Put the fib at the real breakout level (cause that's where the rally started then) and you get an OTE at 252. that makes good sense in combination with the price action we are seing now ... long wicks down to the ote (typical ote buying) !
the trades didn't work. the charts themself are still usefull I hope. nothing tragic about 2 trades going wrong. look at my average risk/reward ratios. they are around 5 usually ... so even after 4 losing trades in a row I'm still profitable :P
IvanLabrie
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That's the way to go, it's hard to be right all the time.
I think this timeframe is not suitable for BTCUSD analysis of this sort though.
Try the same on 4h/daily/weekly and it might work better.
MagnusTradingGroup
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the only thing that is "wrong" is that the OTE level I found is not the "real" one ... so obviosly drawing the fibs from the apex to the top didn't work here to predict a final OTE level :)
IvanLabrie
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I don't use fibs, nor ICT terminology, so I wouldn't know but I know the general direction and bar by bar analysis were showing me another thing altogether.
I'm still bearish, target is a retest of 150 at the very least, down to 86-124 as an extreme move.
After that, hard to say.
MagnusTradingGroup
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wow that sounds extreme. can you elaborate a little bit more on that ? thx !
IvanLabrie
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Sure:
BitcoinGuru
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yes definitely i didnt mean it in a bad way, i meant the "setups" you came up with were pretty good but they didn't play out. but good job crafting that up :)
BTC_Daily.Pips
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I asked Magnus if he could publish it to watch the last dip, maybe to go long with tight stops at the trend line, so merely lost anything, but the R/R was worth it, so I may be faulty for publishing it, I doubt any of us was long during that crush anyway :)
MagnusTradingGroup
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I wasn't long and infact started shorting just after we broke the green trend line :)
There is no reason to say it's your fault that I published it. It's good that I published it :D people can learn from my mistakes aswell