BTC / USD Short Trade (Polished)
This is a much cleaner view of the short trade that I'm looking to take. I posted it previously on my page, but I don't like the way it looks. This is much better.
I'm looking at a situation where we caught temporary support on a previous level of resistance
=> From that S/R level, I expect a retrace to test the previous market structure that was serving as support and for price to flip it into resistance
=> From that resistance level, I expect a drop down to the previous area of market structure that has consistently served as support for price
=> From there, I would need to re-evaluate by looking at the volume profile, momentum, and overall characteristics of the dump downwards
I'm looking at a situation where we caught temporary support on a previous level of resistance
=> From that S/R level, I expect a retrace to test the previous market structure that was serving as support and for price to flip it into resistance
=> From that resistance level, I expect a drop down to the previous area of market structure that has consistently served as support for price
=> From there, I would need to re-evaluate by looking at the volume profile, momentum, and overall characteristics of the dump downwards
Trade active
Hit first bid at 8800. Perfect wick on the candle so far. Two other short asks are deeper in the black box.Note
Tightened stop to 9050. Will be actively managing this position.Note
Moved stop back up to 9080. This keeps me below the 12H bband median line which I would like to act as resistanceNote
Increased the size of my position. Upped my leverage to 25x.Looking for this latest pump to be a lower high which would create a scenario with a LH - HH - LH, and for that to mark a local top. We can still trail upwards, should we reach the top of the black box I've marked for resistance, I'll increase the size of my position again, but no wicks.
Note
Moved stop down to $8887.5Note
Moved stop down to 8607.5Average Entry was 8796.5 by the way
Note
Moved stop down to 8474Trade closed: stop reached
In profit. Reopened short
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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.