$BTC
Coming to the charts for the first time today and will share my thoughts
Hopefully this sort of thing is useful?
I'm trying to share how my thought process builds towards making a plan that gives actionable trades
Teach a man to fish and all that...
Coming to the charts for the first time today and will share my thoughts
Hopefully this sort of thing is useful?
I'm trying to share how my thought process builds towards making a plan that gives actionable trades
Teach a man to fish and all that...
Last night we went down a bit in price
We spent a lot of the day above 50K, just a tiny bit short of hitting that 1-1 extension I mentioned yesterday
Although "consolidation under resistance" is bullish, on $BTC we often see a pullback to run some stops before another attempt
We spent a lot of the day above 50K, just a tiny bit short of hitting that 1-1 extension I mentioned yesterday
Although "consolidation under resistance" is bullish, on $BTC we often see a pullback to run some stops before another attempt
We came down to a major TPO and Volume POC Level for this upper part of the range above 47.8K
So far, retested it and bounced
So far, retested it and bounced
With this bounce it gives us a new Fib level where the .618 has very good confluence with the (old but still relevant) Daily S/R at 49909
Not very likely to majorly reject there but Day Traders and Scalpers love this kind of level for a quick short trade
Not very likely to majorly reject there but Day Traders and Scalpers love this kind of level for a quick short trade
Looking at the order flow on the drop last night, it was on relatively flat OI (slightly increasing) which we would say in isolation is neutral to bearish
However we can see from the CVD that the majority of active participants have been shorting
However we can see from the CVD that the majority of active participants have been shorting
This resulted in bullish CVD divergences (HL on price, LL on CVD) which indicates that the passive (limit order) participants have been filling long orders
So it helps answer the question:
1. Where was the market trying to go? Down
2. How good a job was it doing? Not very
So it helps answer the question:
1. Where was the market trying to go? Down
2. How good a job was it doing? Not very
As a result we are now seeing a move up from the POC region on increasing OI, decreasing shorts and increasing longs
This is bullish locally
This is bullish locally
We need to remember, price spends around 80% ranging, 20% trending (very roughly)
So if we're not trending locally, we're probably ranging
Usually this will start in small ranges (check the 5m chart yesterday) and becomes larger ranges
At the moment, I see this range
So if we're not trending locally, we're probably ranging
Usually this will start in small ranges (check the 5m chart yesterday) and becomes larger ranges
At the moment, I see this range
Range trading is the easiest way to trade the charts as well as the most relaxed
It's also the one most traders totally suck at
Most traders trade as if price is always trying to break out and trend
So they're going to be wrong 80% of the time
Go and learn range trading!
It's also the one most traders totally suck at
Most traders trade as if price is always trying to break out and trend
So they're going to be wrong 80% of the time
Go and learn range trading!
Finally (for now) we have an 80/20 setup
Daily Open was below the VAL of the previous day
This trade is now active and gives us more context for upside at the moment
If you're not sure how to trade this, Google "80/20 trade setup", you'll figure it out
Daily Open was below the VAL of the previous day
This trade is now active and gives us more context for upside at the moment
If you're not sure how to trade this, Google "80/20 trade setup", you'll figure it out
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