BTCUSDT Sell now? Chart patterns and indicators affirm!
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Hello Super Traders! I hope you are doing just well ;) As you can see in this chart in 1H time frame, the chart has formed a Head and Shoulder pattern which an indicator of a trend reversal. Yet, referring to the sacred book of " Technical Analysis of the Financial Markets" by John Murphy, we need to await the volume confirmation. So, if we consider the price of 18450 just as below the slightly sloped neckline, we will enter the short portion in 3 different prices, according to your preference and risk tolerance: 1- we divide our position into 3 trading units (not equal) 2- we enter the short position in the current price with our first trading unit ( say 50% of what you intend to trade) 3- we enter the short position once the neckline is clearly broken with our second trading unit ( say 30% of the remaining money) 4- we enter the short position once the neckline is clearly broken and the price pulls back to the neckline with our third trading unit ( say 20% of what is remaining)
For example, if you want to trade 1000 USDT, then you open 500 USDT as of your first position. Then 300 USDT in the second step and finally 200 USDT in the last step.
NOTICE: Please Please set stop loss for each of these trading units separately!
Furthermore, for more confirmation check the volume and DMI which I put here under the chart. As you can see, the downtrend is about to start ;)
Good luck with your trades and obey your money management strategy and guidelines!
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.