I always get my ass kicked when I trade inside of a triangle... that being said though, this time, I have placed a Long at the bottom.
The long has no Take Profit // Close; rather, it has a Trailing Stop at 0.8% price. This is my attempt to mitigate uncertainty.
Inside of triangles are battlegrounds, especially as they get tight. I usually set up an order right outside of the triangle with a stop just back inside, and move it accordingly.
My Long wont do a single thing till we finish this trend though... Also, watch out for false breaks. The "topmost" line, when broken, will need momentum to break the second more important one. If it breaks without momentum I may just hold my long. If not - The Stop Loss is set the Reverse Order
The long has no Take Profit // Close; rather, it has a Trailing Stop at 0.8% price. This is my attempt to mitigate uncertainty.
Inside of triangles are battlegrounds, especially as they get tight. I usually set up an order right outside of the triangle with a stop just back inside, and move it accordingly.
My Long wont do a single thing till we finish this trend though... Also, watch out for false breaks. The "topmost" line, when broken, will need momentum to break the second more important one. If it breaks without momentum I may just hold my long. If not - The Stop Loss is set the Reverse Order
Trade active:
The trade remains active, and we have now seemingly flipped trend.
I like a Long vs Short indicator to see the delta between the two - says a lot about market sentiment.
I like a Long vs Short indicator to see the delta between the two - says a lot about market sentiment.
Trade closed manually:
Trade closed manually at 43,720
Im going to go trade alts, BTC is being boring today.
Im going to go trade alts, BTC is being boring today.
Trade remains active. It will stop out at <=43,591.5 as of this post, that being said, I have also set a SL at 43660.
About that Trend Line, some personal observations: That one isnt toooo strong it seems (?) but likes to carry sideways trends, rather than stop them. Ive seen this happen a few times... I dont know what it means, but perhaps it means people are fighting over that trend-line. Truly interesting. I dont think it actually means anything significant.