Get started

Stoploss

ICX appears to be within an Ascending Triangle pattern.ICX/BTC appears to be within an ascending triangle pattern. This type of pattern is usually bullish. I've laid out a few scenario's of what I think will happen. Scenario 1 (Green Arrow): ICX/BTC bounces off the sideways support (around 1000 sat's) and moves to the upside breaking through the top of the ascending triangle (around 1090 sat's), of which the target area would be around 1250-1300 sat's. Scenario 2 (Yellow Arrow's): ICX/BTC bounces off the sideways support and moves to the top of the ascending triangle pattern before getting rejected again. It could then retest the sideways support a second time before moving up and breaking out of the top of the ascending triangle and then starting its move toward 1250-1300 sat's. Scenario 3 (Red Arrow's): ICX/BTC fails to hold the sideways support and breaks to the downside. Additionally, it could successfully hold the current retest of the sideways support, move up to the top of the ascending triangle, get rejected, then fall back down to the sideways support line before eventually breaking through it to the downside. If this occurs, I will be watching 850 sat's as a possible area of reentry, and if that fails to hold, then 790-800 sat's. (790-800 sat's was the bottom we hit back in mid August, and was the springboard for it's move to around 1450 sat's in late August.) RSI on the 4-hour is seeing a little movement downward, but it's fairly neutral otherwise. Daily RSI is neutral for the most part. MACD on the 4-hour did get a bearish crossover around 11 PM on October 3rd, indicating a potential for more short-term downside. Daily MACD got a bullish crossover around September 20th, and the Weekly MACD also got a bullish crossover around September 24th which could indicate upward movement on a larger time frame. To go along with that, Stochastic on the 4-hour is oversold, and could see a turn-around soon. Daily Stochastic got a bearish crossover today, but that might coincide with our retest of the sideways support line, so I'm not reading too much into it, especially with the 4-hour Stochastic oversold. As always, keep an eye on Bitcoin and it's price movements as well, since it can be a major influence on alt-coin movements. Entry: 998-1015. Target: 1250-1300. Stop-loss: 955. --This is not financial advice or financial recommendations. This is merely my opinion. Do your own research and come to your own conclusions before buying/investing. I am not liable for any losses incurred.
by Deftsuo
BTC Update! Recognizing support & resistance levels!Good evening everyone! We had about 48 hours of nothing occurring since last update. Two charts ago we were watching to see which side caved with the 3 supports in $6400's and 3 resistances in $6600's. The bears won that battle and sent us down to $6399 which is when I entered some positions, using $6320 as my stop loss based on the next support level. We then saw a rally up where again, we knew we had 3 resistance spots of $6610, 6640, and 6642. This has me taking some profit in the upper $6500's just to lock the profit in and recognizing potential resistance spots. We topped out at $6603. Last chart I discussed just having patience with the remainder of my position and if bulls could not break the resistances, I'd be watching for a 4 hour higher low to be formed and this would then become an updated stop loss area just to protect profits. Bulls established that at $6511 on the consolidation. And finally after literally no movement up or down for a while, we saw the bulls try and make their move. They rallied straight to, you guessed it, resistance. $6641 is where this move topped out. I personally left my position in tact as was not at a computer to move from SL to profit taking but do not believe I would have exited anyways. At this time, I'll ride the stop losses to protect profits and wait to see if the bulls can prove themselves and get above the resistance spot now at $6641 and $6642. So we essentially have a triple top including $6640 from before. Ok, so am I bullish or bearish? Overall I am neutral because the weekly remains in an equilibrium pattern. So let's weigh some positives and negatives of current market. Positive, bulls got above the high from 2 days ago at $6603. Negative, they still could not beat the 3 resistance zones, getting ahead of $6610 and rejecting hard with the triple top. Negative - the upper wick on the candle screams profit taking just as it did before. I'll keep a few stop losses loose personally just to avoid the market makers fishing for those stops as this market continues to be easily moved with thin order books. Market is in a bit of a channel currently as well so I am keeping a close watch on that. While I'll happily stop out if higher lows are lost and protect my profit, I'd then be watching the channel to re-enter positions and use the channel as a SL if needed. Lots of ways to play this market but overall its currently a market I am not dedicating a ton of time to as the moves have been small so a couple of checks on the chart each day just to see where things are and if I need to adjust stops or alerts. Just My 2 Sats!
