Crypto Academy / Season 3 / Week 3 - Homework Post for @cryptokraze | BRB

in SteemitCryptoAcademy3 years ago

Crypto Academy / Season 3 / Week 3 - Homework Post for @cryptokraze | BRB

Break Retest Break Strategy's Definition

Based on the Market Structure Break that we learned last week, the BRB Strategy addresses the price behavior that might continues and breaks relevant levels of previous supports or resistances but goes a little back in form of a swing and then, as it's taking now a new impulse from that point, it crosses beyond that level. You can check what I'm talking about by seeing the next picture I've created to illustrate it. Notice this is like a frequent pattern that can be repetitive and we will be taking advantage of this with a proper knowledge and strategy.


Important concepts of BRB

As the price is always changing, support and resistance might be dynamics and get reconsidered any moment when occurs a sudden breaking of the market, as soon as we see on support or resistance case. Let's see them carefully.

📈BRB strategy levels for Buy Scenario

In first place, it's presented an initial upward impulse crossing a relevant resistance, followed by a swing that reaches the retest point when it's a bit back against this impulse and then it breaks again to continue going up.

📉BRB strategy levels for Sell Scenario

In first place, it's presented an initial downward impulse crossing a support resistance, followed by a swing that reaches the retest point when it's a bit back against this impulse and then it breaks again to continue going down.


Trade Entry and Exit Criteria

🔺For Long position

In an obvious bullish trend, It's necessary to wait until the break of a relevant resistance through green candles. This is gonna be our stop loss.

Once this happened, there must be a consequential pull back making a swing movement that generally reaches the resistance level again.

Next stage it's the continuation of the upward movement making a new break that will be our neckline, keeping the bullish trending.

Over here we quickly place a buy order calculating a 1:1 or 1:2 Ratio Reward RR, where we can set the sell exit.

🔻For short position

In an obvious Bearish trend, It's necessary to wait until the break of a relevant support through red candles. This is gonna be our stop loss.

Once this happened, there must be a consequential pull back making a swing movement that generally reaches the support level again.

Next stage it's the continuation of the downward movement making a new break that will be our neckline, keeping the bearish trending.

Over here we quickly place a sell order calculating a 1:1 or 1:2 Ratio Reward RR, where we can set the buy exit.


Demo trades

🔺For Long position

At the BTC-USDT pair from Binance exchange, I was monitoring the price until I saw an important bullish that crossed the resistance level of 33.160, then made a swing at 33.240 and finally the value got pull back towards the point, so I did a Buy Entry order when it had a break in 33.260, with a RR setting of 1:1 (Stop loss and Profit). But later, price never reached the profit level of 33.340, so a Sell Exit order of 33.140 was executed to avoid a higher loss.

🔻For short position

At the BTC-USDT pair from Binance exchange, I was monitoring the price until I saw an important bearish that crossed the support level of 33.075, then made a swing at 33.000 and finally the value got pull back towards the point, so I did a Sell Entry order when it had a break in 32.995, with a RR setting of 1:1 (Stop loss and Profit). But later, price never reached the profit level of 32.895, so a Buy Exit order of 33.080 was executed to avoid a higher loss.

👷🏻‍♀️>>~•Alegn@•~>🎶

The pictures belongs to the Binance platform and they were taken by a Xiaomi Redmi7A device in Venezuela.

*** See you in next post *** 📝

Sort:  

Dear @alegnita

Thank you for participating in Steemit Crypto Academy Season 03 and making efforts to complete the homework task. You got 8.5/10 Grade Points according to the following Scale;

CriteriaGrade Points
Presentation Style1.5/2
Content Quality1.5/2
Originality2/2
Relevance with Topic1.5/2
Practical Approach2/2

Crypto_Academy_3.png

Key Notes:

  • In question no 01, you have not given crypto chart examples which were required.
  • In question no 02, you have not mentioned which crypto charts have you marked.
  • In the last question, I wanted to see if students picked this strategy. Both trades were placed according to right criteria of BRB strategy which shows your clear understanding of the strategy.
    Crypto_Academy_3.png

    We appreciate your efforts in Crypto academy and look forward for your next homework tasks.

Regards
@cryptokraze

 3 years ago 

Hello professor. Thank you for pointing out that little mistake from my part. You're right about mentioning which crypto assets I've used at the beginning of the questions. And thanks once again for the mark of my task. Was the biggest I've got so far in Crypto Academy. 😊 #venezuela #affable

Congratulations, your post has been upvoted by @scilwa, which is a curating account for @R2cornell's Discord Community. We can also be found on our hive community & peakd as well as on my Discord Server

Manually curated by @abiga554
r2cornell_curation_banner.png
Felicitaciones, su publication ha sido votado por @scilwa. También puedo ser encontrado en nuestra comunidad de colmena y Peakd así como en mi servidor de discordia

 3 years ago 

Muchas gracias por el apoyo. 👏🏼 Envío saludos cordiales. #venezuela #affable

Coin Marketplace

STEEM 0.18
TRX 0.15
JST 0.029
BTC 63315.23
ETH 2545.47
USDT 1.00
SBD 2.67