<html> <p>When trying to figure out and construct a trade you have to have a few ideas in your head, you have to see what other traders might see to figure out the probability of your trade being a success and how much you stand to gain or lose.</p> <p><br></p> <p><strong>I'm looking at getting into a trade in Bitcoin now, using the 15 minute charts.</strong></p> <p><br></p> <h3>The first thing I do is try to determine the context of the market, is it Trending, Ranging or potentially Reversing?</h3> <p>Looking at the daily chart, Bitcoin is clearly in an uptrend. This skews the probability in favor of taking a long position (buying) </p> <p><img src="https://www.tradingview.com/x/jR8D8vEo" width="1044" height="606"/></p> <p><br></p> <p>The uptrend gives me the context of the market and allows me to construct exits and entries. Reversals are less likely in this environment, I therefore need a higher reward to justify any reversal trades.</p> <p>Here's one potentially...</p> <p><img src="https://www.tradingview.com/x/0MhsNJ8L" width="1372" height="668"/></p> <p>Alternatively I could trade the potential range, taking both long and short positions.. or just wait for a breakout above the high.</p> <p><img src="http://www.tradingview.com/x/QHAwx230" width="1372" height="668"/></p> <h2>How do you view the markets? Where do you put your stops and profit targets?</h2> <p>Let me know if the charts need clarifying, happy to go into more detail.</p> <p><strong>Update -</strong></p> <p>Seems to have triggered a short position, I got in a little earlier because there was a large order on the offer that was acting as resistance, so jumped in front of it around 1024.5. </p> <p><img src="http://www.tradingview.com/x/FlpUk4T8" width="1372" height="613"/></p> <p><strong>Update 2 -</strong></p> <p><br></p> <p>I exited half my position around 1012, given that I was short during the funding rate (see comment below) my entry price was essentially improved by around $4 - so less risk and more of a reason to get out slightly sooner. I saw price spike down to around 1112s and shoot back up and thought it would be a good place to exit.</p> <p><br></p> <p>Let's see if I can close out a little over 1100s.</p> <p><br></p> <p><img src="https://www.tradingview.com/x/HDVwiSJo" width="1044" height="747"/></p> </html>
| author | wingz |
|---|---|
| permlink | finding-potential-trades-in-bitcoin-on-the-15-minute-charts |
| category | bitcoin |
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>Seems to have triggered a short position, I got in a little earlier because there was a large order on the offer that was acting as resistance, so jumped in front of it around 1024.5. This is exactly how I used to play BTCUSD on the BTC-e platform back when I was still trading with real money. It worked really well for me at the time.
| author | the-ego-is-you |
|---|---|
| permlink | re-wingz-finding-potential-trades-in-bitcoin-on-the-15-minute-charts-20170222t190223307z |
| category | bitcoin |
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Good stuff. Thanks for your reply. I think it's always good to read the tape/orderflow when executing positions. They often add a little extra insight and give you more of an edge than just chart trading. Another reason I forgot to mention was that the funding rate was 0.375% for longs which is especially high . The longs pay the shorts or the shorts pay the longs every 8 hours to maintain a price close to the price of bitcoin traded on other exchanges. That hits in about 50 minutes, which means I'll get $3.75 for every $1000 I have on just for being short. This might act to put a little extra pressure on longs who may be over leveraged and not want to pay the funding rate fee. We'll see, if it has a quick long squeeze before the rate comes out I might take the opportunity to exit some or all of the position.
| author | wingz |
|---|---|
| permlink | re-the-ego-is-you-re-wingz-finding-potential-trades-in-bitcoin-on-the-15-minute-charts-20170222t191351771z |
| category | bitcoin |
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