Does Supertrend predict trend correctly-II? BTCUSD position. Day 26 of 100DAYSOFTA

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While there is not one-rule fits all, Technical analysis does have a way to help minimize loss and improve profits. I mainly post about Supertrend because It can be used by almost any average TA analyst. This is supported by the fact that it measures trends. And we all know the trend is our friend till the end. However, knowledge of Supertrend will be maximized if one knows TA in regards to support, resistance, Fibonacci retracement, Double top, double bottom and some patterns.
This is just a morning rant though.

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The weekend price action has been as usual.
CME chart will be explored when the market opens. This means my yesterday thought on the CME chart is still valid.

Weekends are not the best time to trade BTC(IMO). This is one of the resolutions I made while spending much screentime. Trades setup starts on Sunday evening. This way, one can enjoy some less bias view on the market.
CME Chart. The market closed at the lows of 9k USD, with gaps unfilled. 9235, 8845 and at around 9645 USD..

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https://www.tradingview.com/x/ViyVu9OB/

This is my entry for the 100DAYSOFTA challenge, Sunday 5th July 2020.

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I am joining a challenge by a group of traders. The challenge is #100DAYSOFTA. Some of the people in this group have posted on $Youtube, $Twitter but I will be posting mine on Hive.
The convener of this challenge is https://twitter.com/CryptoluXP
However, the frequency might not be daily but it will be sequential.
Having said that, here is what I have:
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4 hr
It seems we have the move, I mentioned yesterday. However, the move was sold into by the bears again. Looking at the chart the WIlly is not giving the full blown formation for a long setup. It has coiled downwards again. And it hasn't been into extreme oversold conditions. This extreme oversold conditions, are the recipe for a good move. The ST has been short for a longer period. And anyone holding short since the resistance was perfectly hot, must have been doing so fine now. I suggested that position when the ST flashed short, but it hit my target and I walked away. Now, we hope to see the next trend or probably this current trend continues. The ST invalidation is at 9321 USD.

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https://www.tradingview.com/x/zCxaTV6T/

1h
On the yesterday's rally we were resisted by the 1hr ST. Perfect prediction from ST? Yes. This has led to gradual bleeding out of the price action.Willy is getting towards the oversold prices and some more downward might be in the foresight, if bulls don't step up.

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https://www.tradingview.com/x/uWEa1JYW/

30 mins
We just flashed a ST short on this TF. This means we have changed the trend here after we had a long trend yesterday. The best way to play this is to watch the Willy get to the overbought condition before taking the ST prediction. In that way, the risk will be minimal and the R:R will be low. When Willy goes back up again, it might be time to see if a position is plausible. The invalidation is at 9200 USD now.

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https://www.tradingview.com/x/YjGDIgPD/

Extras
15mins and 5 mins charts respectively.

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https://www.tradingview.com/x/k6ZzCfIT/

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https://www.tradingview.com/x/NIkWMZw6/

Summary:

4hrs ST is short
1hr ST is short
30 mins ST is short

  • My Position

Daily close is important.

No trade advice from ST. I will have to wait until price action is able to give a signal.

In the recent position, take profit was hit.

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This is what I wrote:

I have thesame unchanged position.
My shorts were filled and now I have to some orders above the 4hr ST resistance, incase we wick up. I am thinking of adjusting the take profit upwards, due to the price action in the past days. I will be looking at the Fibonnaci retracement 0.618 value to use at TP.

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This is the R:R.

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https://www.tradingview.com/x/ULadKljK/

Enjoy a fun-filled weekend

Posted Using LeoFinance



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I had a take profit trade fill earlier last week as well. It looks like the trend has been weakening and I've been wondering if we're on the brink of the breakdown to $7k.

I'm preparing myself for either the break to 7 or a run up to 12k. Crazy times and crazy markets

Posted Using LeoFinance

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