Long

BITF - Long / Buy Entry

By WolfAdams

Updated

Looking for an entry here on the pullback to get in sync with the bullish narrative of .

Trade active

Entry = $2.38
SL = $1.01

Additional entry @ $1.90 if price doesnt reverse. Hence why we are keeping a wide SL.

Note

Buy Stops taken on yesterdays high @ $2.70

We now have a MSS (Market Structure Shift) / SMS (Shift in Market Structure).

First target is the $3.90 Short-term High 🚀

Note

If you missed the entry yesterday at $2.38.

Entry = $2.62

Trade closed manually

I would recommend closing here at $2.38 BE (break-even)

We will look to enter again lower...

Trade active

Looking for a new entry here @ $2.29
Assming this will be the "Tuesday Low of the Week"

Note

We will keep the same SL @ $1.01
Otherwise you can use a closer SL @ $1.90 low.

Im not seeing much follow through on this new entry, and may collapse the trade at BE again...

Note

looking good this morning...

Buystops at $2.44 will give us a MSS.

Note

Price has ran Tuesday's low taking sellstops, and has traded into that +OB. Equal highs above us remain from this week.

Ideally we should see a good reaction from the +OB, otherwise $2.11 is the next downside target to add to your position if you are TCA (dollar cost averaging).

Note

No reaction... expect lower prices as mentioned above.

Note

After-hours trading is showing good reaction. I will consider our MSS here, and assume price will continue back up to the equal highs at around $2.45 - at that point we will have a Break in Market Structure (BMS)

Note

Great movement on BITF this week - What we were expecting:

Buystops above $2.45 were tagged, finally giving us that BMS (break in market structure).

Thursday (today) I believe is the high of the week. No further expectations for Friday. We will expect higher prices continue next week.

We did get price trading into the $2.11 as mentioned. If you added or your limit was hit, happy days.

Note

Since the last update I gave, we saw price run those Equal lows and finally run that old low of $2.10.
The reaction from there was good - but we saw price once again run that $2.10 again this week.
Higher prices now? Looks like it...

Trade closed: stop reached

At this time id expect a run to the $1.90 Low.
Close your position early if you dont want your Stoploss hit - otherwise DCA at or below the $1.90 Low.

Closing this trade idea here...

WolfAdams

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