THE BIG SHORT: ASIA OPEN UPDATE – BIG BTC ADJUSTMENTS

23. Nov. 2020

ORIGINAL TRADE SETUP POSTED FRI, NOV 19, 2020

• 61.8% to 78.6 fibo level zone extended from the 1st wave of correction of the all-time highs provides clear positive risk: reward play for a downside correction to follow with entries preferably near the extended 78.6 fibo level short BTC at around $18,035 with stops above all time highs and just below the next big figure at $20099 and final take profit targets just above the key $12,500 pivot providing a 4:1 risk reward play.
  

BIG BTC SHORT ADJUSTMENTS
*ENTRY: BEARISH ENGULFING CANDLE AND 7 CONSECTIVE WEEK PATTERN
ADDITIONAL SHORTS ABOVE CURRENT MARKET RATES TO CURRENT AVERAGE OF ABOUT $18516 as of Nov 22

*STOPS (LOSSES): ADJUSTING HIGHER PRE-THANKSGIVING
ADJUSTED HIGHER TO ABOVE 1.618 fibo level (downside wave starting at just below 13K to 4K) to $21,030 to avoid stop runs on potential volatility spikes over Thanksgiving holiday season.


*LIMIT (PROFITS): CLOSING HALF AT $10,900 and REMAINDER @ 4K level
T/PS ADJUSTED TO $10,900 and $4,000 for half a position each providing potential gains of roughly 98% on t/p level 1 and 360% if the final take profit hits at the 4K area equating to an average return of 274% with a risk percentage of just -8% on unleveraged positions

UPDATE: DROWN OUT THE NOISE, FOCUS ON THE TAPE
- Bullish Retail Sentiment High = Higher Probability of Contrarian Counter Shorts
- BTC valuations at 100k within a year by many analysts at banks also made same prediction for BTC to be trading at that price point by this point in time
- Stronger USD likely on flight to safety as US death tolls hitting record daily rates and we approach key year end growth numbers globally
- Low liquidity into the upcoming Thanksgiving Holiday has typically seen vicious moves to the downside
- Max pain trade is definitively to the downside, not higher

Happy Holiday Weekend, and some may be thinking who this guy posting ridiculous r:r trade setups within this community...follow the links for a few hints:

*fxtradermagazine.com/
*dukascopy.com/tv/en/137431
*dukascopy.com/tv/en/142217
*dukascopy.com/tv/en/140167
*dailymotion.com/video/xq8njx