*** Stops need to be re-adjusted and R:R reassessed at point of entry. As a guide, I usually count 6-8 candles back from my entry point on the timeframe I’m trading on and place my stop just below the lowest wick within those 8 candles in the case of a short, or above the highest wick of the last 8 candles in the case of the long. If this rule means your R:R to target one is not good, don’t take the trade. ***
BTCUSDT
- Broken above the long term bullish channel
- Last time we broke above and held here, we retraced back to the bottom of it
- Have created a new channel above this time, similar to last time (around Aug-Sept)
- RSI is sitting on 80 level - last 2 times we were here we had a pullback
- Also Divergence on lower timeframes but when BTC is this bullish, it doesn’t really care about divergence, just another thing to factor in
- I’m sitting out until we either create a new LL and LH on the 4 hour TF which will present a short opportunity OR we break above current resistance and run to the next level.
BTCUSDT
- Broken above the long term bullish channel
- Last time we broke above and held here, we retraced back to the bottom of it
- Have created a new channel above this time, similar to last time (around Aug-Sept)
- RSI is sitting on 80 level - last 2 times we were here we had a pullback
- Also Divergence on lower timeframes but when BTC is this bullish, it doesn’t really care about divergence, just another thing to factor in
- I’m sitting out until we either create a new LL and LH on the 4 hour TF which will present a short opportunity OR we break above current resistance and run to the next level.