This Three Line Break (4h) chart highlights a pattern which has repeated itself several times recently.
1- A succession of bearish candles with average volume prints, followed by
2- A taller volume bar on a bearish candle, then
3- A reversal after 3 bearish candles with average to low volume.
Remark: the candles on the chart are not based on time intervals but purely designed on price levels.
On the last blue highlighted zone BTC went through step 1 & 2, currently evolving in accordance with step 3. 2 bearish candles with average volume. The 3rd candle after the spike could end up bearish without invalidating the strategy as long as the volume is kept in check.
I see the current setup as an interesting risk reward opportunity.
My parameters:
Long position @ 9510ish
Take profit @10140 and 10240
Stoploss @ 9230
Volume Exit if a bearish candle prints with volume > 7500.
This is no financial advice just a statement of opinion.
1- A succession of bearish candles with average volume prints, followed by
2- A taller volume bar on a bearish candle, then
3- A reversal after 3 bearish candles with average to low volume.
Remark: the candles on the chart are not based on time intervals but purely designed on price levels.
On the last blue highlighted zone BTC went through step 1 & 2, currently evolving in accordance with step 3. 2 bearish candles with average volume. The 3rd candle after the spike could end up bearish without invalidating the strategy as long as the volume is kept in check.
I see the current setup as an interesting risk reward opportunity.
My parameters:
Long position @ 9510ish
Take profit @10140 and 10240
Stoploss @ 9230
Volume Exit if a bearish candle prints with volume > 7500.
This is no financial advice just a statement of opinion.
Nota
Took Profit @10110. and out of the trade. I wanted to be out before meeting 20MA Bollinger. +5%. Not Bad
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.