New Breakout of the Falling Wedge on BITCOIN by ThinkingAntsOk
Use this as a guide to develop your setup.
On the Previous Post (link on related Ideas), we defined an optimal scenario for Long positions, which consisted of waiting for a break-out and then a Throwback.
From a technical perspective, this gives us an optimal situation because we have an apparent attempt to make new highs. After that, the price retraces to the origin of the breakout. IF the price cant enter again the zone, that gives us the signal that de demand is on control, and from there, we will develop our long setup. We are using confirmations before trading, and always being in front of the price.
What Happens if the price doesn't make that structure and keep going long?
We don't trade. We are always looking for High-Quality setups, and some times, the price can keep going on the direction without giving us an entry point. And that's OK is just part of trading.
What Happens if the price goes in the opposite direction?
Again. We don't trade. Remember that our main goal here is to make profits through a system that allows us to catch the movement in the right direction, and that makes us not enter the market when we are wrong or minimize losses on that scenario.
How are we going to develop the trade from here?
We have the first confirmation (the breakout) now we will wait for an ABC pattern like the one on the chart on the shown area. Remember, our trading style is Swing, so we are interested in catching these large impulse movements when they come.
The structure we are waiting for must have an edge, and we should be able to define it as a ZIG-ZAG / TRIANGLE / FLAT.
By the moment, we keep waiting for trading. Our central view is "Long" based on the falling wedge and the previous impulse (check the Weekly chart below). We will keep updating this trade as the price keeps going as expected, and we will show the exact entry we will be taking.
Weekly Vision
On the Previous Post (link on related Ideas), we defined an optimal scenario for Long positions, which consisted of waiting for a break-out and then a Throwback.
From a technical perspective, this gives us an optimal situation because we have an apparent attempt to make new highs. After that, the price retraces to the origin of the breakout. IF the price cant enter again the zone, that gives us the signal that de demand is on control, and from there, we will develop our long setup. We are using confirmations before trading, and always being in front of the price.
What Happens if the price doesn't make that structure and keep going long?
We don't trade. We are always looking for High-Quality setups, and some times, the price can keep going on the direction without giving us an entry point. And that's OK is just part of trading.
What Happens if the price goes in the opposite direction?
Again. We don't trade. Remember that our main goal here is to make profits through a system that allows us to catch the movement in the right direction, and that makes us not enter the market when we are wrong or minimize losses on that scenario.
How are we going to develop the trade from here?
We have the first confirmation (the breakout) now we will wait for an ABC pattern like the one on the chart on the shown area. Remember, our trading style is Swing, so we are interested in catching these large impulse movements when they come.
The structure we are waiting for must have an edge, and we should be able to define it as a ZIG-ZAG / TRIANGLE / FLAT.
By the moment, we keep waiting for trading. Our central view is "Long" based on the falling wedge and the previous impulse (check the Weekly chart below). We will keep updating this trade as the price keeps going as expected, and we will show the exact entry we will be taking.
Weekly Vision