COINBASE:BTCUSD
by My2Sats
Strength building on BitShares BTS. BullFilter shows a Long.Analysis: Correction ended mid August and accumulation has been going on since. The amount of selling in the 1500-1600 range represented capitulation of weak hands. BullFilter showed a bullish divergence from Late August until Sept 12, when the price action finally caught up. With some nice recent spikes in volume some upward price movement is expected in the next 2 weeks. Entry: Enter between 1700 and 1750 upon the completion of this downward wave. Now that we know we want an entry in this range, we will use BottomFinder here to select us a great entry point (Example below) Take Profit: The dashed red lines represent target take profit levels. We suggest cashing out 10% at T1, 35% T2, 40-50% T3, 5-15% T4. StopLoss: SL set to 1600 to avoid the liquidity pool from 1650-1700 and being stop hunted. 1700 is also currently acting as local support. Upon completion of T1 move stop loss to entry point to secure a risk free trade. Additionally continue moving stop loss up by one target each time a new target it reached. i.e. when T2 is reached, move stoploss to T1 level. This way you can ride out dips with no anxiety and automatically exit the trade in profit should you not be around to monitor!
BLong
by theheirophant
7
Trailing Stop Loss RuleAs you trail the stop loss with the 6 Day RPR, remember to maintain discipline by not moving the stop loss back away from the retracing market. In other words, if you raise your stop loss, then keep it there. Period. ONLY MOVE THE STOP LOSS TO TIGHTEN AND NOT TO LOOSEN THE DISTANCE. This rule applies to whatever indicator or means you are using to trail your stop loss. Trailing a stop loss means only trailing it behind, not doing the opposite and moving it away from the retracing market price. In this example of the CHFJPY your stop loss would have been maintained at the previous day's 6 Day RPR low of 116.4480 and not moved down to 116.0888, which is the current days' 6 Day RPR low.
Education
by chris333
BTC Waterfall as expected! Still another 4 hour lower highWow, we had some nice volatility today. And this was the cascade I was speaking of yesterday. Yesterdays post I stated "We have a lot of recent lows from 4 hour chart to be watching including $6208 from today, then $6191, $6177, and finally our low from when the bounce first started on this move at $6116. I would not be surprised to see all 4 of those levels get taken out together as many in positions will utilize those areas as stop losses and odds of us cascading down and straight through them is fairly high in my opinion if RSIs are able to cool off first". And just over 24 hours later we watched the drop from $6330's straight through all of those prior levels in about 1 hour with our new bottom at $6106. This is just a simple thing of recognizing where stops will likely be triggered and it won't matter if news related or not, stops are established and once triggered, we see the waterfall effect. The positive out of this is the bulls bought the dip hard. Traders were waiting at the bottom for each resistance to be taken out to buy the dip, give the V shaped recovery and then scale out along the way up. The negative, even with a 6-7% bounce in 30 minutes, the 4 hour chart still only gave another lower high with our top at $6511 compared to our most recent lower highs of $6530, $6565, and $6580. Same deal, traders recognizing where the resistances will be and scaling out prior to lock in profits. Also on a positive tho, just as we had a bunch of lows stuck together that could all get taken out at once, we now have a bunch of lower highs all close together and if the bulls can get another push up, would be watching for them all to get taken out together. Shorts will have stops at these levels just as the longs did down at the lows. Happy Trading! Enjoy the volatility! Just My 2 Sats!
COINBASE:BTCUSD
by My2Sats
XRPBTC Primary PredictionGang, I am going to keep experimenting with this pattern. I think we are going to see a correction around 6,450, but that's okay we will still hit our target on the chart. Buy the handle. Set a tight stop loss. 5-10% loss with close to 50% gains. Let's get it gang. ***A 100% drop playing out throughout the rest of the year is still very possible. If you ask me though the bullish risk to reward on the long term is mind blowing. We are in buying territory on the long term. ***Always remember to pay homage to the gang, and keep movin that bread. \w/ ***LTC TIP JAR: MNW7HLttWjNzwEEMsDYpMNEUWi1Kct6vVr
Long
by SheepGangShepherd