Hello All,
In my last post I mentioned that, the 3D 21 EMA (plotted on Daily chart) will decide the direction of the next move.
Here we have that 3D 21 EMA (plotted on Daily chart) (yellow), as we saw BTC opened and closed below this EMA yesterday. This was my signal to enter a short position (which I did).
Additionally, 'Shepherd Indicator' gave beautiful sell signal ~8 hr in advance (yellow arrow), confirming the impending down move.
Although, as of now we still do not have clear resolution of the bigger trend BTC has been in, I think next 2 day's will be the most important ones.
If BTC closes near or below 9700-9650 this pattern will likely break down wards. For now the support zone I had highlighted (Green box) has been holding BTC quite well.
Q and A:
Some of you asked me if I can elaborate how I set up my trade, so here it is
(**** This is not a finantial advise, what I show and post here is only for an educational purpose ****)
So for the short trade I wait for the confirmation signal first, which could be 1) Break of imp support 2) Break of imp EMA (open and close below) etc. I also rely on my Shepherd Indicator for the confirmation signal.
Once the position is active, I immediatly setup my pre-planned profit taking areas (based on previous price action and major EMA supports) and stoploss level.
I usually have atleast 3 profit levels some times 4 (for big move) for scalpe trade only 1.
As trade goes in profit I lower my stoploss to break-even to no-loss zone.
This is how it looks on the chart,
For the current short I am in, I already closed 20% of my position (5% move) (taking most of my investment back) and lowered my stoploss to 10K (0.5 fib) which will still give me 2% move and profits.
I have been thinking to start a discord group where I can post my charts much easier and in a timely manner. Please let me know if you guys will like that or not.
Happy and safe trading...
Chao...
In my last post I mentioned that, the 3D 21 EMA (plotted on Daily chart) will decide the direction of the next move.
Here we have that 3D 21 EMA (plotted on Daily chart) (yellow), as we saw BTC opened and closed below this EMA yesterday. This was my signal to enter a short position (which I did).
Additionally, 'Shepherd Indicator' gave beautiful sell signal ~8 hr in advance (yellow arrow), confirming the impending down move.
Although, as of now we still do not have clear resolution of the bigger trend BTC has been in, I think next 2 day's will be the most important ones.
If BTC closes near or below 9700-9650 this pattern will likely break down wards. For now the support zone I had highlighted (Green box) has been holding BTC quite well.
Q and A:
Some of you asked me if I can elaborate how I set up my trade, so here it is
(**** This is not a finantial advise, what I show and post here is only for an educational purpose ****)
So for the short trade I wait for the confirmation signal first, which could be 1) Break of imp support 2) Break of imp EMA (open and close below) etc. I also rely on my Shepherd Indicator for the confirmation signal.
Once the position is active, I immediatly setup my pre-planned profit taking areas (based on previous price action and major EMA supports) and stoploss level.
I usually have atleast 3 profit levels some times 4 (for big move) for scalpe trade only 1.
As trade goes in profit I lower my stoploss to break-even to no-loss zone.
This is how it looks on the chart,
For the current short I am in, I already closed 20% of my position (5% move) (taking most of my investment back) and lowered my stoploss to 10K (0.5 fib) which will still give me 2% move and profits.
I have been thinking to start a discord group where I can post my charts much easier and in a timely manner. Please let me know if you guys will like that or not.
Happy and safe trading...
Chao...
Note
Hit stoploss at 10K, All position closed. neverthless v. good profit. :)I will look for better entry again now.
Mostly from 10250 to 10300 level.
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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.
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.