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Trading Bitcoin with Trend lines and S/R

  • #281
  • Oct 23, 2019 4:44pm Oct 23, 2019 4:44pm
Quoting YellowFellow
{quote} I strongly think so.. the resistance at 8400 is as strong as it gets.. IMHO.
Quoting vanillaice
After that, we should see a trend develop in whatever direction we settle tomorrow.
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  • #282
  • Oct 24, 2019 9:58am Oct 24, 2019 9:58am
Quoting TMR
{quote} If you add to your short position you could bring up your average entry price to around 8175 at the current mark price.
It looks like that would have been a smart move depending on the timing. I closed my position around noon yesterday though.

I am still very happy with the outcome anyway. My models allow for a retrace up to around 7700 so I'm happy sitting out. I ended up with about 800% return on a small trade that was in danger for a bit there. The account I'm running is up almost 150% in the past three months, fingers crossed I don't hit another setback. Every trade I made in September was a loser.
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  • #283
  • Oct 25, 2019 6:53am Oct 25, 2019 6:53am
I believe BTC has found significant support around 72XX levels
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  • #284
  • Oct 25, 2019 11:35am Oct 25, 2019 11:35am
Quoting YellowFellow
I believe BTC has found significant support around 72XX levels {image}
Nice burst, in line with expectation..
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  • #285
  • Oct 25, 2019 11:43am Oct 25, 2019 11:43am
Quoting YellowFellow
{quote} Nice burst, in line with expectation..
A nice surprise for me, let's see if momentum can break us above 10k again!
  • #286
  • Oct 25, 2019 5:11pm Oct 25, 2019 5:11pm
Quoting g-force
I closed my position around noon yesterday though.
Good timing
  • #287
  • Oct 25, 2019 10:06pm Oct 25, 2019 10:06pm
Quoting Hasher
{quote} A nice surprise for me, let's see if momentum can break us above 10k again!
Here you go..

PS: Daily Chart
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  • #288
  • Oct 26, 2019 1:35am Oct 26, 2019 1:35am
Quoting YellowFellow
{quote} Here you go.. PS: Daily Chart {image}
The top at 10,500 can be hard.. its big and can't be ignored..

Things should be clear by NY Monday Morning.
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  • #289
  • Oct 26, 2019 8:35am Oct 26, 2019 8:35am
Quoting YellowFellow
{quote} The top at 10,500 can be hard.. its big and can't be ignored.. Things should be clear by NY Monday Morning.
I am 100% convinced that this is going down and 10,500 is the top, but, unable to figure out MM.

How the heck do I set SL so high? unless I use a small gambling account with a very small micro-lot..
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  • #290
  • Oct 27, 2019 3:01am Oct 27, 2019 3:01am
I got no choice but to trade the huge pin bar on Daily TF.

IF it goes up, I would wanna sell more, this is a huge risk and can potentially blow large amount of profit in this account. I hope the risk is worth.
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  • #291
  • Oct 27, 2019 6:30am Oct 27, 2019 6:30am
Quoting YellowFellow
I got no choice but to trade the huge pin bar on Daily TF. IF it goes up, I would wanna sell more, this is a huge risk and can potentially blow large amount of profit in this account. I hope the risk is worth. {image}
Good luck with that!
But bitcoin is not a regular instrument which use to respond to technical overbought situations.
It can jump a few thou and then jump a few more ...then crash to 4000
That's the problem with the bubble behaviour coins, you never know when they go boom! ...but you can be lucky!
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  • #292
  • Oct 27, 2019 7:36am Oct 27, 2019 7:36am
Quoting TudorIoan
{quote} Good luck with that! But bitcoin is not a regular instrument which use to respond to technical overbought situations. It can jump a few thou and then jump a few more ...then crash to 4000 That's the problem with the bubble behaviour coins, you never know when they go boom! ...but you can be lucky!
I won't disagree agree with you. I had two options, either follow my system or do nothing..

The kind of pin bar I'm seeing, its not something we get to see every month.. one of the rarest of rare.. so I bet.
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  • #293
  • Oct 27, 2019 7:59am Oct 27, 2019 7:59am
Quoting YellowFellow
{quote} I won't disagree agree with you. I had two options, either follow my system or do nothing.. The kind of pin bar I'm seeing, its not something we get to see every month.. one of the rarest of rare.. so I bet.
It seem reasonable what you do. A verified system is all we can do against randomness.
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  • #294
  • Oct 27, 2019 5:20pm Oct 27, 2019 5:20pm
Quoting YellowFellow
{quote} I won't disagree agree with you. I had two options, either follow my system or do nothing.. The kind of pin bar I'm seeing, its not something we get to see every month.. one of the rarest of rare.. so I bet.
Pin bar with the right eye not even touching the body of the nose bar (not speaking about lower low)???

Daily bars with wick/body ratio > 2:1 happen 1 to 2 times per month.
  • #295
  • Oct 28, 2019 11:00am Oct 28, 2019 11:00am
Quoting yg10
{quote} Pin bar with the right eye not even touching the body of the nose bar (not speaking about lower low)??? Daily bars with wick/body ratio > 2:1 happen 1 to 2 times per month.
With spreads like the one we are seeing right now?
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  • #296
  • Oct 28, 2019 11:03am Oct 28, 2019 11:03am
Quoting YellowFellow
{quote} With spreads like the one we are seeing right now?
App. 10,500 - 9600 = 900

Spread of Wick = 900

When was the last time anyone saw a wick that large?
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  • #297
  • Oct 28, 2019 2:23pm Oct 28, 2019 2:23pm
Quoting YellowFellow
{quote} App. 10,500 - 9600 = 900 Spread of Wick = 900 When was the last time anyone saw a wick that large?
...June? It does present a rare opportunity.

Wish everyone luck in identifying and trading their new levels. I'm reeling and licking my wounds right now but excited about what is to come.
  • #298
  • Oct 28, 2019 8:40pm Oct 28, 2019 8:40pm
Quoting vanillaice
{quote} ...June? It does present a rare opportunity. Wish everyone luck in identifying and trading their new levels. I'm reeling and licking my wounds right now but excited about what is to come.
My performance has been quite bad this month by far yet I took a huge risk.. what does Tom Cruise say in MI ? tough times, tough what? whatever..
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  • #299
  • Oct 28, 2019 10:54pm Oct 28, 2019 10:54pm
Quoting YellowFellow
{quote} With spreads like the one we are seeing right now?
Not sure what spreads for FX majors have to do with the fact that pin bar is three bars construct.
  • #300
  • Oct 29, 2019 4:08am Oct 29, 2019 4:08am
Quoting YellowFellow
{quote} App. 10,500 - 9600 = 900 Spread of Wick = 900 When was the last time anyone saw a wick that large?
This was a big one. When large volumes get liquidated we typically see large wicks like this. I'm not sure the last time we saw one this big.
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