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My trades for the upcomming hours (BTC) (short term, 1hr chart)Today no major update, fundamentals still great, waiting on the ETF news and looking closely to the 6.8K level like everyone else. Will not write about how important that 6.8K level is because that’s clear now (everyone speaking about it). Today I would like to share some trades I’m going to make in the next days: -So I expect a small rally before the ETF decision on august 10th. Nevertheless I expect nothing major… -Saw a lot of people on twitter, etc… talking the bear flag on the 1hr chart, to be honest it was a schoolbook example for a couple hours but in the last few hours, BTC has broken the trendline (as expected) but found support at 6.87K for a few hours now. So we can not speak about a ‘clear’ bearflag anymore. - - we've found support at 6.875K 4 times today -The boilinger bands are telling us that BTC price is ‘to low at the moment’. So we saw in the past that the boilinger bands are a great indicator short term. We’ve broke the support line at the bottom of the boilinger band so I expect a small rally. -We are hugely oversold RN. Orders Pos 1: So I will put my order at 6.9K. and my next target is just below our prevouis resistance at 7.15K. this could be a possible profit of 3.7%, with a small leverage +/- 10%. Pos2: If we break below our 6.87K we are going to bounce at the 6.8K level. I think that find support just above the 6.8K because a lot of people put their shorts just above that level. I expect a lot of people putting it at 6.8K so I expect there a small bounce for sure before we possibly go down more. On that trade we could make something around 1%. Pos 1: Order: 6.9K stoploss: 6.87K next target: around 7.1K possible profit without leverage: +/- 3% Pos2: Order: 6.8K stoploss: 6.75K next target:6.875K possible profit without leverage: +/- 1%. (this is no financial advice) Love to hear your opinion on this! DM's and comments are always welcome. Leave a like if you appreciated it!
COINBASE:BTCUSD
by cheynos
ADVANCED PATTERNS CYPHER PATTERN BULLISH BEARISH 1HR GBPAUDHey traders, just thought to post up these 2 cypher patterns which have formed on GBPAUD for those who trade these patterns/pair and possibly missed these. As always if we break the C leg on the RED Cypher and close beyond a 1.414 Fib Ext from XA legs this pattern becomes invalid. If either patterns go past the X legs then also these become invalid. Depending on your rules for entry as we see many times X can be breached but the pattern still completes to our targets without being stopped out. As always set your Entries Targets and Stops at the levels used for trading cyphers, or depending on your system strategy for trading cyphers based on your backtest results. Also remember if or when an entry is hit, stops are to be moved to the entry position when price action hits our TP1 which is the 38.2% Fib Ret Stops always beyond our X legs Entry is at 78.6% Fib Ret from the XC Enjoy and trade consistent with no emotions.
by Oztrade
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