BTCUSD, wedge has formed, downtrend will continue ?
Hi guys, wedge has formed at the bottom of the downtrend. This wedge could mean continuation in price decline. Those who follow me know, that my strategies are always as simple as possible and this set up is no different. What I am looking for is for the wedge resistance or support line to get broken before entering. If resistance is broken first, I will assume that it is a fake breakout and I would like to see green candle close above resistance (or very close to it), and enter the trade after first red candle forms. If support is broken first, then I will enter short trades when red candle closes bellow it. So, as soon as one of my conditions are met, I will buy some red candle options (max 10) . My rules are the same as before:
If you have questions about candle color options or wish to discuss trading strategies in real time, join - candle color options - chat, right here on tradingview.
Rules:
7.Worst case scenario: if I will have 4 losing candles in a row, I will take my losses and look for a new set-up.
8.Best case scenario: If I will have 4 winning candles in a row, I will gladly take my profits and look for a new opportunity.
9.I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades.
For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins).
Please follow, like and comment !
If you have questions about candle color options or wish to discuss trading strategies in real time, join - candle color options - chat, right here on tradingview.
Rules:
7.Worst case scenario: if I will have 4 losing candles in a row, I will take my losses and look for a new set-up.
8.Best case scenario: If I will have 4 winning candles in a row, I will gladly take my profits and look for a new opportunity.
9.I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades.
For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins).
Please follow, like and comment !
Trade active:
Red candle closed bellow support line. Now I will start buying candle color options on 10 consecutive candles with the idea that they will be red.
Red candle closed bellow support line. Now I will start buying candle color options on 10 consecutive candles with the idea that they will be red.
Trade closed: target reached:
instead of going down, the price went sideways, so I will abandon this set-up. I placed bets o 10 candles (as per my rules) and had 5 winning and 5 losing candles. So I broke even on this session.
instead of going down, the price went sideways, so I will abandon this set-up. I placed bets o 10 candles (as per my rules) and had 5 winning and 5 losing candles. So I broke even on this session.
Comment:
got out of this trade just in time, as soon as I abandoned it, the price shot up.
