BTCUSD Long following a nice pullback
Updated
So far, we've seen a nice run on BTC. And its been a while since I've traded BTC, but as I missed alot of opportunities since last week, I figured tonight would be a good night when I saw that nice pullback. As I am seeing bullish structure being formed, I entered a LONG, hoping for continuation.
Reasons for entering trade:
To be honest, I am not confident that we are going too much higher. I would like to see more structure broken to the upside before I think there is a chance that this could continue up. Even if it does continue up, we will likely see a large pullback to grab some of the liquidity created along the way.
As for this trade, I've entered a low risk, narrow SL trade, so even if it goes against me, not a big deal. If it breaks the fractal AR, then I will set BE and let it run. And if it continues, I'll take partials at the target in the chart, and let the rest run, hoping for continuation.
Reasons for entering trade:
- 0.618 Pullback of the last push up
- Wyckoff schematic, entry on retest
- Entry on predefined POI
- As more structure is being broken to the upside, BTC is showing signs of strength for continuation
To be honest, I am not confident that we are going too much higher. I would like to see more structure broken to the upside before I think there is a chance that this could continue up. Even if it does continue up, we will likely see a large pullback to grab some of the liquidity created along the way.
As for this trade, I've entered a low risk, narrow SL trade, so even if it goes against me, not a big deal. If it breaks the fractal AR, then I will set BE and let it run. And if it continues, I'll take partials at the target in the chart, and let the rest run, hoping for continuation.
Note
On LTF, saw a potential SP forming so increased my SL to see if it can get an impulse from here. Target is still 1:9R so not bad, but will close the trade if it creates a lower low.
Note
Nice one BTC! Broke the small fractal, lets see if we can get continuation to the middle fractal so I can set BE and go to sleep. Note
So damn sleepy. Gonna crash for the night. Gonna set BE and dream about continuation while sleeping. I'll post an update of the result when I wake up.
Note
So far so good. Price broke above the AR and had a nice accumulation before pushing higher. But as I see this structure as a Wyckoff schematic, I am conscious that there may be a big pullback before further continuation, assuming it plays out. Note
Took a little longer than expected but target hit. 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.