M1 BTC countertrend scalps - countless keltner channel opportunities!
because there are so many ways to play it, the keltner channel offers an opportunity almost every time a bar prints - in this case i saw price enter the lower channel into a support area and get quickly rejected then resume in the lower and upper mid channel before testing ema200 for resistance...
it is a little risky because it is within a strong down move but it looks to have bottomed out in the short term to me...
here i anticipate a weak rejection of ema200 and price moving back down to the lower mid channel which it did so i start entering long - targeting a price action resistance level and break above ema200 into upper channel
the rejection off ema200 was stronger than anticipated as price breaks support levels and overextends the lower channel, typically an ideal entry opportunity in itself, so i added a couple more orders - targets remain valid as the upper channel from the point of entry is not far off - this overextension should at least move back to the midline if a downtrend hasn't started and support holds...
support holds and price returns to midline after a second overextension and makes a strong move back up into the upper mid channel and then towards ema200...
it stalls instead as the big round number comes into play here as well and price hovers around the midline, a break and hold above ema200 is now required to reach targets, a move back into the lower channel will signal a potential downtrend especially if support breaks after that...
all i can do now is wait for other traders to decide which side of the big round number will prevail in the short term!
after a long wait and downtrend rejection, price finally breaks and holds above ema200, but still on the pivotal 34000 level and still undecided, but one thing is sure, price will pop out of this range, the speed of the market can never be controlled...
almost there!
and there it is!
long trade, long description - there are no shortcuts, that's just the way it is!
because there are so many ways to play it, the keltner channel offers an opportunity almost every time a bar prints - in this case i saw price enter the lower channel into a support area and get quickly rejected then resume in the lower and upper mid channel before testing ema200 for resistance...
it is a little risky because it is within a strong down move but it looks to have bottomed out in the short term to me...
here i anticipate a weak rejection of ema200 and price moving back down to the lower mid channel which it did so i start entering long - targeting a price action resistance level and break above ema200 into upper channel
the rejection off ema200 was stronger than anticipated as price breaks support levels and overextends the lower channel, typically an ideal entry opportunity in itself, so i added a couple more orders - targets remain valid as the upper channel from the point of entry is not far off - this overextension should at least move back to the midline if a downtrend hasn't started and support holds...
support holds and price returns to midline after a second overextension and makes a strong move back up into the upper mid channel and then towards ema200...
it stalls instead as the big round number comes into play here as well and price hovers around the midline, a break and hold above ema200 is now required to reach targets, a move back into the lower channel will signal a potential downtrend especially if support breaks after that...
all i can do now is wait for other traders to decide which side of the big round number will prevail in the short term!
after a long wait and downtrend rejection, price finally breaks and holds above ema200, but still on the pivotal 34000 level and still undecided, but one thing is sure, price will pop out of this range, the speed of the market can never be controlled...
almost there!
and there it is!
long trade, long description - there are no shortcuts, that's just the way it is!
kc topics: https://www.forexfactory.com/thread/post/14648072#post14648072
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