Hi all,
I am back with new chart which is extension to my last chart. So as mentioned in my last chart BTC headed towards 11k and we got good correction to get in again after correction from 9950s. As stated in the subject the resistance at 9200s is becoming our support.
Trade setup for those who didn't got in my last chart at 8400s:
Buy < 9400
Target > 10800
stop loss < 8950
Best,
Budha
I am back with new chart which is extension to my last chart. So as mentioned in my last chart BTC headed towards 11k and we got good correction to get in again after correction from 9950s. As stated in the subject the resistance at 9200s is becoming our support.
Trade setup for those who didn't got in my last chart at 8400s:
Buy < 9400
Target > 10800
stop loss < 8950
Best,
Budha
Note
Note
Note
Hi all,There were some misunderstandings about stops which I want to clarify.
I mentioned SL < 8950 so have any sl under 8950. So now if price under 8950 your stop hit and you are not in position but again price less than 9400 and above 8950 buy with similar SL less than 8950. Idea is not to stay long under 8950 and open long positions under 9400s. I usually update the idea if I feel it is not tradable. So please follow my updates
Note
Note
Hi all,here is the clear picture I want o project about setting the stop:
Why to set the stop ? -> We must set the stop to prevent the huge loss
When not to set the stop ? -> We should avoid the stop when there are clear signs of stop hunting aggression
where to set the stop ? -> Always have the stop loss 100-200$ down the retracement zone
how to set the stop ? -> Always use ATR or psar to determine the retracement zones.
In my above update I mentioned stop < 8950 means your stop should always lesser than 8950 but you shouldn't have that stop when aggressive stop hunting is going on. How to know that? We can know it when price is aggressively dipping on lower time frames when higher time frames are providing huge support.
With these tiny updates I am providing this new chart layout on how and where you can have your stops. Coming to this idea we had tiny aggressive dip on smaller time frame which got huge support on higher time frame hence we can wait but when we notice that higher time frame also losing the support we could continue using our stop and get out of this position. Here from my experience I am very confident price will bounce back so please wait and watch for new updates from me.
Best,
Budha
Note
Note
Trade closed: stop reached
Hi all,I am still extremely bullish I believe it will bounce on daily support and rise back to 11ks but closing this chart as I can take a opportunity to publish a new chart with better entry than this .
Best,
Budha
Note
I have come up with this new chart which is same as this but with better entry:
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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.