Wait for a voluminous breach of the purple triangle, and place shorts/longs in the same direction. I provided a couple targets for both directions.
Small green arrows are 1.618 extensions of the big green arrows. They nicely land into existing key support/resistance levels.
I prefer the upside as it would be a good point (in the context of the 2. auction) to break the long-term resistance diagonal (blue dashed line) and go into a new uptrend with new highs above 1k :]
Your charts and data help me a lot as a newbie in the bitcoin and forex trading scene. Thanks a lot!!
khoilevt
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Buy at above 380?
MagnusTradingGroup
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if you see high volume, then go for it :)
IvanLabrie
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Volume in itself isn't that relevant, that's a dangerous statement to make.
MagnusTradingGroup
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voluminous breaks of key trendlines usually pose a nice entry signal in btc. you know that :)
F.U.
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I had a long position opened at 378 USD. Then the price went down to almost 367 USD yesterday. Should I hold onto it for above 400's or should I close the position at 388 USD ?
IvanLabrie
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You should define the order size before hand, based on the distance to the stop.
For stop placement, you can use a significant price rejection area, or a low of a congestion area.
Example:
Risk is 2.49%, so you can use 2x leverage and risk your whole account value two times for a 5% total risk which is relatively acceptable. (20 trades and game over)
F.U.
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Hi. I dont know anything about these things. I just go where the market goes and try to make a profit. One of my buddies told me to do that.
IvanLabrie
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Quick way to lose money, not knowing your way around bar charts.
Dangerous to do what 'buddies' tell you to.
MagnusTradingGroup
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ask your buddie how much he made with that advanced strategy