2023-10-29 20:40:09
DAILY REPORT
BITCOIN
MTF 4H:
This is what I’m looking for at the start of the week. If our high timeframe analysis is correct and price is looking to correct down to our targets below (FVG’s) then I want to see the order blocks (OB) and immediate swing highs reject price and start a sell programme targeting the aforementioned FVG’s.
This may seem counter intuitive because our high timeframe and current are both bullish, however our system dictates that longs from here are much lower probability than from lower down so we’re looking for a counter-trend trade playing the corrective move lower. However, only if we get our triggers and meet our entry criteria.
I’m looking for a deeper correction below the red dotted line. This is an extension of the eq from our daily PD range. However, if bullish momentum is strong and price front-runs a deeper pullback then I’ll also be monitoring the Immediate FVG below.
Although this is a lower probability long setup when considering our daily PD range, if we get a low timeframe setup I’d take it with a reduced position size but also look to limit my risk by moving my stop loss to entry as soon as we’ve hit the first low timeframe target.
Wishing you all a great Sunday and I look forward to seeing you around the Nest next week.
@Whalescryptovip
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