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BTCUSD position strategy, Day 24 of 100DAYSOFTA- Dump or Pump?

avatar of @turpsy
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Going to CME chart as usual. There is a gap at around just created at around 9245 USD. This is as a result of the dump yesterday. Here is the chart Remember we have a gap at around 8845 and at around 9645 USD.

https://www.tradingview.com/x/y0HDLnZL/

This is my entry for the 100DAYSOFTA challenge, Friday 3rd July 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: __

4 hr We have been in this ST short trend for a long while. This has not resulted in a jaw dropping move yet. However, to has been a choppy price action. On this TF, ST is still tell us to short any move up and also the resistance is now at 9535USD. This means the highest we can go before we flip long is 9535 USD. However, as it is now, we might need to be cautious before taking a position. This is because Willy is at not yet decisive. Any move up should be treated with good stoploss.

https://www.tradingview.com/x/ernozUGH/ 1h Yesterday, the 1 hour was in a ST long position. but the drastic drop already changed it to short. Generally, we are in a downtrend, and this something we should bear in mind. The price action and ST here is telling us that a short is profitable on this TF. THis means we should be cautious of any long position. Willy is also not well resolved at the moment. We might need to have more price action before we take a position.

https://www.tradingview.com/x/DaCoQj36/ 30 mins Also, on this TF, the ST is also short. This is a confleuce of TF, meaning on all short TF we are not to be looking for long position. However, there might be a price uptick so as to load short positions. Willy is also not well decisive and might be better to stay off the market to avoid choppy price action.

https://www.tradingview.com/x/RTYxnwcM/ Extras 15mins and 5 mins chart respectively.

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

https://www.tradingview.com/x/hX8rMCGI/

Summary:

4hrs ST is short 1hr ST is short 30 mins ST is short

  • My Position

Flat. Waiting for more price action.

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

In the 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 a fun-filled weekend

Posted Using LeoFinance