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BTC QUICK UPDATE!!Hello everyone, if you like the idea, do not forget to support it with a like and follow. Welcome to this quick BTC update. After the positive news of Grayscale's wins against the SEC, the market broke the long boring range. But the question is, is this enough to start a bullish rally? Let's find out.... As you see in the chart, BTC is forming a rising wedge-like structure in the daily time frame and it broke down. Now looks like it is going for a bearish retest. We have a very strong resistance at the $28k- FWB:29K level. As of now price showing initial rejection from this level but in the short term we might see another test of this zone and after that real fall begins. Overall the structure looks bearish. In the short term, we might see some greenery for a few days and after that another dump. What do you think about this? Share your views in the comment section. If you like this idea then do support it with like and follow. Thank You!
Short
by CoreCrypto1
7
New week, new opportunities!I’m expecting the week to start and take all of the liquidity above those highs (red dots). The volume of that move higher will be very important to take into consideration. The issue is, the week needs to make a new low and that fact alone will probably give bears an advantage from my POV. To make a significant low on the weekly, price will probably have to break H4 structure and if it does, the next demand that I’ll be paying attention is around 1.075. As traders, we need to take into consideration different scenarios and how to act upon them. So here’s how I’ll trade next week. If price starts breaking bellow Fridays low, I’ll start looking for shorts aggressively and considering the possibility that it will reach 1.075. When it does, I’ll look for longs, because price should take liquidity from above, before continuing with bearish momentum if that’s the case. Also important to notice that level is inside weekly demand and if it breaks, the bearish momentum would be very aggressive. I don’t consider that as likely to happen, unless there’s some catalyst from high impact news. The other scenario that I’ll be looking for, is price holding Fridays low and continue higher to take the liquidity as mentioned above. In that case, I’ll consider shorts from around 1.097 BUT since price is coming from daily demand it will depend on how it gets there and even if I take positions, I’ll manage my expectations about the results. Monday and Tuesday don’t have any high impact news, which is perfect for price to grind higher, which is my main expectation for the beginning of the week. Wednesday there’ll be PMI data on EU and US, should be very volatile. Thursday, unemployment claims from the US and Friday consumer sentiment and Powell speech after. The goal is to remain truthful to the plan and enjoy trading for what it is!
Long
by CirculoForex
H4 demand in playThis is a continuation of my first post, please go read if you haven't. Price is inside daily demand, provided a reaction and then came back deeper to the H4 level that I had marked. Today the M15 internal structure changed and it's now bullish, suggesting that the pb is over and price is ready to move higher. The first target is the most recent H4 high and then it's necessary to reevaluate the situation, because the way I see it, price is in a crucial moment. If it breaks lower from today's low, there's still the M15 at the very bottom, which is the last level before the break of H4 structure. If that happens, it's suggesting that price wants to mitigate a lower level on the daily and then it's valid to consider shorts.
Long
by CirculoForex
EURUSD Trade Recap 11th August 2023Breakeven taken on EURUSD last Friday, very happy with the management. Full explanation in the recap. 🧠Emotional Log --- **Pre-Trade** I understand all the confluences within my thesis, I accept this risk as I know if it is a loss I clearly understand exactly why I took to the trade. My stop is protected and if price takes me out there is a chance it is forming something else anyway. Do not be greedy, but also do not hesitate. These are the trades I must allow myself to take. **During Trade** My stop is protected, allow price to do its thing. My entry is valid, and I understand structure over candlesticks. I utilised the timeframes as best I could, working from the 1H structure filtering down to the 15M without jumping in. Do not choke the trade, mini 90% rule is in play so let price do its thing. **Post-Trade** I understand that price created a mini scoop for a much sharper entry, however, how can we guarantee this will always happen. My entry was valid, and stop was protected, I understood the 90% rule kicking in and managed risk accordingly to price action on the 1H. Nothing more I could have done in this situation and capital was protected.
by JordanWillson
Harmonic + OB + IMB + OTE: Failed1. I used the Previous OTE ZONE as my entry area when it has already been tapped a few times... 2. I did not plot a fib ret on the latest swing low/high for some reason despite there being a ChoCh present. One thing to note about this though, is that the FIBRET is Reversed. Seeing the non-reversed version meant there was no OB + OTE confluence anywhere. Maybe that's why I didn't bother with it. Here's the thing though.. and what is probably a crucial information that I wouldn't have learned if I didn't lose this trade: Putting fibret on reverse, meant it confluenced with the FVG. So what I've learned: 1. OTE + FVG MIGHT JUST BE AS VIABLE AS OTE + OB. 2.Try out both reversed and non-reversed versions of fib ret. There might be a confluence you are not seeing. ALSO, VERY IMPORTANT NOTE: If price left your entry point, and reached target take profit (liquidity, fvg, s/r levels, etc) first... Close the trade. Reaching the target take profit means the market maker move is done. It means the intention has been fulfilled, and it's time to make a new price action setup. So the next time it reaches your target entry point, the price has a higher chance of not bouncing, because price is already moving with different intent. CANCEL COMPLETED TRADES. SAVE YOUR CAPITAL. DON'T GIVE IT UP EASILY.
BITSTAMP:BTCUSDLong
by HaribonALT