Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Bitcoin gave us today a perfect example why the concept of support and resistance is working very well in all timeframes.
Reason for shorting BTCUSD:
We had a trendline which was acting as support and we broke it with a big red candle. We wait for the price to comeback and touch the trendline (kiss and go) and we take our short at the close of that candle.
SL: 1% above the trendline. TP: I am targeting the 0.618 Fibonacci retracement which is next to the weekly level where I will be taking a long.
If you like my simple way of trading, please comment "I like it" and follow me!
Have a wonderful day traders, And give me some love,
@Moiseiev_Yurii, Thanks man, do you use EW in your trading? As you can see in the comments @BullWick made a good point that we are in wave 4 and the correction might end at the 0.5 fib level
BullWick
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I'm with you on the short (my original entry 9145 but I added on the rejection of trendline). I have more conservative targets than your golden zone just in case my alternate count is in play and we just put in the 3 wave up to 9200. A common 4 would retrace to between 38 and 50 fibs (purple rectangle) so I will be taking some off at each of those fibs.
DMG_Intelligence
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@BullWick, Very nice one bro, usually I don't like to use too much elliot waves in my trading but in your chart it's very clear!
livmac7
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I only just spotted. The weekly down trend was a nice fake out to touch the 9200 resistance.
DMG_Intelligence
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@livmac7, Yes, as you can see in this chart it was an easy short from that level because of the golden pocket retracement and bearish divergence altought most people were long