BTCUSD, fake breakout from wedge pattern, will price move lower?
Hi guys, I was trading the same wedge earlier today, but I got out before fake breakout stopped out a lot of shorts. But now that the price is back in the wedge territory, I think we will see continuation in price decline. So conditions for this set up will remain the same as in my previous post. 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 for the green candle to 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 buy some "red color options" 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:
So, red candle crossed and closed bellow support line, now I will start buying "red" option on every consecutive candle (max 10).
So, red candle crossed and closed bellow support line, now I will start buying "red" option on every consecutive candle (max 10).
Trade closed: target reached:
It was a decent session, I placed 10 trades on a red candle and was right on 6 of them. In other words, I had 6 winning and 4 losing trades. Since color options pay 100% profit on winning trades, I made 200% profit on my initial trade amount.
It was a decent session, I placed 10 trades on a red candle and was right on 6 of them. In other words, I had 6 winning and 4 losing trades. Since color options pay 100% profit on winning trades, I made 200% profit on my initial trade amount.
