philipdinu
做多

BCCBTC - Reversion to the Mean Trade

BITTREX:BCCBTC   Bitcoin Cash / Bitcoin
BCC             has had an extreme move to the downside with bitcoin             making new highs, and it is finally starting to show some exhaustion. The daily chart is showing a bounce into and out of the MA cloud indicating a bullish trend continuation. Momentum appears to be slowing down on the 4H chart with a doji HA candlestick forming and indicating price could potentially change direction. I will be waiting for the next candle to open and indicate a strong momentum to the upside before entering positions. Heavily oversold weighted RSI is also a good indication price could swing to the upside and attempt to touch the MA cloud or possibly the 50% fib area.
交易开始: positions opened on strong momentum to upside.
交易开始: Price progressing through MA cloud:
交易开始:
snapshot
交易手动结束: +10% Closing trade Manually since strong momentum did not continue through the 4H MA cloud and a Doji apears to be forming under the cloud. I will be watching the next 4H candle for momentum before deciding if I reopen positions, price could go either way.

snapshot
评论: I will revisit bcash after btc makes its new gains.
评论: A second doji candle is forming within the range of the first one, creating what I like to call a white doji. This is usually indicative that a big price move is coming.

I'll be watching the next 4H candle for momentum and direction.

snapshot
评论: For reference, I'm marking the other white doji candles on the 4H chart:

snapshot
交易开始: Opening up some positions with the good looking 4H candle with bullish momentum:
交易开始:
snapshot
交易开始: Moving as expected. Non Heiken Ashi chart for comparison:

snapshot
评论: Another white doji is forming after a small bull run.

I will be looking to close positions on this candle and wait for the open of the next candle to determine next trend direction.

snapshot
交易手动结束: +15%. Closing positions on the close of this candle and will look at opening new positions depending on how price moves.

Total profit so far +25%.
perfect!
回复
@johnne215, Thank you, so far on the right track.
回复
johnne215 philipdinu
whats you're TP after the retracment ?
回复
@johnne215,

I went ahead and closed these trades out manually since I was expecting a stronger move up through the cloud, but that could still come later. My original TP in mind was the area above the cloud, possibly closer to the 50% fib.
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