Trading idea for an upcoming breakout. Several day consolidation shows a big move is coming to the up or the downside. Which way? It's a 50:50 guess
So to trade it you can set stops and walk away.
Sell short stop @7825
Buy long stop @7959
Whichever one triggers, cancel the other and place your stoploss on the other side of the consolidation.
Having your stop-orders a little wider (e.g. don't enter the trade unless you clear the whole consolidation) will give you a worse entry but less chance of getting faked out
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Short entry triggered with break below 7825. Got 7853 as entry
Stoploss above the consolidation at 8129
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Trade update. Stops moved to break even
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Trade still open. Switching to 1hr heiken ashi. We have a potential re-short building now.
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Traed update, we only got one green candle before the dump. was not able to enter a second short, but the 'strategy' to sell breakdown of a Heiken Ashi candle would've entered short here with stop here
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For the brave... a possible continuation is forming on 1-hour Heiken Ashi chart. I would prefer to see a bit more consolidation and upside before selling this but you don't aalways see it in a bear market
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+ image
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Trade is still in progress. The previous sell signal I did not take but it would've worked out great.
Looking at the weekly chart there is a confluence of support here.
- 50 Week SMA - Downtrend line from previous wedge - Near February lows
Might be a good take profit area
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Unfortunately one cannot be awake 24/7 and overnight BTC came within inches of my profit target of 6556 and rebounded hard to 7200
In case we are reversing here I have moved my take profit stops down to 7370.
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Prices are meeting the downtrending 30minute 50 SMA. Let's see how it reacts. Can it cross the line or will it get pushed down?
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Hitting resistance now at 7200 and a pullback. We have a potential candidate to re-short developing
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Sell condition reached (1hr red candle, 1hr break below)
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Trade in play, have calculated total stoploss of the trade so its lossless at 7600. All stops moved to 7600
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Second short now 5% in profit First short now 15% in profit
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Two shorts still open.
Using the Heiken Ashi method of identifying trend continuation we get pretty good entries into trades
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I closed the second short position at 6750, the support seems to be holding.
Keeping the first one open. Stops at 7600
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Looking like gonna have to close this remaining 2/3 short soon if price breaks out up
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... or am I?
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2/3 of short is now closed. Watching for a possible reversal up to 7400 or continuation pattern.
It looks like a bearish continuation but experience shows these can break either way.
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All positions closed. Breakout UP. Successful short from 7900 to 6800 area with 3 short closes in the consolidation of 6500-7000