Bitcoin - Double Shouldered IH&S

Trade 1:
Side: Long
Entry: 8591.0
Strop Loss: 8549.0
Target: 9189.0
RR(BTC): 10.25
RR(USD): 14.24

Trade 2:
Side: Short
Entry: 9332.0
Strop Loss: 9471.0
Target: 7721.0
RR(BTC): 12.88
RR(USD): 11.59

Trade 3:
Side: Short
Entry: 9289.0
Strop Loss: 9631.0
Target: 7721.0
RR(BTC): 5.45
RR(USD): 4.58

The current state of all November trades can be found in the following spreadsheet:
docs.google.com...JbRrDpuOig/edit?usp=sharin...

This Post will be updated any time a trade is added/cancelled/changed/opened/closed.

|O.o|

Comment:

Formation appears to be double head and double shoulder

Trade 4 Added:

Trade 4:
Side: Short
Entry: 8779.0
Strop Loss: 8817.0
Target: 8621.0
RR(BTC): 3.03
RR(USD): 4.16

Trade active:

Trade 4 Open

Comment:

Potential stop loss hunt to break IHS structure, if this is caused by manipulation then this would not invalidate the structure in my opinion. Stop loss of trade 4 lowered, trade 5 added with entry below head.

Trade 1 Updated, Trade 5 Added:

Trade 1:
Side: Long
Entry: 8591.0
Strop Loss: 8539.0
Target: 9189.0
RR(BTC): 8.49
RR(USD): 11.50

Trade 5:
Side: Long
Entry: 8547.0
Strop Loss: 8519.0
Target: 9189.0
RR(BTC): 14.91
RR(USD): 22.93

Comment:

Trade 1 and 5 Updated:

Trade 1:
Side: Long
Entry: 8551.0
Strop Loss: 8519.0
Target: 9189.0
RR(BTC): 13.34
RR(USD): 19.94

Trade 5:
Side: Long
Entry: 8531.0
Strop Loss: 8499.0
Target: 9189.0
RR(BTC): 13.74
RR(USD): 20.56

Comment:

Trade 1 Updated, Trade 5 Cancelled:

Trade 1:
Side: Long
Entry: 8506.0
Strop Loss: 8474.0
Target: 9189.0
RR(BTC): 14.36
RR(USD): 21.34

Trade closed: target reached:

Trade 4 Closed at Target

Comment:

My entry may be too low and I may miss out, but I have been noticing a lot of manipulation lately and I think that we could be in the middle of a Wyckoff accumulation pattern.
If I miss out on this entry and the IHS structure holds, I plan to enter long on the return move (retest of the neckline)

Trade 1 Updated:

Trade 1:
Side: Long
Entry: 8506.0
Strop Loss: 8464.0
Target: 9189.0
RR(BTC): 11.64
RR(USD): 16.26

Comment:

Trade 1 Updated:

Trade 1
Side: Long
Entry: 8486.0
Strop Loss: 8436.0
Target: 7721.0
RR(BTC): -13.81
RR(USD): -15.30

Comment:

**Previous comment was incorrect**

Trade 1 Updated:

Trade 1:
Side: Long
Entry: 8486.0
Strop Loss: 8436.0
Target: 9189.0
RR(BTC): 10.33
RR(USD): 14.06

Comment:

Trade 1 Updated:

Trade 1:
Side: Long
Entry: 8476.0
Strop Loss: 8436.0
Target: 9189.0
RR(BTC): 12.61
RR(USD): 17.83

Comment:

If right shoulder breaks below head then I expect the Wyckoff accumulation pattern to follow:

encrypted-tbn0....atic.com/images?q=tbn:ANd9...

I will add trade 6/update trade 1 to a lower entry if another 2 hours or so pass

Comment:

Trade 1 updated:

Trade 1:
Side: Long
Entry: 8471.0
Strop Loss: 8436.0
Target: 9189.0
RR(BTC): 14.07
RR(USD): 20.51

Comment:

Potential drop to Long Entry within the hour

Comment:

Trade 6 Added (Open):

Trade 6:
Side: Short
Entry: 8625.0
Strop Loss: 8651.0
Target: 8501.0
RR(BTC): 3.08
RR(USD): 4.77

Comment:

Trade 6 Closed at break even

Comment:

Trade 1 Updated:

Trade 1:
Side: Long
Entry: 8426.0
Strop Loss: 8398.0
Target: 9189.0
RR(BTC): 17.60
RR(USD): 27.25

Comment:

Trade 7 Added:

Trade 7:
Side: Short
Entry: 8737.0
Strop Loss: 8801.0
Target: 8501.0
RR(BTC): 3.06
RR(USD): 3.69

Comment:

Trade 7 Cancelled

Comment:

Trade 8 Added:

Trade 8:
Side: Short
Entry: 8646.0
Strop Loss: 8667.0
Target: 8511.0
RR(BTC): 3.90
RR(USD): 6.43

Comment:

Trade 8 Cancelled

Comment:

Trade 1 Updated, Trade 9 Added:

Trade 1:
Side: Long
Entry: 8426.0
Strop Loss: 8368.0
Target: 9189.0
RR(BTC): 9.82
RR(USD): 13.16

Trade 9:
Side: Long
Entry: 8387.0
Strop Loss: 8348.0
Target: 9189.0
RR(BTC): 14.28
RR(USD): 20.56

Comment:

Trade 1 updated, Trade 9 Cancelled:

Trade 1:
Side: Long
Entry: 8391.0
Strop Loss: 8347.0
Target: 9189.0
RR(BTC): 13.00
RR(USD): 18.14

Comment:

Trade 10 Added:

Trade 10:
Side: Short
Entry: 8568.0
Strop Loss: 8601.0
Target: 8421.0
RR(BTC): 3.14
RR(USD): 4.45

Trade active:

Trade 10 updated - Market sell:

Trade 10(Open):
Side: Short
Entry: 8561.0
Strop Loss: 8601.0
Target: 8421.0
RR(BTC): 2.57
RR(USD): 3.50

Comment:

Trade 10 closed in slight profit
Trade 1 Cancelled
Trade 11 Open:

Trade 11:
Side: Long
Entry: 8551.0
Strop Loss: 8499.0
Target: 9189.0
RR(BTC): 9.17
RR(USD): 12.27

I think we have already seen the spring and are currently in the test, we should see a bullish reversal soon.

Comment:

Trades 2 and 3 Cancelled, Trade 11 Updated:

Trade 11:
Side: Long
Entry: 8551.0
Strop Loss: 8499.0
Target: 9289.0
RR(BTC): 10.52
RR(USD): 14.19

Trade closed: stop reached:

Trade 11 Stop Reached

Comment:

Trade 12 Added:

Trade 12:
Side: Long
Entry: 8450.0
Strop Loss: 8419.0
Target: 8639.0
RR(BTC): 4.12
RR(USD): 6.10

Trade active:

Trade 12 Active

Comment:

Trade 12 Cancelled, close in slight profit

Comment:

Trade 12 Added:

Trade 12:
Side: Long
Entry: 8412.0
Strop Loss: 8344.0
Target: 8739.0
RR(BTC): 3.82
RR(USD): 4.81

Comment:

All trades cancelled, I will soon post new TA with an updated trade plan