My bias was bullish till 10000 and now in the last two weeks, BTC's failure to make a higher high on the daily or 3D or weekly with declining volume has reduced my bullish bias a tad bit. While I currently sit flat, I am observing the weekly with a huge interest. The accompanying weekly chart shows we are the apex of the triangle from June 2019 highs and March, 2020 bottoms. Its time BTC makes a decision this week or next. Hence, my set-ups are simple, break 10000 on the weekly close, and I enter long with. 14000 as target by end of June. I think 10500 will provide tough resistance but it will be over come.
On the short side, if we close below 9300 on the weekly, I will be targeting 7800 within a week. Short trades always happen quickly.
My setups are as below:
Long side:
1. Condition: Weekly close above or daily close above 10200 2. Target: 14000 3. Stop-loss: 9500 4. R:R: 8:1
Short side:
1. Condition: Weekly close below or daily close below 9300: 2. Target: 7800 3. Stop loss: 9700 4: R:R: 3.4
Declining volume on the daily hints more at the short trade getting triggered
Trade active
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The 'long' and 'short' positions aren't positioned correctly in the charts. So, please be careful about it and read the text below. I will update this regularly
Trade active
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Short active from 9300 :-) Now we wait with buyStop at 9700
Trade active
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willl move stop-loss to 9300 for a break even trade at midnight UTC today. Double top confirmation and hence, expect it. to go down but a break up could be devastating also. So protecting capital here
Trade active
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Now, it’s become a risk free trade. So letting it go. My take profits are: 1. 15% at 8700 (done this morning) 2. 15% at 8500 3. 20% at 8200
Rest at target of 7800.
My rule of trading, always book profits.
Trade closed: stop reached
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stopped out overnight at 9300. Am I happy with the trade - yes. Made a 0.25R on this trade, even when the trade will go against me now.