29 May

Victors Trading Blog #3

Bitcoin Live Trade, showcasing Risk Management, Entry techniques and much more

Crypto

Bitcoin

Superordinate, there's still the Rebounds that are likely to be targeted, which atm would represent a ~9% gain which is very unlikely, assuming there's no major unexpected news event.

To the upside, the BSL marked with the red arrow is the one I'm focusing on now, as it's high probability (high to the left, lower almost equal high to the right) and there's an OB at the same level. If I see something that makes the other highs above it relevant, I'll upload another screenshot.

Price ran away quite quickly from that 15m FVG which is an indicator for higher prices. But since price did a run, it's now important on how we react when coming down again.

Nice reaction at the 3m OB, but I'd wait for price to come down for an entry.

There's a nice triangle at the Top, the tip of the Triangle is often revisited at a later time to draw a triangle in your charts and add a horizontal trendline at the tip of it.

To be honest, I don't really like the volume, it's very low and also a Bang holiday in the US so, I wouldn't expect too many big price moves. This isn't an ideal trading condition, as price can just chop around and really don't do anything right now.

But there was a nice FVG in the 3m for an entry above the short term high.

The high was taken by the wick of the big green candle, so stops were being triggered, meaning if price goes further up which is likely considering the higher timeframe, we first need to get another trigger for upside movement.

This move from FVG to the high was 0.2% or $122.7.

Now it's likely to rangetrade for a bit creating equal highs and lows to both sides and ideally, what I would like to see, take the SSL and then continue trading higher.

Remember: when you're in Profit you can always place the Stop at BE, if you get stopped out and still like the trade, get in at a entry price. At least you didn't lose any money ;) and maybe increase RR

I was stopped out slightly above BE (to cover spread and order fees)

From a pattern perspective, the Rebounds would make some nice first TPs.

Put stop into Profit, if it now fails, I'm out

+Breaker confirming further upside movement

Candlestick Pattern trader would see a dragonfly Doji, here marked with the red arrow, indicating further upward movement

Further upward movement occurred after the dragonfly Doji

Multiple Retests of that +OB, higher prices will likely follow

Price is now on its way to the internal range liquidity.

Also, as you can see the last dip into that +OB was lower than the others, meaning there was sellside liquidity taken which is another indicator of higher prices.

Buyside being taken, which means a likely reversal is incoming (at least in the short term)

Rest of the position was stopped out in profit. Reentry would have been possible below the lows outlined in the chart above or using a reentry technique

Beautifully touched the Buyside Liquidity Pool outlines earlier.

smc

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