Long BTCUSD
Idea based on Classical chart patterns (Daily Chart).
Abbreviations:
M/W/D/H = Month/Week/Day/Hour
TL: Trendline
DT: Double Top
DTr: Descending Triangle
FW: Falling Wedge
Rct: Rectangle
We are still close to the all time highs, and we have also seen a breakout from a 4W FW on the weekly chart indicating some buying interest left near the relative lows.
When you look at the daily chart, there is a 6W DT which seems to be complete, but the downside breakout bar is with a long wick. And the closing bar was up.
This leads me to suspect this might be a fake breakout. Support is seen close to where we saw the 4W FW pattern completed, with levels close to the last bar acting as key bar to watch. Also, we can see the current market as inside a 20W Rct pattern and we are right around the middle of the box.
if the 6W DT fails the first target will be @ 77363, if completed, the target will become the 4W FW target @ 81678.90, and ultimately 20W Rct target @ 84001.60
the problem with this trade is that we still don't have a confirmation of a failure, so i need to place the stop loss at lows level within the formation of this DT pattern which is May16th low @ 64548, being fully aware that this trade might be one that could cause me to enter multiple times.
Risk reward calculated against capital using the first target is
Entry : 66330 or below
SL : 64548 (-0.73%) / TP: 77363(+4.50%)
RR: Apprx. 6:1
(as always, not investment advise or prediction)
Abbreviations:
M/W/D/H = Month/Week/Day/Hour
TL: Trendline
DT: Double Top
DTr: Descending Triangle
FW: Falling Wedge
Rct: Rectangle
We are still close to the all time highs, and we have also seen a breakout from a 4W FW on the weekly chart indicating some buying interest left near the relative lows.
When you look at the daily chart, there is a 6W DT which seems to be complete, but the downside breakout bar is with a long wick. And the closing bar was up.
This leads me to suspect this might be a fake breakout. Support is seen close to where we saw the 4W FW pattern completed, with levels close to the last bar acting as key bar to watch. Also, we can see the current market as inside a 20W Rct pattern and we are right around the middle of the box.
if the 6W DT fails the first target will be @ 77363, if completed, the target will become the 4W FW target @ 81678.90, and ultimately 20W Rct target @ 84001.60
the problem with this trade is that we still don't have a confirmation of a failure, so i need to place the stop loss at lows level within the formation of this DT pattern which is May16th low @ 64548, being fully aware that this trade might be one that could cause me to enter multiple times.
Risk reward calculated against capital using the first target is
Entry : 66330 or below
SL : 64548 (-0.73%) / TP: 77363(+4.50%)
RR: Apprx. 6:1
(as always, not investment advise or prediction)
Trade closed: stop reached
: ( now the chart pattern has confirmed a breakout to the downside. might consider reentry as a short trade.
Trade closed: stop reached
the result is -0.7% loss (based on total assets)
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.
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.