Im trading out a new method called overbalance aka correction 1:1
The idea is simple - during a swing You find the largest correction and highlight it with a square.
Next step is to fit that square so the top line is on the HH of the current trend.
You take the position on the lower end of the square (green thumb up) and set TP just slighty above the current...
Think like a whale - trade like a whale.
After dropping to 3.5k $ we had a little retrace up to $4400.
A double bottom has been formed and You what that means?
A lot of traders put their SL on that $3.5k
Now what do You do to take their money? Dump it!
I presume there will be an attempt to reach w newer low to get those SL's.
It might not happen today or tommorow,...
XBTUSD went down to 4190 where we found a support for the moment.
There was no big retracement, so I presume one might happen in the upcoming days.
Im playing long for a retrace.
This a counter-trend trade, so SL is mandatory!
Remember, at any given moment anything can happen, the price is never too low nor too high.
Max leverage recommended: 1:10, ideally 1:5....
What a weekend!
After a beautiful inverse bart formation the price is once again getting closer to the big down trend line.
Remember we are still in a down trend!
Stoch RSI high, time to make some money.
Im playing short.
Sell 6301 or move SL to 6370 after it reaches 6305 (it might dump to 6000-5800)
Stop Loss 6502
R/R - 3
We had a huge dump yesterday on BTC, on Bitmex it dropped to 6005
If You had some open long positions around 6010 or played short yesterday - lucky for You :)
The trend line did however hold and the price went back above it - this is a good sign.
After such a big dump a retrace is very likely, BTC might go up to 6390 and that is my target.
Buy Long now...
End result: 283% of the original depo.
Developed Strategy so far:
Chart + Fibo + trend lines / channels + Stoch RSI
Determining the scenario on H1, then searching for an entry point on M5
5% depo in a trade if it looks good
10% depo in a trade if I feel in my bones that it will go in the specific direction.
Martingale only once for 100%...
The king is getting closer to the end of the triangle of death.
What will happen next? Breaking the upper resistance will surely cause a pump straight to the moon with resistances marked on the chart.
If we break the support the situation might get a little more complicated and we might go down badly.
If we break this support it will turn into a resistance and we...
Bitcoin -3.25% stopped falling down on the 0.618 level from the small rally on 1D from 19.09 to 25.09
It has also been stopped by the trend line which the BTC -3.25% seems to react to.
I'm playing long.
10% depo , 1:50 leverage
P/L = 3.11
Im moving my SL on fibo levels.
Stop Loss 6295