BTCUSD, consolidation channel in Bitcoin chart, more declines ?

Hello everyone, consolidation channel is forming in BTCUSD. After a steady price decline, this consolidation channel could mean that continuation of price decline is imminent and it’s possible that once support is broken, the price will continue to slide. So, as soon as support line gets breached and red candle closes bellow it, I will buy some “red options” (on red candles, max 10).If resistance line gets broken before my entry conditions are met, I will re-evaluate this set-up. My rules are the same as before:

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Rules:

7.Worst case scenario: if I will have 4 losing candles in a row, I will take my losses and look for a new set-up.

8.Best case scenario: If I will have 4 winning candles in a row, I will gladly take my profits and look for a new opportunity.

9.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).


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تم فتح الصفقة:

Red candle closed bellow support, so I will start placing bets on red candles (max 10).

أغلقت الصفقة: تم الوصول للهدف:

I had 7 winining and 3 losing trades, so my total profit on this set-up was 400%, since I get paid fixed 100% profit on winning trades (winning trade is when I guess the candle color correctly).