List Of Upcoming Scalping Zones: 9595, 10900, 9925
It looks like BTC actually hasn't completed the impulse that started at 6400 since the current 5 wave has only printed 2 of the expected 3 waves.
Given that we're in a bull market and impulses tend to retrace to the .786 of the overall impulse we can get estimates for areas to watch for intraday reversal on the next couple wave completions.
My current list is 9595, 10900, 9925
My HODL target is 17k so this is still in an area where I am not looking to trade out of my macro account but am only scalping intraday signals and maybe holding them for a couple days at most with my smaller account.
Given that we're in a bull market and impulses tend to retrace to the .786 of the overall impulse we can get estimates for areas to watch for intraday reversal on the next couple wave completions.
My current list is 9595, 10900, 9925
My HODL target is 17k so this is still in an area where I am not looking to trade out of my macro account but am only scalping intraday signals and maybe holding them for a couple days at most with my smaller account.
Note
It tagged the 9595 price almost exactly to 9598.49 on bitstamp. When it strikes short term fibs very precisely that means short term traders are more in control than long term traders. This means that things can get highly exact and technical for a while which is nice for small stops. However it also means that it's weaker money that's trading here and that when the long term traders step in the day traders will probably get squashed. So this is still an area to be cautious. Use small stops and don't let the market take back too much profit if you get a winner.Note
For any scalp I only enter on a double bottom shape and am looking for it to pull away quickly. It either works or it doesn't and I'm not interested unless I can define the risk so that I have at least 5 RRR without it making a new high.Note
"Quickly" means that within a couple bars of the timeframe I've defined the double bottom I should be able to move to break even. I don't care about the entries where if I had given it more time it would have worked, for those I just treat them a backtest data on which cases I should be more patient, but I don't stay in if it isn't moving how I want fairly fast.
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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.