While others are asking if BTC has bottomed, I'm simply trading patterns. Because I don't believe in predictions, good trading decisions come from observations and participation, not anticpation.
So, as BTC breaks yesterday's highs, there was a nice bearish VCO volume fueling a nice reversal, setting up for a rally potentially beyond the recent highs. The current pattern looks like a continuation of the rally as summer continues, as the weekly VWAP shows a rounding bottom.
So it's time to add to longs, as trading is just positioning gradually with each signal, taking profits at extremes, and exiting when trend has changed. I'm increasing my allocation to 50% long.
Hello. Could you tell me what indicator is VCO and also what indicators are the shapes in the price chart from? (x, +, triangle, square). Thank you.
accutrades_net
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@CXRB0N, VCO stands for Volume Cross Oscillator. It's very useful in finding bull-trap and bear-trap reversals, indicated by the crossing of the "Pricing Power" line. The plus (+) is a "Rush", indicating a cross happening. The circle indicates a "pricing power" weakening and potential future cross. The triangle are reload signals, X are exit signals.
CXRB0N
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@WinStop_Trader, And what about the PSI indicator? What is it?