Support from 20-50-200 EMA bringing BTC to top of parallel.
I'm experimenting with parallels here, as a way to target long exits and stop-losses for swing/day trading strategies.
I've noticed the tendency for BTC to travel in parallel channels, and I think this may be a good strategy for a beginner trader to use in order to understand price movements and enter/exit with a little more certainty.
Here, on the hourly, BTC has broken up above the 20-50-200 EMA and looks to have some upside to the top of the channel, after which it will probably test the bottom and either bottom out, or bounce up again. My aim is to trail my stop-losses higher as BTC rises, bringing my stop losses in line with the bottom of the channel, until it hits my target, if at all. Worst case scenario is I take some profit on the stop loss.
I'm using this strategy because of losses suffered during the initial downtrend formation, during which I was not available to manage long positions, and took some losses.
The purpose of these posts in general are to keep a running journal of my ideas, intentions and trades, so that they don't get lost while positions are open. I won't encourage anyone to take the trades I mention, as I am an amateur who is still learning.
I've noticed the tendency for BTC to travel in parallel channels, and I think this may be a good strategy for a beginner trader to use in order to understand price movements and enter/exit with a little more certainty.
Here, on the hourly, BTC has broken up above the 20-50-200 EMA and looks to have some upside to the top of the channel, after which it will probably test the bottom and either bottom out, or bounce up again. My aim is to trail my stop-losses higher as BTC rises, bringing my stop losses in line with the bottom of the channel, until it hits my target, if at all. Worst case scenario is I take some profit on the stop loss.
I'm using this strategy because of losses suffered during the initial downtrend formation, during which I was not available to manage long positions, and took some losses.
The purpose of these posts in general are to keep a running journal of my ideas, intentions and trades, so that they don't get lost while positions are open. I won't encourage anyone to take the trades I mention, as I am an amateur who is still learning.
Trade ist aktiv:
Still winning, therefore cancelled the sell order and riding this up.
Kommentar:
Although, between Logarithmic and Linear, there seems to be a $1000 difference. Log shows resistence around 12400 while linear 11400.