 50% holds from the top, we open a long position after the swing high between swings 2 and 3. IF it does NOT hold on the 3rd attempt and pushes BELOW (in this case) the 50 fib. We draw a trendline from the lows and open a short position when price touches the trendline.
SL is explained in the chart, and so are take profit targets.
TP1 is usually just above the low (or high in a long position) of the trading range. TP2 is usually just above the the support below the trading range (in this case) or in the case of a long position, just below the next resistance above the trading range.