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Istanbul/Turkey
Posts: 1 since May 2021
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Hi guys, this akakingofseas. I'm a newbie trader and i am trying to trade by using PA mostly but i'm open to any techniques. I love PA and i can't wait to improve my game. I'm doing some ETH backtests right now and i want to share my results and even more, i want to discuss about charts here too. If you could join me that would be awesome.
My first chart is from 22 July 2020. After having a great pump Ethereum took a few days to accumulate in an area and i wonder if there were any ways to anticipate the breakout before it happened because now it seems like there was a little of buildup and no foregoing moves to the upside before the big move.
So first things first, markets overall picture looks very bullish. It just took a great pump and increased its value by %185 so it's more than normal to expect an accumulation area. When ETH first met with its range high/resistance it couldn't go anywhere beyond it but it didn't go anywhere very below it too. Bulls managed to keep the price up to a very interesting level and only a few ( %1-3 ) percentages lower than the resistance after 12 days of struggling bears made their first move and they took the avantage. They managed to lower the price down to its range low/support. After that bulls seemed to lose great amount of control they couldn't move the price any higher or even when they did it only lasted for couple of days and bears took control again.
After the 8 days of stalling bulls took the price up the range high level, encountered a bearish pressure but they were stronger than before. after bears sold out for -%60 in the range bulls took control and broke out incredibly. So my question stands, were there anyways to anticipate the breakout before it happened with great powerbars? Price didn't come for pullbacks and i missed out this trade sadly, now reviewing it maybe i could have taken a very risky position after first white powerbar but it doesn't seem very conservative.
One way to trade this ::
After seeing the false low, we could have entered to the trade with a imaginary target of 390 (the target of the bull-flag formation) or to scalp we could set a target to the range high. And with a stop %1 below the false low our R:R would be 15 for the first scenario (this is what happens) 4 for the second scenario.
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