BTCUSD break outside of the wedge, possible downward correction

10 mar 2020

Hi everyone, price broke out of the wedge in BTCUSD chart, and I believe that if the support channel gets tested or even broken to the downside, then we could see at least a short term correction. So what I am going to do is wait for the red candle to close inside the support channel (or bellow it) and then I will enter short trade by buying "color options" on the next 10 candles (according to my rules), which means I will get paid for every red candle that forms after my entry. My rules are the same as before.

If you are not familiar with “color options”, ask me in the comments section or join a chat here on tradingview - candle color options.

Rules:

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

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

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).

Please follow, like and comment !

10 mar 2020

Trade attivo

Red candle closed inside the support channel. I will start buying red "color options" on the next 10 candles.

10 mar 2020

Trade chiuso: obiettivo raggiunto

out of 10 candles I was right on 6 and lost on 4. So my profit for this session was 200% on my initial trade amount.