18, Jul 2020
XLM/USDT 5m chart
Ok so this is a simple TA example to trade HTF context, very short therm positioning, sometimes few minutes, sometimes a day or two, but most of the time, you will be out of it in a near future.
Draw your levels, draw the support and resistance pivot.
Draw the trend lines, triangles and monitor what is happening when chart is reaching the end of the triangle you draw before.
It’s most likely to push hard one way or another, up or down.
So you need to focus on what you should do in each scenario.
Here we study the short case. It will of course define the long case on invalidation.
So if price keep getting rejection on the higher hedge of descending trend line, it’s most likely to keep correcting to retest lower supports levels.
If chart doesn’t correct and breakout the high of trend line, then it’ll be clear invalidation of short bear scenario and you’ll most probably have to flip your bias into bull long. But wait for confirmation on the time frame you are monitoring, 5 or 15 minutes charts doesn’t show same things 😉
Wait for confirmation is a good way to avoid fake-outs and surprisingly moves.
7, Jul 2020
Welcome to the very first CryptoSelecto post ever.
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