TD Sequential At 9 Count - Nearing Scale In Zone For Long
I am considering a counter trend long trade on BTC based on the fact it has completed a 9 count on TD Sequential and is nearing the end of the range it usually goes during a dump out.
My target will be the old 6300 support region which I expect will become resistance now. I will plan to close the long in the high 5k region and look for a short in the low 6k region.
I will be scaling in to this long trade to reduce risk due to the fact it is catching a falling knife. The most aggressive scale in has a 1:1 reward/risk while the most conservative is 6 RRR.
I am waiting for a little more confirmation on TD Sequential to start a new 1 count before starting to scale in. BTC has been known to go much longer than 9 on TD so I don't want to be too early on this. I'm ok with being a little late as long as the RRR is in a favorable region.
My target will be the old 6300 support region which I expect will become resistance now. I will plan to close the long in the high 5k region and look for a short in the low 6k region.
I will be scaling in to this long trade to reduce risk due to the fact it is catching a falling knife. The most aggressive scale in has a 1:1 reward/risk while the most conservative is 6 RRR.
I am waiting for a little more confirmation on TD Sequential to start a new 1 count before starting to scale in. BTC has been known to go much longer than 9 on TD so I don't want to be too early on this. I'm ok with being a little late as long as the RRR is in a favorable region.
Commentaire:
I've begun scaling in with extremely small size with a target at 5900. I plan to go a bit heavier over the next few days. Because this is a knife catching trade it's a matter of getting a good average fill without falling into the trap of adding to a loser. I will not add below 3787 and will cut losses at 3432.
