No need to take long to explain what I see here... It's pure and simply a low risk short setup confirmed by both PRO Sinewave &
PRO Momentum.
The last Sinewave signal was a BEAR, confirmed by overbought signal on Momentum (so that's a valid bear trading signal).
This signal got rapidly confirmed by a Sinewave BREAK pattern... at this point, things are pretty nasty... if bulls don't take things over rapidly this will get serious !
Anyway, I think the risk/reward ratio to enter this short setup worth trying to trade this..
I missed the BEAR signal and the BREAK (away to see family...) but I'm entering anyway. Trying to catch an eventual 4 point retracement based on this probable Elliott count..
Invalidation is simple, if prices break above the Wave 2... the count is invalid and I prefer taking the stop to eventually look forward to other shorts later.. Or not at all if it gets really bullish again..
Targets are easy to plot, I expect an extended wave 5 to search for a major C point. Extensions points to two narrow clusters... near 6000$ and 3000$.
I'll take profits on the first one, eventually consider buying bitcoins if I get a signal... otherwise wait for 3000$. Anyway I wont remain short leveraged under 6000.
Hope this idea will inspire some of you !
Don't forget to hit the like/follow button if you feel like this post deserves it ;)
You can check my indicators via my TradingView's Profile : @PRO_Indicators
Kindly,
Phil
PRO Momentum.
The last Sinewave signal was a BEAR, confirmed by overbought signal on Momentum (so that's a valid bear trading signal).
This signal got rapidly confirmed by a Sinewave BREAK pattern... at this point, things are pretty nasty... if bulls don't take things over rapidly this will get serious !
Anyway, I think the risk/reward ratio to enter this short setup worth trying to trade this..
I missed the BEAR signal and the BREAK (away to see family...) but I'm entering anyway. Trying to catch an eventual 4 point retracement based on this probable Elliott count..
Invalidation is simple, if prices break above the Wave 2... the count is invalid and I prefer taking the stop to eventually look forward to other shorts later.. Or not at all if it gets really bullish again..
Targets are easy to plot, I expect an extended wave 5 to search for a major C point. Extensions points to two narrow clusters... near 6000$ and 3000$.
I'll take profits on the first one, eventually consider buying bitcoins if I get a signal... otherwise wait for 3000$. Anyway I wont remain short leveraged under 6000.
Hope this idea will inspire some of you !
Don't forget to hit the like/follow button if you feel like this post deserves it ;)
You can check my indicators via my TradingView's Profile : @PRO_Indicators
Kindly,
Phil
Note
slowly moving towards the objective.. 5m charts tends to confirm bullish support here that suggest we may have found B point. Which allows me to anticipate an put some fibonacci extensions on price and time to forecast the target zone in which I'll be searching shorts ! It suggest arrival near 6am..(in my local time) so I'm heading to bed and I'm starting the auto entry algo to trigger the trade if I have a signal into the specified area !
Note
Still no signal on H1 timeframe.. maybe a double three correction to take place.. Anyway I don't enter without signals... So I'll either wait to have one, or enter on bearish breakout of the latest B point of the chart
Note
Final stage coming soon.. Sinewave H1 is giving the pre-signal. It's time to look m5 timeframe for a short setup entry close to the target area. Easiest way to do that is to set an alarm on Sinewave for bearish confirmation signals. And trade it if one is happening around 14000$Trade active
Do I need to say it ? Signal inside the expected price area.. Of course I took that. I'm now short on BTC Trade closed: stop reached
Need to exit the bearish side.. Despite the multiple bearish signals the prices don't want to drop. I decided to step out and wait for better informations. Still looking to the downside but the recent price action contradicts that. So I'm switching back to neutral ;)
To learn more about the PRO Strategy and request a trial for the indicators:
Website : pro-indicators.com
Discord : discord.gg/Agdf5rt
Website : pro-indicators.com
Discord : discord.gg/Agdf5rt
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
To learn more about the PRO Strategy and request a trial for the indicators:
Website : pro-indicators.com
Discord : discord.gg/Agdf5rt
Website : pro-indicators.com
Discord : discord.gg/Agdf5rt
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.