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BTCUSD position strategy, Day 17 of 100DAYSOFTA- The oversold

avatar of @turpsy
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Today is another day to see some fireworks in the price action. From the CME chart, 15 mins TF, we have some gap down, at 9280, 9308 and 9675 USD. If they will be filled now, is a subject of another discussion.

https://www.tradingview.com/x/5Ttbau1l/

This is my entry for the 100DAYSOFTA challenge, Friday 26th June 2020.

__ I am joining a challenge by a group of traders. The challenge is #100daysofta. Some of the people in this group have posted on $Youtube, $Twitter but I will be posting mine on Hive. The convener of this challenge is https://twitter.com/CryptoluXP However, the frequency might not be daily but it will be sequential. Having said that, here is what I have: __

Back to normal spot trading chart: Bitstamp, Using Heiken Ashi Candles sticks.

4 hr As I always hint, Wlly can be oversold and still extend in that oversold region while price just keeps dropping. On this TF , we still have theST being short. After we hit our target, it is better to stay on the side lines and prepare for a new entry. The pressure for downward action has been met with some upward buyers, however, sticking to the interpreation of the indicators, we have not new opportunity yet. It will be worth paying attention to, when Willy starts turning upward.

https://www.tradingview.com/x/m9AVc8vC/

1h ST is short as well on this TF. This is an understanding that we have a bearish trend so far, and we should be cautious of taking long positions. However, things can change fast, if we have enough interest in buying from the Whales. Willy is oversold and the EMA (red) is not yet fully in the oversold region. It is still in between. This shows we might get a sharp reaction upward or just continue to go lower.

https://www.tradingview.com/x/1F51sG6s/

30 mins On this TF, we have price action pushing Willy to oversold. This is showing us that we are still in a downtrend and that we will need to exercise some good choice in choosing a trade. ST is still short and we have a lot of pressure to move to the downside. Things can change if we are able to make a double bottom. But from my indicator, I will need to wait and see how it reacts.

https://www.tradingview.com/x/6qH8gORR/

My Position

No trade advice from ST. I will have to wait until price action is able to give a signal.

Recent position, take profit was hit.

This is what I wrote:

I have thesame unchanged position.
My shorts were filled and now I have to some orders above the 4hr ST resistance, incase we wick up. I am thinking of adjusting the take profit upwards, due to the price action in the past days. I will be looking at the Fibonnaci retracement 0.618 value to use at TP.

This is the R:R.

https://www.tradingview.com/x/ULadKljK/

Have fun in your trades.