Bitcoin 2 hours mashed into daily bars
Updated
Just did a study of a mash up to find some pattern to my code red. The only ones I can find with just three daily bars within the yellow shaded area starting with a red vertical in the MACD and ending with a blue appear to indicate a red bar the following day. Starting with a red daily bar followed by green and another green = red bar next day. Therefore I'm sticking to short for now.
Note
When to go long? I've got three choices on the 2 hour chart. They are all points which had great significance in my thinking to go short. Williams Fractals (50% $7,367.6 H =$8,120.2), (50% $7,037.3 H=$7,509.7), (50% $6,991.5 H=$7,189.0). I cancel all my thoughts about shorts with a stop $7,189.0. Review going long. Can always short again later.Note
When to go long extra? Those 3 points on the 2 hour chart mentioned above would also apply to the 4 hour. Bollinger Bands also narrowed on 2 hour chart to indicate that a touch of the bands either way would signal direction of market (sometimes can be false and you need a strategy to deal with). It's already done that once on the 2 hour chart indicating a possible break higher. If it did that again or broke beyond the previous touch could use that as a closer stop. The 4 hour chart also has bands close enough that if price touched would indicate where price was heading next.Note
See my new post "When to go long or stop shorts?"Note
Well we got three bars red, green, green, and now the next red for the code red alert. If the day ends with the candlestick in red (price down) will it be a one day wonder?Note
All long for now. Price smashed through Bollinger Band again 2 hour chart.Note
I'm now going to switch to monthly and weekly charts. Less work.Note
I think I'll take on the daily charts as well but may look more like I'm copying from others.
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