Ascending triangle on the 15m chart
This pattern that is in play on the 15m is the same as the pattern seen from the 25th Nov to the 29th of Nov on the 1hr chart
RSI on support line on the 1D chart
1HR macd just crossed over into a buy signal
R/R = 4.95
looking for a explosive move up followed by a slow deterioration of price action back down to these...
Trade the TREND. market is still over all bearish
Recent rising wedge followed by head and shoulders pattern play
Price has been ranging between support and resistance, forming lower local lows and lower local highs
current support @ 3930 has been tested 7 times on the small 15m time frame and price is ranging downwards in a down trend channel
Short Entered at...
Head and shoulders pattern in play
MACD bearish divergence can be seen across multiple time frames
Over all market trend is down
multiple touches across the support line = weaker support
R/R 4.38 Profit???
Price action is confined within a narrow descending channel on the small time frames
Looking for price to reach local support @ 4120
Depending on volume this could be a great set up to enter a long position due to Inverse head and shoulders pattern in play on the 1HR chart ( Pattern can be seen on all time frames from 15m to 4hr.
Stop loss can be placed just...
This chart is posted after recent breakout as i had originally planed to short it before the breakout and was going to enter a trade when i got home, but too much time has passsed and the trade has moved beyond the current trading range.
Nonetheless i want to show what i was planning to do on the short side of the trade pre breakout.
1. Price hit local...
Short BTC position re opened at 3820.
Chart still looks to favour a downtrend. The volume for a bullish breakout is lacking and i believe we are going back down to trade within the range
Previous short was closed at a 2.6% profit. Looking to scalp short term again
EXIT 3650 ( i will consider exiting the trade at approximately 3750...
Low volume on reaction of touching local resistance
Still over all in a down trend
Short postiion scalp looking at a 2 R/R
Using full position of futures account here. (Maximum possible loss 1.3% - Maximum gain 2.6%0
1st Target reached. Profits taken. Trade Closed
Reason: BTC is still trading in a downtrend, this was a short term scalp trade and i did not feel comfortable having a position open to try gain a few extra % of profit whilst having a long open in a downtrend.
overall profit 2.7% / 2 due to using half of my futures capital on this trade = 1.3% gain on futures...
Trade idea short term scalp
Entry @ 107 USD
Stop placed @ 104 USD
R/R = 2.28
Target can be 1st local resistance @ 114 or @ 119. Personally would go with the 114 option just to keep the trade short and sweet
Entry Long @ 3686
Stop placed at 3611 allows for approx 2.7% move down in price
Used 50% of my futures trading capital on the trade no leverage to reduce risk to 1.3% of futures trading capital
Target is just below local resistance at approx 4k
R/R is very favorable approx 3.2
Long support / short resistance as always
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Disclaimer: NEO is one of my top picks the fundamentals are top notch and the ecosystem of Dapps being built on it are quality, i am very bullish on projects coming out of china especially ones that align with the interests of the chinese...