Good evening. I am taking a long position in btc. Stop is slightly under 9kish support with a 5% risk and a 15-24% reward ratio. This is a 1:3 and 1:5 Risk/Reward Ratio. Although, you may be a little bit more loose if you are going for the PCZ target. I don't typically recommend taking positions at wave C of a harmonic or cypher pattern, but you have overwhelming variables of Bullish Convergence as well as support on the one and four hour time frame. I will be taking positions between $9600/$9650 support and the current price. I have two targets, 1. at geometrical resistance of the top part of the trend and 2. at the PCZ of the Bearish Bat. In that case, I may actually turn from a long to a short in a matter minutes which is a bit rarer for me. Two potential trade set ups here. Once we get to PCZ area if we get there, I will update a Risk/Reward Ratio/Entry for a Short position.
Note
(Trading Strategy to Go Over) 1. "An Entry for position" (Current price and also $9650 support and the .886 of wave C of the potential Bearish Bat pattern. 2. "Stop Loss" is set under 9kish support with a 5% stop. 3. "Exit Positions" at Geometrical resistance as well as the PCZ of the potential Bearish Bat at around 12kish. I have a 1:3 and a 1:5 risk/reward ratio in play with two targets for potential profit taking levels. 3. "Pattern Development" (Potential Bearish Bat, although I don't recommend taking a position at wave C, but I make an exception here. 4. "Divergence on Multiple Oscillators" You have Bullish Convergence on both the RSI and MACD on the 5. "Divergence on Multiple Timescales" One, Four hour as well as daily Timescale. 6. "Critical Resistance or Support" (You are near the $9650 support but may not reach it perfectly which is okay. 7. "Critical Fib nodes" You are near the .886 from previous swing low.
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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.