BTC | USD
gm fam, that's a nice way to wake up! Took profit, only a quarter left open of the main position.
Let's do a little trade review below; 👇🧵 1. Why. 2. How. 3. Execution.
After we did break our HTF key range low, I adapted a bearish bias on the medium time frame.
The three spots for swing trades again for me were; - Reclaim previous HTF range low. - The lows of the current range. - A dip into the Monthly demand.
For now, my focus...👇
..was at this LTF range in orange.
Same principles of a range, just limiting my potential targets, so they don't mess with my HTF bias.
Three spots of interest; - Mid-range. - Range low. - Range high.
At our mid-range point, so interested in a trade. It formed a range on an even more LTF. (red)
Thoughts; 1 -> Flip the orange range mid and look for a move higher. 2 -> Look for an entry in the red range and tp partly at the highs in case we can't flip the orange mid.
Let's zoom in on the LTF range in the red box.
An excellent range on the LTF, and the price was also at the mid-range. We got some nice trendline confluence as well. Interesting spot.
Thoughts... & 2.0 HOW 👇
Now we have our levels and ideas of what might happen if we flip certain levels. We can form a plan
Plan; 1 -> Flip the LTF mid, and we target the LTF highs.
2 -> We know it's also mid of the HTF range; LTF strength at that midpoint will also trigger my HTF range idea.
Plan; -> Trigger; flip the mid-range and break above the trendline. -> Entry at the mid-range retest. -> Stop loss and invalidation below the most recent low. -> Target 1 the LTF range high (red range). -> Target 2 is higher in the HTF range (orange range).
3.0 EXECUTION 👇
-> We got our trigger after the break after she closed above. Planned to bid the retest and previous highs on the left. The blue box.
I got filled, all good. 🤝
-> The reaction was weak, and it wasn't the quick reaction I wanted to see, so I became cautious. Especially when the trade idea is against the direction of my HTF bias, I'm happy to cut early.
So after the price closed heavily and below mid, I closed it early.
If we zoom in, we have a more clear view;
1. Below the previous highs. Kinda sets us back inside that previous range.
2. Started to lose the trendline
3. Lost the mid-range
4. Lost our previous consolidation range, which was formed as it took so long to move.
- it was distribution and fakeout before going down. I took this side and exited my position.
- or this move down was a fake out before going higher.
We reclaimed the mid, trendline, and consolidation.
-> Was not at the screens and re-entered lower-size on mobile.
I took profits at our original first target and a bit more now that the price has stalled where we are after the second leg up. Will close the remainder at our initial second target and reassess from there.
Have a good one, fam; if you have any questions, my DMs are open.
if you enjoy posts like this, let me know, and retweets are appreciated. 🤝This post is based on this twitter thread.