BTCUSD channel break to the upside could mean correction !
Hi everyone, beautiful channel is forming in BTCUSD chart, and I believe that if resistance line is broken, then we could see at least a short term correction. Every time support line was reached, we saw a massive spike in volume, which could be interpreted as accumulation. So what I am going to do is wait for the red candle to test support line once more and then I will enter long trade with the first green candle, or, second option, I will wait for the green candle to close above resistance and I will enter long trade then. As always, I will use “color options” to trade this set up, which means I will get paid for every green candle that forms after my entry. My rules are the same as before.
If you are not familiar with “color options”, ask me in the comments section or join a chat here on tradingview - candle color options.
Rules:
Worst case scenario: if I will lose on 4 candles in a row, I will take my losses and look for a new set-up.
Best case scenario: If I will win on 4 candles in a row, I will gladly take my profits and look for a new opportunity.
I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades.
For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins).
Even if price direction goes against me, I expect the move downwards will be comprised of more green candles then red ones, which is still a winning scenario for me since all I care about is the number of green candles and not the direction of the price, per se.
Please follow, like and comment !
If you are not familiar with “color options”, ask me in the comments section or join a chat here on tradingview - candle color options.
Rules:
Worst case scenario: if I will lose on 4 candles in a row, I will take my losses and look for a new set-up.
Best case scenario: If I will win on 4 candles in a row, I will gladly take my profits and look for a new opportunity.
I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades.
For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins).
Even if price direction goes against me, I expect the move downwards will be comprised of more green candles then red ones, which is still a winning scenario for me since all I care about is the number of green candles and not the direction of the price, per se.
Please follow, like and comment !
Trade active:
Green candle closed above resistance, so now, according to my rules, I will start placing trades on each consecutive candle that it will be green. I will trade max 10 candles.
Green candle closed above resistance, so now, according to my rules, I will start placing trades on each consecutive candle that it will be green. I will trade max 10 candles.
Market has moved sideways so I will exit this set-up.