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USDCAD - Be Careful of Overlapping Levels of Structure Experience is a major part of becoming a consistently profitable trader. Now experience isn't just gained by the amount of time that you spend in the markets, it has to be earned by doing the little things such as reviewing your trades on a daily basis & asking yourself what did I do good, what did I do bad & what could I have done better? Something that I began to notice in my trading years back was that I wasn't being the smartest with my stop loss in certain situations and this was mainly due to having too much of a recency bias and not focusing enough on the past in comparison to the present. Situations like the one on the chart would routinely take me out because although my stops were below the most recent level fo structure (making me feel safe), they were not below those sneaky past levels of structure causing me to be easy pickens for smart money hunting. I now take this into account on every trading scenario I look at and although it has reduced the amount of trades that I take, it has increased my efficiency in the opportunities that I do take. Akil
Education
by Akil_Stokes
10
Bitcoin aims to 16k levelsHi! Bitcoin just corrected from 12k up to 0.618 fibb (9700) and made a direct jump to the resistance of the 10600. Although the last fall caused a lot of pain, the chart still presents me with possibilities for new highs, for that we need Bitcoin to break the wedge and stay above 11k in the coming days. I can't fight against the trend and so I'll make a buy on 11k levels. This can be risky, ain't no shame if you got stopped, you might always use stop. Keep it simple. Resume: - Retraced to 0.618 fibb (9700) from last bullish impulsive wave - Bullish Wedge - Trend still Bullish - RSI pointing up Conclusion: - Long Strategy: - Wait for a confirmation and then buy only if we're above 11k levels - Move Stop once the market is in favour Target - 16000 **** Manage your stop according to your risk management. This is not financial advice.
BITSTAMP:BTCUSDLong
by LuanCeli
LTC/BTC - Bear TrapHi! Since the last idea posted on Litecoin vs Bitcoin I was stopped at 0.010950. They are past waters. Analyzing the further movements,we can see that Litecoin might be facing a bear trap (purple square) which is a good sign of reversal, indicators also show us good risk/reward. Stochastic is pointing up, volume is growing. Bitcoin is consolidating, so it means we may see few altcoins performing meanwhile, Litecoin has good fundamentals to keep it's way up. Resume: - Bear Trap; - Stochastic pointing up; - Volume is growing; - Good Risk/Reward; - Bitcoin consolidating. Conclusion: Long Strategy: - I'll wait for a confirmation. I wish Litecoin test 99 MA (0,013813) and then test it's symmetrical triangle support (0,012107). - I'll put a buy order at 0,012960 and put a stop-loss at 0,010960. - I'll move my stop always the market is in my favour. **** Manage your stop according to your risk management. This is not financial advice.
Long
by LuanCeli
BTC ... Stop guessing and keep it simple!If I learned one thing about BTC in 2018, it is that we should all stop guessing where it's going (up or down). I find most of the time, when we guess, it's almost impossible to push aside our emotions. What that means is that our guess reflects our wishes ... our dreams. "I've shorted from 3300, and now I believe it's going to 1000, and I'm going to get rich!" WRONG! It's never that easy. I do believe that TA can help, don't get me wrong. But going to 1000 or 100,000 is a guess ... nothing more. Both uber-bears and uber-bulls alike are toxic to the naive trader. KEEP IT SIMPLE. Find patterns, and the longer the pattern spans on the time frame, the more important it is. Here's one that's been developing since the beginning of April. A simple parallel channel. The way to trade this is to buy the bottom, sell the top, and have your stops a reasonable margin outside of it (above it for shorts, and below it for longs). You cannot put your stop $1 outside of the channel, the whales will eat you ... they look for those obvious stops. If you can afford, put the stop sufficiently away from the channel, risking around 2 to 3% of your capital. You have to be in a zone that is away from the obvious stops, probably where 70% of the crowd will obviously set them up. Figure that out! In some cases you can flip from long to short, or from short to long on the stop ... but it has to be safe (note, I prefer not to do that and rather wait for the next setup, as flipping is guessing!). So, good luck if you want to keep guessing. You might win the lottery, you might lose a lot too. I prefer to do what successful traders do. Calculated moves, good risk:reward ratios, protected by well-thought out stops. Do not use this information for trading, financial or investment decisions, for educational purposes only.
