XBTUSD LONG (High Time Frame)
• Price consolidation zone on the chart is clearly visible, with price hovering around the EMAs.
• Safe entry would be on breakout from this consolidation, but that's boring.
• Degenerate entry would be close to the triangle support near 6285.
• Break down from the triangle pattern would start a pattern of lower lows, hence the stop-loss near 5985.
• Stop-loss intentionally placed inside a liquidity zone.
• There is a resistance near 7300, but if the wedge is broken, I'm placing bets on that resistance being a minor one.
• Exit placed at first major resistance just below the liquidity zone at 8325.
• Safe entry would be on breakout from this consolidation, but that's boring.
• Degenerate entry would be close to the triangle support near 6285.
• Break down from the triangle pattern would start a pattern of lower lows, hence the stop-loss near 5985.
• Stop-loss intentionally placed inside a liquidity zone.
• There is a resistance near 7300, but if the wedge is broken, I'm placing bets on that resistance being a minor one.
• Exit placed at first major resistance just below the liquidity zone at 8325.
Penafian
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