BTC provides a 2nd entry? 22R Long - ICT's Smart Money Concepts

24 apr 2023

On my phone, excuse the crappy chart. This a personal diary of sorts to document the development of a complete swing trading model I'm creating using ICT's Smart Money Concepts.

BTC bounced from my entry point (which is also the consolidation I posted my last 20R+ long swing trade from a few weeks ago) giving me the confidence to post this.

My thesis is predicated on the fact the megaphone pattern on the daily I shared in the last BTC long trade still has not reached target, as well as the inverted H&S on the weekly, so in theory this is only a large pullback from a weekly -OB/Demand Zone, into a Fair Value Gap in discount, before continuing upwards. There is always the possibility that BTC pulls back even further taking out the stops and testing the top of the inv. H&S.

On the macro, investors are looking to Gold and BTC to hedge against the devaluation of their currencies as well as the looming bank failures.

24 apr 2023

Nota