Trend Line based scalp #2
Updated
Hi all.
Based on my previous post, we can see that we broke the downtrend line I posted on my previous chart.
This is the same chart updated, with an uptrend based on 2 Low Pivots.
The only thing I changed on the chart is replacing the written text with arrows, so each arrow is a Pivot Point.
I went long as soon as we closed above the downtrend line, but I'm still cautious, as we are approaching a resistance area, so it will be interesting to see what happens there.
Note that this is a resistance area on short timeframe, based on 2 Pivot Points, and only meant to be used in this scalp.
For now I stay long with stop loss in profit zone.
Happy Trading :-)
Based on my previous post, we can see that we broke the downtrend line I posted on my previous chart.
This is the same chart updated, with an uptrend based on 2 Low Pivots.
The only thing I changed on the chart is replacing the written text with arrows, so each arrow is a Pivot Point.
I went long as soon as we closed above the downtrend line, but I'm still cautious, as we are approaching a resistance area, so it will be interesting to see what happens there.
Note that this is a resistance area on short timeframe, based on 2 Pivot Points, and only meant to be used in this scalp.
For now I stay long with stop loss in profit zone.
- Don't use this as standalone strategy. Combine this with your favourite indicators to get confirmations.
- This is not financial advice, but meant for educational purposes.
- As always, Do Your Own Research!
Happy Trading :-)
Note
I spent some more time looking at a more solid resistance zone, so this is how I see it. If I am correct, we still have some time to go up before decision time.Note
If we move on to the 2H chart, we can see we are trying to break the resistance zone earlier.Note that the uptrend line we saw on the 1H chart is not (yet) confirmed on the 2H.
For now, keep your eyes open and enjoy the ride while it lasts
Note
Continuing on the 2H chart, the unconfirmed uptrend line we saw on the 1H remains unconfirmed, but instead we see a falling wedge breakout.If support holds, I don't see much in our way to hit 9260.
Please give me a thumbs up if you agree or leave a comment. That's how I learn.
Note
Quick update: IMO what we see now is people taking profit. My trade is still open until we either go up or test the support area.Note
The reason I didn't close my trade yet is because we are retesting the support area. We can clearly see Bitcoin trying to figure out what to do in the area defined by the 2 Pivot High Points on the 2H chart. The bottom line of this area (drawn in blue) is also exactly the 0.382 Fib retracement.So for now I remain carefully bullish.
Please like if you agree or leave a comment, it helps me learn.
Note
Zooming back in on the 1H chart, we can see that it's really becoming decision time.Red arrow: Pivot High
Green arrow: Pivot Low
Note
Oops forgot to add chart ..Note
If we fail to break resistance this time, I will close my trade with decent profit and wait until we are out of the decision area to take another position.Please thumbs up if you like or agree. Comments much appreciated!
Note
Updated 2H chart with new Pivot Points and corresponding Trend Lines. We now see a confirmation of the uptrend line we already saw on the 1H chart.Moved my stop loss to 8969. Target remains at 9260.5 for now.
Please thumbs up if you like or agree. Comments much appreciated and questions welcomed.
Note
Moved to 4H chart.We all know what to watch, right?
Red arrows = Pivot Highs
Please thumbs up if you like or agree. Comments much appreciated and questions welcomed.
Note
I didn't close my trade yet because we MIGHT see a Descending Triangle forming, which is a bullish signal.Trade closed: stop reached
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