Short BTCUSDTPERP on Binance
Updated
So price been bouncing in an ascending channel and every time it broke the previous high it retrace or created a large wick. This means that there are less and less buyers in the market and the sellers are slowly gaining control.
Now that prices have broke out of the channel and retrace I think it is a good opportunity to open a short position as the break out candle seem very impulsive and have little to no wick.
Personally I'm taking the trade I will trail my stop loss as the price moving down.
Now that prices have broke out of the channel and retrace I think it is a good opportunity to open a short position as the break out candle seem very impulsive and have little to no wick.
Personally I'm taking the trade I will trail my stop loss as the price moving down.
Trade closed: stop reached
Stop loss got hit. I think what I did wrong here is that, yes the price did break impulsively but the next 2 candles are corrective candle which makes the pull back to test breakout area invalid.
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