BTC/USD - Confirmed Reversal - Personal Trade setup
Updated
During my recent encounters with various "proffesional" traders that are posting ideas here on tradingview I have been told to post my setup or shut it so that's what I am doing.
Because I have not subscribed for the premium package on TradingView, I am not allowed to post ideas with more than 3 indicators so I am going to summarize it with just what shows above and update at a later date.
We have a confirmed trend reversal on 1day chart for BTC/USD which can be clearly observed by the break above close above ichimoku cloud and we follow an ElliotWave pattern in the following days that will provide me with my entry position.
I will be going long with a risk of 10% and Risk vs Reward Ration on first target of 2.6:1.
I will enter the trade from roughly ~$7500 with my stop loss at roughly $6500 with the first target at $9500. The reason for saying "roughly" is because I am trading in euro and obviously, my exact numbers there are a bit different.
It is key to oberseve how the patern evolves up until the first target because I might not even close there.
Although I am not necesarelly hopping for this idea published to be followed by a lot of people, I will follow up with my results and further analysis as charts develops.
*Potential changes to the setup: The third wave(5) on the Elliot Wave might also be the longest one. Some analysist are arguing that in commodities which is what BTC roughly resembles to, third wave is usually the longest but that doesnt change the entry point by a lot; It simply longers the period I have to wait till I enter this trade.
Because I have not subscribed for the premium package on TradingView, I am not allowed to post ideas with more than 3 indicators so I am going to summarize it with just what shows above and update at a later date.
We have a confirmed trend reversal on 1day chart for BTC/USD which can be clearly observed by the break above close above ichimoku cloud and we follow an ElliotWave pattern in the following days that will provide me with my entry position.
I will be going long with a risk of 10% and Risk vs Reward Ration on first target of 2.6:1.
I will enter the trade from roughly ~$7500 with my stop loss at roughly $6500 with the first target at $9500. The reason for saying "roughly" is because I am trading in euro and obviously, my exact numbers there are a bit different.
It is key to oberseve how the patern evolves up until the first target because I might not even close there.
Although I am not necesarelly hopping for this idea published to be followed by a lot of people, I will follow up with my results and further analysis as charts develops.
*Potential changes to the setup: The third wave(5) on the Elliot Wave might also be the longest one. Some analysist are arguing that in commodities which is what BTC roughly resembles to, third wave is usually the longest but that doesnt change the entry point by a lot; It simply longers the period I have to wait till I enter this trade.
Note
I have updated the trade with the wave 3 close price which is about 100$ above what I estimated it to be. That does not change very the entry point since C is usually about 1.6 of wave A and normally closes a bit above 4. Another update on this trade, I have noticed that when I have drawn the buy/stop loss, the green/red bars where not showing very precisely the risk vs reward and risk. I will have to work a bit more with tradingview to be able to manage the UI better.
Basically, instead of 2.6 to 1 ration on risk vs reward it is actually ~3.5:1.
prntscr.com/katjin
Note
Also, if someone can tell me how the hell to post the updated version without using prntscrn that would be great.Trade active
Trade entered and updated the Elliot Wave below.prntscr.com/kd7p0m
Bought for around 5k so far but i am waiting to see where this wave ends to buy more.
Note
Bought for another 40k and waiting a deposit for 100k. If i am right i am right. If not, I will loose 150k.prntscr.com/ke2b7b
Note
Probably one of the biggest trades here on TradingView live.Note
Bought a bit above, had the chance to exit this morning with a good profit and put sell once I noticed a bear flag but I felt it wasn't worth the risk vs reward.Still looks okay so far, hopefully we will see the Elliot wave continuation tomorrow
prntscr.com/kenmag
prntscr.com/kenlpy
Trade closed: stop reached
Setup Failed. Stop Reached.
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