Was expecting a bounce off pink line when I entered the position, sure enough that's exactly what it did. Right on the money... TWICE!
Hard to perfectly nail tops and bottoms when you have to sleep 1/3rd the day haha.
RSI was waaaay oversold on the 15M, heading well under the longterm downchannel so figured there must be some bounce.
I'm still looking for 18.5 and maybe 17k but testing out the validity of my structures and fractals here on this broader downtrend.
Anyway, we're climbing another uptrend fractal here but Price could jump back on the downtrend line or get rejected by the gray longer term DT or the purple box, which has had a high center of gravity for a couple weeks now.
If it rejects or changes from here/moves under the uptrend I'll exit but I still think we can at least test inside the purple box again if not clear it one final time before it drops to the lower purple box.
Hard to perfectly nail tops and bottoms when you have to sleep 1/3rd the day haha.
RSI was waaaay oversold on the 15M, heading well under the longterm downchannel so figured there must be some bounce.
I'm still looking for 18.5 and maybe 17k but testing out the validity of my structures and fractals here on this broader downtrend.
Anyway, we're climbing another uptrend fractal here but Price could jump back on the downtrend line or get rejected by the gray longer term DT or the purple box, which has had a high center of gravity for a couple weeks now.
If it rejects or changes from here/moves under the uptrend I'll exit but I still think we can at least test inside the purple box again if not clear it one final time before it drops to the lower purple box.
Note
Recent Price trend is slightly more bullish than the uptrend fractal...Note
I decided to let it run afterall, indicators and line breaks called it though...Note
I stopped out here, was always gonna be tough to nail a long trade in the middle of a downtrend but learned a lot from Price Action and lines held up remarkably well...Note
Pink line gonna break 9th or 10th and we'll likely see waterfalls after.Note
We got pink line break and waterfalls today! Just barely before the 9th haha, nailed the reactivity call...White line held up very well for the bounce, I'm a sucker for this market so entered a new trade to see if we can get some retrace back to the purple box, it should have some gravitational power to pull price out of the downtrend, at least temporarily, lets see!
Note
Was already back in purple box by the time I posted the update above, day trading BTC is exciting! Haha...I cleared 89 pips in about 5 minutes more than covering my stopout earlier.
Never forget... there's always another opportunity! No need to rush into a poorly planned trade.
Note
Here's a better look at this trade...Note
Maybe I should do vertical trade markers, that probably makes more sense haha.
Data analyst with a passion for best fit lines B)
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Data analyst with a passion for best fit lines B)
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.