BTCUSD, fake breakout out of Pennant pattern, my favourite !
Hello guys, as you can see, my favourite set-up is materializing in BTCUSDT chart. There was a fake breakout to the top out of Pennant pattern and then price corrected itself and did what Pennant pattern is supposed to do, continued with the previous trend (which was down). What I will do now, I will wait for red candle to cross and close bellow 9638 support and then go long with the first green candle. As you know, I only trade “color options”, in other words, I bet on the color of the next candle. So, as always, I will place bets that the next 10 candles (or majority of them) will be red. My trade management rules are the same as always:
Rules:
1.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.
2.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.
3.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 !
Rules:
1.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.
2.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.
3.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 !
Comment:
I NEED TO CORRECT A MISTAKE IN MY ORIGINA POST !!....I said that "I will place bets that the next 10 candles (or majority of them) will be red"....I meant to say that majority of the next 10 candles will be GREEN, I will be placing bets on GREEN candles, not RED.
Comment:
my criteria for entering long trade has been met, waiting for the first green candle and then going long for a quick short term profit by placing bets that the next 10 candles will be green (or most of them).
my criteria for entering long trade has been met, waiting for the first green candle and then going long for a quick short term profit by placing bets that the next 10 candles will be green (or most of them).
Trade active:
My trade is now active, first green candle has formed. Now I will manage it according to my rules.
My trade is now active, first green candle has formed. Now I will manage it according to my rules.
Trade closed: stop reached:
Unfortunately, this time, my set-up did work out the way I wanted, and according to my rules, I abandoned this trade after placing bets on 10 consecutive candles. As you can see in my chart, I only made profit on 3 out of 10 candles. As they say, you can’t win every trade :) on to the next one !
Unfortunately, this time, my set-up did work out the way I wanted, and according to my rules, I abandoned this trade after placing bets on 10 consecutive candles. As you can see in my chart, I only made profit on 3 out of 10 candles. As they say, you can’t win every trade :) on to the next one !