I am very new to actual trading, so I am currently watching a ton of videos and reading other people's ideas on how to draw on charts correctly, identify opportunities and finally setup actual trades. I appreciate any comments especially on whether my S&R zones are correct or not, what I can improve and finally whether this is a feasible setup or not. My goal is to be able to analyse mid term trends and setup meaningful trades.
This one is a long position for BINANCE:BTCUSDT with a take profit below the 10400 resistance level and a stop loss at 563 below the entry price, calculated using the daily ATR (20 SMA), which nicely comes to just below the 8800 support level. Breaking that, I would consider a continuing down trend.
I hope I understand at least some of the terminology and concepts correctly, but if not, please comment and correct me! There is nothing learned without making mistakes.
Happy trading everyone!
Trade closed: target reached
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looks like my setup actually worked! I am very stoked about this! now off to the next one
It makes sense to me. I don't know TA enough to comment on your analysis. It just looks good. I think that bounce could even come a couple days later not sure
twoflower
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thank you! oh yea, my arrows were not at all drawn to correct time frames, just a general direction. I don't know yet how to make predictions about time frames of moves yet.I also think it will come a couple days later and possibly more slowly for the upwards move as well