Here's the game plan for another long trade. We've got fibo support at $13973 and the classical support at $12,000 in case we break down. Our breakout level on Bitfinex is $17160.50, with four profit taking levels that remain valid so long as we trade above the recent low. Remember the 1-2-3 strategy we use, and keep your stops below the impulse waves on the 1HR or larger TFs.
If we trade lower i'll update this idea with new targets.
Cheers and GLWT! -Erik
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Stopped at entry, let's see where we bounce next.
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Don't forget the chart I posted in the other thread:
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We bottomed within our current bullish channel (illustrated on the original idea). Now we are trading in the shorting zone (0.618) where the market could reverse. Above it is bullish, and below the shorting level look for a higher low. Overall the chart is still bullish.
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Should not trade below $15,600
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Here's the pullback...
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We are still bullish...
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Remember our TPs have changed since we traded lower after posting the original idea here. Min TP is $19,874 ;)
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MIN TP! Cheers XD RSi and MFI are still trading above 50 - we are bullish. We are looking for a pattern similar to the one circled on the RSI and MFI. This is a kind of parabolic impulse wave. At that point we think hard about exiting our position entirely. For now I see no sell signals.
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Here is the chart with the RSI and MFI circled:
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Hit my trailing stop overnight. Let's see where we bottom..
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Alrighty. So we broke the parabolic uptrend channel. This is a bearish signal. But we are now trading back int he channel. Let's see if we test/ break it again, and see the previous bull channel. Alternatively, we could shoot up from here.
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We've broken through to the previous channel. Currently we are kissing the .382, and if that gets broken we will visit the 200 EMA/0.11 fibo (this is a convenient place to wait for a bottom). Below the EMA, we are looking for a deeper consolidation.
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WE hit the EMA and bounced. :) Here's what we are looking for next.
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We bounced from the .618 of the recent bullish swing. Now we are looking for signs of a reversal. Notice we are trading below the 4HR EMA200. This is a bearish sign. Many large traders will not reenter the market until we are back above the 4HR EMA200. Keep in mind if we contiune to breakdown, we will begin to look at the daily chart. The EMA200 is far down at 6800ish.
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Nice reversal on the 1HR. Still below the EMA200, though. If we pull back here we have strong support at $13,248.
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Kissed our target level and sold off! The current level looks like a bottom formation, so watch for a breakout to the upside and buy a close above this triangle pattern. If we breakdown, here are the levels to watch.
dumb question but when using the fib tool on tradeview do you start at the high or the low ?
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@arai02r6, doesnt really matter, as long as you know the retrace percentage. If you wanna measure a reversal, you drag the tool from the bottom wick to the top wick (or candle, but you wanna be consistent).
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@agency, ok thats what i thought but i was looking at your last snapshot and yout 0 % is at the bottom and mine was at the top cause i started from the low wick to the high wick ... were you not trying to measure retracement ?
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@arai02r6, just trying to learn man not questioning your skills at all !:)
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@arai02r6, no questions are good! You;re right, its just that I wanted to see where the 0.11 (or .89) fibo would land, as thats a magic spot ;)