Does Supertrend predict trend correctly? BTCUSD position. Day 23 of 100DAYSOFTA
Weekends are not the best time to trade BTC(IMO). This is one of the resolutions I made while spending much screentime. Trades setup starts on Sunday evening. This way, one can enjoy some less bias view on the market.
CME Chart. The market closed at the lows of 9k USD, with gaps unfilled. 9235, 8845 and at around 9645 USD.
This is my entry for the 100DAYSOFTA challenge, Saturday 4th July 2020.
I am joining a challenge by a group of traders. The challenge is #100DAYSOFTA. Some of the people in this group have posted on $Youtube, $Twitter but I will be posting mine on Hive.
The convener of this challenge is https://twitter.com/CryptoluXP
However, the frequency might not be daily but it will be sequential.
Having said that, here is what I have:
Guys, I need to tell you this. We either flip up or dump. The 4h TF resistance is now lower than before. Almost 200 USD difference from the price. From the trend I have observed, when we have this price closeness, a move is coming.
On the TF, from Supertrend, we have the resistance at 9323 USD. This means we are closer to a big move. The ST has been a perfect resistance, while Willy is also a good combination to use. From the Willy, we can see that we are at the oversold, without any momentum to recover yet. However, this may change as more price actions are recorded.
Volatility is what makes BTC attractive. This is a fact.
The current price action on the 1hr Tf has been with low volatility. We can see almost no major price movement.
From the ST, we are still in a downtrend and we should look for a point to short. This means we are better of staying on the sidelines if price Is not doing the expected. Willy has literally being undecided, with no major trend. The invalidation of the short on the 1hr TF chart is at 9180 USD.
On this TF, we have thesame price movement, with ST in short trend. However, we should be expect some volatility soon. The price might go either way. And it is better we join when the next price movement is confirmed than to experience fake out. Willy is not giving any reliable clue yet.
15mins and 5 mins charts respectively.
4hrs ST is short
1hr ST is short
30 mins ST is short
Not trading is still trading.
No trade advice from ST. I will have to wait until price action is able to give a signal.
In the recent position, take profit was hit.
This is what I wrote:
I have thesame unchanged position.
My shorts were filled and now I have to some orders above the 4hr ST resistance, incase we wick up. I am thinking of adjusting the take profit upwards, due to the price action in the past days. I will be looking at the Fibonnaci retracement 0.618 value to use at TP.
This is the R:R.