AndresLR1988
Panjang

XBTUSD - Kraken - Falling Wedge

KRAKEN:XBTUSD   XBT / USD
Falling wedge , plus Bullish divergence . Possible breakout.

Possible good entries:
- Pennant breakout
- Pennant support
- Trend support

Target 1 - Red square
Target 2 - 2700 - 2720 range/25.05.2017 ATH             reference

Mystery purple line - no idea if it will carry any sort of effect.

References:

https://www.babypips.com/learn/forex/wedges
http://www.investopedia.com/university/charts/charts7.asp
https://en.wikipedia.org/wiki/Wedge_pattern

THIS IS NOT A TRADING GUIDE. IF YOU TRADE BASED ON THIS CHART, GOOD LUCK!! I TAKE NO RESPONSIBILITY!!! THE OUTCOME IS ENTIRELY ON YOU!!!
Komen: wrote "pennant" instead of "wedge" in description targets....
Perdagangan aktif: 15min Chart


Horizontal resistance here, but the next candle is already forming outside of the wedge, plus MACD crossing up giving a buy signal.
Perdagangan aktif: 15min Chart


Mystery line is resistance. However, I don't think it is/was a sell. 2520-2550 should be support, although 2520 might be tricky due to price bouncing quite a bit there earlier. Buying inside the green rectangle, but not adding to my long.
Komen: Also, setting a stop at break even now.
Komen: Nevermind. Will wait for higher price before moving stop higher.
Perdagangan aktif: 1hour Chart


1st target reached. Leaving rest of the position open to keep profits coming. Now I'm setting my stop in profit zone. Will close after a convincing top, or if the stop is reached.
Komen: 1hour Chart


Buying in that green box if we revisit. But who knows, this might break resistance before everyone expects it.
Komen: Also note last chart. Adjusted trend resistance so to include every wick from before the drop to the wedge. That would've given me a more accurate timing to sell at TP1.
Komen:

lol
Komen: 15min Chart


Bear divergence. But we know divergence can take a while to take effect. Maybe one more top, maybe this was the top. Temporarily speaking. I would be surprised if we don't see a new ATH in the following 1-2 weeks.
Perdagangan tutup: sasaran tercapai: Updating as "Close" because both targets were reached. However in reality I still have some of my position open. Took profit on the first target, but I think there's a high chance of seeing new ATH in August.
Komen: August barely starting. New ATH is here.
lol!!! :DD
That looked correct, so I sold!! :D
+1 Balas
@ImanAlimi, nothing wrong on taking profits :shades:
Balas
nice work!
+1 Balas
AndresLR1988 DanielBela
@DanielBela, Thanks!
Balas
agreed
+1 Balas
agreed
+1 Balas
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