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Victors Trading Blog #5

Following up with the trade and chart drawings from yesterday, we can see that we did in fact go above the BSL outlines in yesterday's edition, which would be a move of $1059 or 1.6% within 12 hours per Bitcoin. 

After taking that buyside liquidity and Target 2 of the ZigZag pattern, we broke down, and back again to the tip of the Triangle (which is still visible at the left hand side). 

Bitcoin also respected the +OB nicely, closing not below the mean threshold and also not taking out the low of the ZigZag pattern, thus the chart is still in accordance with the Elliott wave rules, and we can expect to continue with another uptrend.

If you now take the Fibonacci Retracement and drag it from the low to the high marked on your chart (another ZigZag pattern) you'll notice, that price also respected not only the +OB and EWT, but also reached it's 1.27 Rebound, which in itself isn't a confirmation for a retracement, but in confluence with the overall chart dynamic and the indicators outlined above it's another confirmation for further upside movement.

A nice little scalp I would've loved to take would be the drop below the low and into the BISI (marked as a rechtangle). and then straight above the equal highs. 

But since we didn't get below the low and rather respected the +OB and the FVG (marked as the rechtangle), which is actually a bigger indicator of higher prices, that in my eyes is still beautiful price action and an indication that I'm on the right side of the market.

Here you can see the buyside being taken with room for further upside movement (in case of a scalp entry at the BISI). 

In that case, I'd like the confluence of the Rebounds and the CE (consequent encroachment) of the BISI.

Nice expansion to the OB resting above the SIBI

The BISI I marked above, is the red one with the arrow now in red⬇️. Would've made for a nice little scalp above the Buyside Liquidity in confluence with the SIBI ($172 in 7 min per contract).

Later during the day

Bitcoin managed to continue its rally further in the direction of the higher time frame bias, let's now look at the more recent price action...

In the following screenshot you can see Bitcoin breaking lower to the BISI while simultaneosly dropping into that +OB, indicating higher prices.

After the BISI and the +OB Bitcoin traded higher into the FVG outlined below, consolidating while creating equal highs, building Buyside Liquidity. 

A drop below the lows and into the +Breaker would have been a nice little Scalp, but again, we just traded into the FVG and the +OB (strong bullish trend indicator).

After dipping into the FVG and the +OB while taking Sellside Liquidity, price rallied hard, reaching all 3 Buyside Liquidity Pools.

Often when you have Liquidity pools, that are being targeted ran through, but overall have higher time Frame PD Arrays or superordinate Targets, you can often absorb price consolidating going slightly over/under the Liquidity Pools, retracing a bit to allow for a consolidation to happen and then piercing straight through towarts higher timeframe/superordinate targets...

... which is exactly what we saw here. 

Price pierced through the Buyside after the small consolidation into the FVG and finally the Rebounds of our HTF ZigZag pattern. 

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I started the ICT Mentorship, but watching your anotations on live charts really helps putting the pieces together. Thanks for sharing :))
30 May