About meA full time crypto trader who unfortunately started at the top of BTC, then fortunately stumbled upon a good set of mentors to reach here | No financial advice | Any Donations are highly appreciated
That demand has been present there untested (in my 3 days prior posts), its upper limit being at 9123. Price went to 9121.5, Coincidence?
A good bounce here though, waiting to see the reaction at 0.5 level for a short somewhere.
Trailed stop was hit at 9320. Total profit booked for this trade is +1.71R.
Currently, price is still at Demand zone. Reaction to this zone will decide the direction of my future trades.
Follow for more such trades.
A 2R scalp trade using my divergence analysis.
Now anyone, including myself who asks you to trade divergence every time will not make money consistently. These occur a number of times across multiple time frames. Deriving rules around these divergences and back testing it, such that you get a positive expectancy is what is required to trade Divergences...
This is how I'm looking to play with BTC for this week. With the previous week's candle closing as a spinning bar and this week's downfall, we should see a retest of the lower trendline @8350-8400 in coming two weeks, unless the current uptrend trendline is respected once again and price reclaims the red line support.
My plan next:
1. Bullish case: Price falls...
On XBTUSD Daily chart:
1. Potential ABC wave, targeting 4700 if (C) goes 100% of (A)
Still learning EW though, I cannot find good breakdown of (1), (3), (5) into sub 5 waves. If someone can throw more light, I'll be grateful
2. Trendline Support
3. Inverse Head and Shoulders, targeting 5500 if complete height of Head is achieved
4. Bullish Divergence on...