BTCUSD is not done going down, more pain to come

13 mars 2020

Hi guys, this is a very simple set-up. As you can see, volume is dropping and price reached a strong resistance. So my steps are obvious, I will buy some “red options” on the next 10 candles as soon as first red candle forms. I trade “color options” because in volatile markets I do not have to worry about stops getting triggered due to flash crashes or stuff like that. My rules are the same as before:

If you are not familiar with “color options”, ask me in the comments section or join a chat here on tradingview - candle color options.

Rules:

Worst case scenario: if I will lose on 4 candles in a row, I will take my losses and look for a new set-up.

Best case scenario: If I will win on 4 candles in a row, I will gladly take my profits and look for a new opportunity.

I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades.
For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins).


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13 mars 2020

Transaction en cours

After green candle touched resistance line, red candle formed. I will now start buying "red color" options.

13 mars 2020

Note

Looks like the price is settling above my resistance line, so I will not risk it and exit this trade and look for a new one.