Bitcoin Scalping - Chapter 1
Welcome everyone to the BTC Scalping serie. FIRSTLY, Scalping and Day Trading are EXTREMELY Risky, I DO NOT advise anyone to take these trades. That being said, let's get started: BTC is currently testing its last support from the consolidation below. That level is key.
Option 1 GREEN
Btc bounce off the Purple line, test it but cant break past it and start going up, in that case it most likely breaks past 10 500 all the way to the level above which it bounce off back to 10500 and then continue its way up to the 0.5 fib of the squared up on top. (final sell point)
Option 2 RED
Break the purple live goes down to the next level which is 10 300, bounce off of it back to the purple line (10400) and if it cant break past it this is where you have a confirmation that its going down. Goes lla the way to the 10100 area bounces back to 10300 and down to the mid square up which adds up with the 4.236 fib from the leg up there so 9900 (final sell point).
TRADE AT YOUR OWN RISK. These kind of trades rarely have a higher than 66% chance of success.
Follow me on telegram/tradingview if you want to be updated on this trade.
Give this chart a like, check the related Ideas and stay tuned for the next Chapter of BTC Scalping.
Denzoss loves you all!
Option 1 GREEN
Btc bounce off the Purple line, test it but cant break past it and start going up, in that case it most likely breaks past 10 500 all the way to the level above which it bounce off back to 10500 and then continue its way up to the 0.5 fib of the squared up on top. (final sell point)
Option 2 RED
Break the purple live goes down to the next level which is 10 300, bounce off of it back to the purple line (10400) and if it cant break past it this is where you have a confirmation that its going down. Goes lla the way to the 10100 area bounces back to 10300 and down to the mid square up which adds up with the 4.236 fib from the leg up there so 9900 (final sell point).
TRADE AT YOUR OWN RISK. These kind of trades rarely have a higher than 66% chance of success.
Follow me on telegram/tradingview if you want to be updated on this trade.
Give this chart a like, check the related Ideas and stay tuned for the next Chapter of BTC Scalping.
Denzoss loves you all!
Trade active
Looks like Option 1 happened, BTC touched the Purple line again retesting it but unable to break past it and is going back to the 10 500 level. Chances are it will break it onto 10 650. Since the level at 10 500 held chances the one at 10650 wont, we might see a fast movement to the .5fib (10 900)From letting a price break a level and retrace to it only then to enter at that point you reduce your risk by A LOT. The market if giving you confirmation of where it is heading.
Trade active
Looks like Option 1 IS STARTING TO HAPPEN* Fixed ^^^^Note
Exit if the price breaks the purple line (your entry point)Trade active
You should of sold the wick at 10 650 level seeing how it followed the first wave up (green drawn line on the chart) and retraced. Once you've sold at the top of that wave the goal was to wait and see if the level (green line) held which it didnt and look at what happenedWhite FIB,fib used to calculate the unsquared part of that big red candle ( Square up meaning area that was never revisited and orders need to be cleared) We run the fibs from the bottom to the top and the .5 is usually where the squaring up move will end. Look at what happened on this chart.
Trade active
See here, if we went in (short) the moment we broke the main support line by telling ourselves ''Past this level its going down'' then we would of lost money right there. The retesting this hold and broke past it so for a day trader on margin he would of probably hit his stop-loss right there. But luckily we avoided it by letting the maket confirm its direction instead of assuming it right after a key level was broken.
I hope my trainees and other people watching this are starting to realize how unreliable and risky daytrading is. ;)
Not only is it unreliable but since its on short time frame it needs to be done quickly otherwise by the time your TA is done the move will have already happened.
Trade active
Now most people would say ''well yeah duh Denzoss.. you missed place your initial level (the initial purple line)... Okay but how do we established EXACTLY where is the level?? The chart above shows 3 possibility and all 3 are technically right.. but there can only be 1 main level so... How do we establish it? We cant really.
The Green one shows the top 3 highest hit of that consolidation phase (the whole yellow box) so technically should be the level.
The Purple one is based off of the area with the most hits and bounce which again technically speaking should be the level.
Lastly, the Yellow one which is simply the middle of that whole consolidation phase from the bottom to the top which AGAIN technically speaking should be the level.
So there's really no way to know which one is the actual level because they all make sense and got touches later on (today movement). So If we cant for sure assess which level is the right one, then how can we strategize around it? We cant, It becomes partially a guessing game and that's yet another reason why day trading SUCKS.
Note
Chat above goes ^^^^^ goes with this chat Note
You guys see what is happening right now with my posting? As I am doing these TA on a very short term I am OBLIGATED to do it fast in order to not miss the moves. Which keeps me from reviewing my messages. Even me, a professional trader with years of experience behind my belt, I am still in a urge to post these charts and fill these buy/sell orders and stop loss and it directly have a negative effect on the quality of my work. In this case my post but it also speaks for the quality of my TA. I hope you guys understand where im going with this.... DAY TRADING SUCK
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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.
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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.