BTCUSDT- Identifying several levels of retracement.
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I'm watching BTC carefully to see where the Bulls are hiding limit orders. I have identified several levels of where price will stablise retrace then price action of a Higher low and a higher high occurs on an hourly time frame. Using the 4hr chart I have drawn a fib of price action from a previous swing low and another from a more recent swing low. Now I can see where confluence occurs of fib levels and order flow - resistance or support occurs. 1) 61.8% level occurs very near the 50% level of the two swings = 11785 2) 161.8 of the 1st corrective wave after the high fib extension = 11783 3) 50% retracement level from the swing low 12.11 to the high = 11107 4) Order flow support and resistance (role reversal) = 11228-11500
This is how I trade) I need 3 reasons to trade - mean reversion (when price has moved exponentially- it will usually retrace to a 50% level before making a higher high. If this area overlaps then I have a low risk trade setup. I don't mind if I loose as my rules will work 7 out of 10 times so I stack the odds in my favour by doing the same thing over and over. That's why I am successful- no other reason. If price moves higher from this level that I have identified I now look at where I will take a little bit of the table to re-enter the trade again. The extension level of 127% of the overall swing =19826 The extension level of 127% of the most previous swing =19052 If price corrects to the identified level the 161.8 =19974 Then we look at 21864, 23747 as our next levels to take profit and wait for a correction to add to our holdings.
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Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.