This is a bit granular but I like the way the 4 hr looks. This long trade setup is the coupe de gras on the symmetrical triangle break down. When our long-shot long failed from back on the 7th (see published chart), it confirmed the short trade off the triangle. An aggressive entry would have been a candle close below the pattern on higher time frames. More conservative entries can be taken at our current level or at a break below the previous structure low. If price gets below that level, the final pattern target is a shoe-in.
It's also worth noting that we have an overlay of Bitcoin price action (which I explain here) Admittedly
The T/P and buy target is shown on the chart and spans the measured move from the opening of the pattern, as is typical.
It's also worth noting that we have an overlay of Bitcoin price action (which I explain here) Admittedly
The T/P and buy target is shown on the chart and spans the measured move from the opening of the pattern, as is typical.
Trade active:
Price has broken down below previous structure support, signaling a very strong likelihood of our "Doom" target. :popcorn:
Trade closed: target reached:
I'd forgotten to update this idea, but we've long since tagged our short target zone and price is now consolidating for the move up. If you were able to get your entry (and you had lots of time) the long off our DOOM ZONE has been very profitable. Once the consolidation is done, it will continue to be so. Cheers!
