Short Trade - BTC Anatomy of a trade (El-tang)

Three reasons for this trade are as follows:

1. Location

We are in a reload short zone, at 61.8 - 78.6 fibbonaci retracement levels

2. Divergance

We have an MacD divergance on the hourly chart, inside the reload zone.. showing that momentum is slowing down

3. Price structure

We have put an "M" top in market structure and confirmed it by breaking the middle part of the M

I double check that I am making 2:1 risk reward with the first profit objective sitting at a 38.2 retracement and letting the rest ride its way down to green boxes (long relaod zones)

Now, only time will tell :)

Commentaire:

Took some heat on this trade... but it was on a horrible bearish divergance, weak volume and no follow through.. finally creating another bearish divergance on the 30m chart and then following dumpage ensews. Public who longed the top are crying 1000 deaths...
I booked profits at 38.2, and now riding the trade down and see when it turns...
Profit taking orders set at 61.8 and 78.6 of the range as well.

Commentaire:

Still short half of the position, patiently waiting for orders to hit at 61-78... and if it W's here and turns around i'll jump off

Commentaire:

Trade was a massive success :D huge drop here! short position fully filled and in profit!