BTC: 55 MA and 25 EMA on 4hr are KEY
Just as it has before, the trend CONTINUES.
In previous historic data, the 55 MA on the 4hr was continually acting as resistance (even when price went above it) with the 23/25 EMAs acting as support UNTIL we went below the the 23/25, then they acted as resistance.
Not going to lie... The fast pace of the buying did catch me off guard the other day even though I knew we were going to get some buying at some point and time. Well, the buying came, and the buying went. Strength turned into weakness, and we're back into the same pattern with the 55 MA acting as resistance first and 23/25 EMAs as support, until price flops below them and they are then resistance.
IF you are looking for good scalps, those will be the key.
I also wanted to tell you guys about the Lucid SAR indicator. This indicator is not mine, and was not coded by me. But the reason I really like it because it will show a much more accurate representation of what a SAR indicator is supposed to do.
If you guys install the indicator, notice how the shape and compression of the SAR lines really tells you how price is going to act.
Take for example the daily chart that just started showing the SAR lines on the bottom. Angled low, and really tight... Usually an indicator of price weakness and that the buying that we just had was just not strong enough to overcome selling.
Now also notice in the main chart of the SAR lines coming from the bottom up? Usually a good indicator of a pivot point for price. We are likely going to hit that SAR line and have a little bounce back up. For another quick scalp play if you've been short since 8200, you can take profit when price hits that SAR line and short from the top again when we hit the 55 MA. That would play really nice with the harmonic pattern I drew.
And another exciting little project I'm currently doing live beta testing on my own, is a strategy indicator I've been working on. Simple buy and sell. Nothing complicated, easy to see, easy to understand and to follow. I'll be announcing more about it at a later time when I have all the bugs worked out. Currently showing a 63% success rate and a max drawdown of around $2k, which isn't fully accurate because it is streamlined to work better in bearish conditions and the strategy is drawing on data from the past 4 months (in parts where we were still bullish in price action and the strategy is optimized for bearish price action).
I will announce trials for beta testing hopefully within the next few weeks and a few lucky followers will be invited to live beta test the strategy with me.
In previous historic data, the 55 MA on the 4hr was continually acting as resistance (even when price went above it) with the 23/25 EMAs acting as support UNTIL we went below the the 23/25, then they acted as resistance.
Not going to lie... The fast pace of the buying did catch me off guard the other day even though I knew we were going to get some buying at some point and time. Well, the buying came, and the buying went. Strength turned into weakness, and we're back into the same pattern with the 55 MA acting as resistance first and 23/25 EMAs as support, until price flops below them and they are then resistance.
IF you are looking for good scalps, those will be the key.
I also wanted to tell you guys about the Lucid SAR indicator. This indicator is not mine, and was not coded by me. But the reason I really like it because it will show a much more accurate representation of what a SAR indicator is supposed to do.
If you guys install the indicator, notice how the shape and compression of the SAR lines really tells you how price is going to act.
Take for example the daily chart that just started showing the SAR lines on the bottom. Angled low, and really tight... Usually an indicator of price weakness and that the buying that we just had was just not strong enough to overcome selling.
Now also notice in the main chart of the SAR lines coming from the bottom up? Usually a good indicator of a pivot point for price. We are likely going to hit that SAR line and have a little bounce back up. For another quick scalp play if you've been short since 8200, you can take profit when price hits that SAR line and short from the top again when we hit the 55 MA. That would play really nice with the harmonic pattern I drew.
And another exciting little project I'm currently doing live beta testing on my own, is a strategy indicator I've been working on. Simple buy and sell. Nothing complicated, easy to see, easy to understand and to follow. I'll be announcing more about it at a later time when I have all the bugs worked out. Currently showing a 63% success rate and a max drawdown of around $2k, which isn't fully accurate because it is streamlined to work better in bearish conditions and the strategy is drawing on data from the past 4 months (in parts where we were still bullish in price action and the strategy is optimized for bearish price action).
I will announce trials for beta testing hopefully within the next few weeks and a few lucky followers will be invited to live beta test the strategy with me.
Comment:
What’s even funnier is the custom indicator strategy I’m building showed me a long opportunity on this and I thought it was a bug! Haha!
Guess my methodology works better than my TA...
Guess my methodology works better than my TA...
I’m still short long run. I’ll still be adding to my shorts. Yes we will obviously see the 9k region. No, we’re not done correcting. The price can do whatever it thinks it wants but the gravity of the situation is that it hasn’t corrected yet, and that’s that... CME futures gaps and all.