the more i observe formations played in BTCUSD (especially in case of small timeframes like 1h, 4h), they statistically give false signals.
like this double top formation:
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To play the above formation entry should be now @9300 with short position with target around 7000 but sl above 11800. Thats ridiculous risk/reward ratio. I start to think that stoplosses @ around 12000 will be soon activated by an unexpected wave.
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current situation - trend looks for now like bearish, but for me that double top formation is too risky to get short with so wide SL (@12000)
and longs for now, where there is no bull market for now are even much risky
@pawelchasikowski, it needs even bump to retest 8800-9300 but first some formation like triangle is needed to even think about short play. Now is the time to stay aside from playing longs, and searching for possible bearish patterns if someone wants to do intraday play. I personally dont do, prefer longterm.