BITFINEX:BTCUSD
by MAGICMARK
2
The Long-Term Trend Shows Some Hopium For The Bulls In $BTCWhen you take the long-term trend lines into consideration, the bulls still have a chance here. Back in late 2015 the Average Directional Index (ADX), which measure the strength of trend momentum, was turning to the upside as the green positive directional index line also increased.. a sign for the bulls to take control. The trend line was being tested in early 2017 and the ADX was staying elevated for trend strength. The positive directional index was dropping, but failed to cross down through the red negative directional index line to switch trend, so this was a signal for the bulls to continue control. The next trend line break was in early 2018 where price started to drop, but instead of turning strongly bearish it was a more sideways trading look. The ADX was dropping low to show a weak trend as the bears took over. This created the range-bound wedge moving forward. To current day, the ADX is still low, but it is still a picture of who is going to take over. If the wedge holds true we should continue higher and resume the bull trend from before. If we break and I am placing a stop, the bears will likely gain momentum and drop the market hard and create the top of the wedge as a continue bear trend. Buy here, but place a stop of protection. Still a tough call.
BITFINEX:BTCUSDLong
by CryptoMarket360
2
Bullish Dollar above key supportThe dollar had a great move after the Fed announcement that it falsely break down first to suck in shorts and then broke the key pivotal level of 94.35 to the upside.The 95 mark was quickly taken out in a breeze. There was a bit of pullback late afternoon last Friday, but the 95 level has been holding as support. For the next week, I would watch 95 mark as the key level to prescribe my directional bias -- so long as the 95 support being held firm as support throughout the week, I would hold a bullish bias to Dollar that it is very likely to reach above the double top weak structure beyond 95.80 to run for stops. The 95.80 coincides with the 61.8 fib with the whole decline from Aug 20th. If the 95.80 being taken out decisively, then the 78.6 fib level is another place the bears are like to strike their shorts, because it is the completion point of a bearish Cypher pattern.
TVC:DXYLong
by chenb1981
BTCUSD Bitcoin Trade Points and Stops from HereBitcoin Update 26th July 11:16Est 06:16Est Bitcoin was a buy on a break above the 8160 line yesterday (though by time comment went live it had already broken higher, sorry- busy day yesterday all round) It was also a buy if missed the first break on a return to the 8160 line overnight, with the low being 8163 since then. But the rally is a little lame so far up 100 or so points. Can raise the stop to 8240 for now. It's effectively back in neutral, yet again in the very near term whilst trading within the range forming overnight and today bounded by support at the 8160 line and resistance at 8298-8320. Has to break above 8320 to return to positive for rally back to 8478-8576 range. Any break above 8600 at any point on rising volume would be extremely positive and can follow long again from that point looking for 8863 initially and then once broken above to 9367. Until then the best we can do is raise the stop as above or close out as close to the 8300 line for 140 points or so profit (if you were around or had orders placed to buy the dip overnight) and be ready to go again on a break above 8320 on rising volume. Returning to the downside potential from here: has to break below the first support line at 8163-8155 range to trigger a 100 point scalp back to 8053. The next support lies at 7944. It must hold up here at lowest on any retests for the uptrend to remain in tact from here. 25th July 22:18 Bst 17:18 Est The bears are really struggling here. We've had 4 minor waves down with the last being a slightly higher low - there's no momentum building on the downside - there are no sellers . And if that;s the case it have to move up until there are some again. The support lines have been adjusted accordingly . This mofo is trying to break above 8170 as this is finished. It's not ready to go down yet. So it should push up instead. Which it's just damn well done. Resistance here at 8230 - must break above here on rising volume to follow long again - it looks ok though to buy the dip if it comes back to 8163 overnight if it sticks here at 8230 - otherwise will have to buy the break higher above 8230 and hope volume picks up behind quickly. If not look to close out again. July 24th Update Bitcoin Update 24th July 09:42 Bst 04:42 Est The break higher duly came at the rather strange hour of 05:00 Bst and midnight Est. Volume has been quite high though not spectacular. Not much follow through in London though. It's the first time Bitcoin has made such a small surge following a break-out higher and it hasn't reached any clear resistance level either. The rally is a little spooky so far, lacking real intent. The long shot from 7800 is going OK but not great so far. Raising the stop to 7924 for now and hoping it won't get taken before more buyers appear. * Active traders: For fastest up-dates in real time over the Summer hiatus please check link at top left of main page. You are very welcome to join.
by sumastardon