Let us all together develop a Price Action Trading System for Bitcoin

[New.in.trading]

Okay boys and girls, I was a little less active, due to private circumstances. Lets see the latest developments in BtcUsd here From the basics, I am still bearish, as there was no H4 bear area broken, what means, I should be looking for sells only, atm. Also, last night there was an entry triggered, in the H4 chart, looking like this:

(her's a link in case the pic does not work: https://s3.tradingview.com/snapshots/p/PRBC5weG.png)

And as the H4 was triggered, I am also looking for more sells in the M30 now:

and as link https://s3.tradingview.com/snapshots/p/pdzPfEHf.png

[New.in.trading]

Wow, BtcUsd does something unexpected, and rises for now Well... we all knew this will be the case at some point The H4 Trade I posted yesderday, would be half way to its SL, the M30 would have hit that SL already.
Or, speaking in pictures:
H4:

(does anyone else see that inverted HS?)

And M30:


So, the RRs have changed to: 5.88 in the moment. that is all theoretically speaking! Please dont  trade that, by now. There is not enough data to be sure this kind of thing works!

[Uno_Trader]

Seems not many people follow your post. I think you may try publishing your trading activities/Open positions on top of your TA to gain more audience.

[New.in.trading]

Seems not many people follow your post. I think you may try publishing your trading activities/Open positions on top of your TA to gain more audience.

Thank you for your hint! I prefer to keep it structured though, so everyone who is interested can clearly see what I do, and where it comes from. I might put the RRs in the first blog, that is a good idea. But this thread is not about the RR, more about the approach. The journey, if you want.

The BtcUsd M30 could have given another entry, but as I did not mention it earlier, I am not taking it into account here. I prefer to present what I have done, not what I could have done, if this or that... There are others out there, providing this kind of "service".

The H4 trade would still be active, and not been in the SL by now. Also the H4 Bear Territory is still alive, so nothing changes at the moment.



As the H4 level has still not been broken, my bias is still short. What results in a possible short trade, IF the current M30 level will not be broken, but instead price closes below:

One could even aim for the H4 target, but that is a different kind of thing.

[New.in.trading]

BOOM what a weekend?! BTC $$$
But... lets go back a few steps!

The Setup I posted, for M30 did not trigger, and was destroyed. However, I marked up the next Sell area, right above that one, and there was a trade triggered there. There were more options, one SL and one would be running, or should have been closed at BE, to be honest.



So there was one trade with +2,75 another one with -1 and then another one, me personally would have closed at BE after being in profit and nearly hit TP. Sums up to +1,75 RR over the weekend with 3 trades. lets add the 5.88 RR from before and we have some nice 7,63 RR and one H4 trade would still be running

[New.in.trading]

See the current running BtcUsd H4 trade here:

[New.in.trading]

The current trade in BtcUsd is still running, the H4 Bear territory has not been broken, so in the M30 I am looking for sells only. And only if they are according to the rules.

Lets look at the M30:


I am patiently waiting if I get an entry here

[New.in.trading]

Wow... Not much  to say here, other than: Impressive! Added another 1,42 R to the upside with a trade that was planned and even posted here  prior to triggering:


BTCUSD I heart U!

[New.in.trading]

BTCBTCBTC Update: Current theoretical RR is 7,63+1.42= 9,5 R BTCBTCBTC

[New.in.trading]

now, there was one H4 area that triggered a trade, and was broken after that trade. in theory I should be aiming for longs from here, but am having a though time doing so, as the prev LH has never been broken. So for now, I am at the sideline and only observing and trying to find a way, how to deal with a situation like the current one

So for now... Buys and sells would bkind of make sense, but I dont like this situation. Gotta come up with an rule for this... Thank you BtcUsd, for teaching me a lesson!

[New.in.trading]

Seems not many people follow your post. I think you may try publishing your trading activities/Open positions on top of your TA to gain more audience.

The H4 trade would still be active, and not been in the SL by now. Also the H4 Bear Territory is still alive, so nothing changes at the moment.

Wow, I did not think that this BtcUsd trade could make it, but its very close!


So, if this Bull Area will break, I will see it as confirmation that the Bears are still in control, and basically wait for the next bear area to then look for further sells. Until then, more sideline for me.

[New.in.trading]

Its been a day or two now BUT: TP hit from that BtcUsd sell. And the Bull Area at the bottom did also work! I am rally amazed and happy. I did not trade any of things mentioned above. So far this is only a documentation and I thought maybe someone else will join it. Well... I think I will pause the updates for a couple days, and think of a way, on how to put this all together into a complete trading strategy. In case anyone wants go get involved, fell free to answer here