Day traders pay attention! This is a really nice scalp opportunity. People who only care about fundamental analysis shouldn't read this. Purely based on TA we can find a nice opportunity here for a short position.
The price has closed in on the important $240 level, where we have seen historical strong resistance. Important to notice is that this is not just a price based resistance level, but also a psychological resistance level.
We already get a small confirmation of a retracement, so this is a great moment to enter such a scalp. Leave some room for error by placing the stop loss slightly above $240. For the take profit I chose a price slightly above the important $225 level. By putting it a bit higher we maximize the chances of our limit order to get hit.
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- Trading Guru
-------------------------------------------------------------- Disclaimer! This post does not provide financial advice. It is for educational purposes only!
Is this position still open or did it close out with a loss or profit?
I hope you have also time to answer my other questions i posted 14 hours ago.
keep it up. great work you do
Trading-Guru
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@CryptoDesperado, Hey, you can see the information about stop loss, take profit, and entry position on the chart itself. I use the tool from Tradingview to explain which positions I recommend :). So in this case, you can see that unfortunately it's stopped out. The trade is invalidated, so don't enter a short position anymore based on these technicals now
CryptoDesperado
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Nice setup you made, interesting.
I tried looking at the price chart back to beginning 2019 and can not really see imo any historical resistance. Do you have more specific time frame and dates to look for me where this price based resistance levels occurred?
What makes the $240 price level also a psychological resistance level?
How many pips or price point do you suggest for placing the stop loss slightly above the $240.
And up to how much slightly above $225 should the take profit point be placed?
Appreciate your work. Keep it up.
Trading-Guru
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@CryptoDesperado, This is the full chart I have about the $240 level.
Trading-Guru
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I will be posting more of these regularly, so follow me to find out about great trading opportunities
Trading-Guru
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How would you have charted this? Feel free to post a link to your own idea here as well
Trading-Guru
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I’m curious to hear your thoughts! Let’s make use of the fantastic tradingview community and give each other feedback.
I hope you have also time to answer my other questions i posted 14 hours ago.
keep it up. great work you do