Trade Idea #007 - Aug 4, 2017 - BTCUSD : Long at the Break-Out

in #bitcoin3 years ago

Since 3003 ATH, this is the 4th attempt on the daily chart to break-out above 2900 area.

There are two ways to play this potential break-out:

  1. (Shown in Orange): Wait until it retraces a bit from its current price level and form a bull flag. Stop Loss at the nearest swing low (SL1) which is approx. $40 below trigger point Tr1.

  2. (Shown in Blue): Wait until it does break above 2900, and then the retracement before getting long. Looking for massive volume (short-squeeze) before entering, otherwise it will fizzle again and fake-out.

The upside targets is big if it pans out, I am looking at some major run. The R:R ratio is worth the play.

Please note these are my notes that I am sharing for my trading purposes, not advising anyone to follow what I am doing :)

I will provide an update on this same tread. Cheers.

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Do you like business and finance ?, I invite you to pass by my account, your opinion is very valuable

Si me gustan las finanzas, chequee tu blog, tienes que escribir mas ya que no hay mucho por leer :)

Update:

Strong powerful rip! I actually went in small at 2866 to eliminate FOMO. Went to sleep and Kaboom :)