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2 Aug, 4 tweets, 2 min read
$BTC

HOW TO TRADE A SWING FAILURE PATTERN PART 2!!

How did I know not to short $BTC the first time it came to resistance

And how did I know when the short was activated?

Here's a simple lesson - Candles and Volume are all you need

1/
I trade BTCUSD on @Bybit_Official

At the first attempt of the highs we put in a perfect double top at 42444

1 - I don't trust double tops or bottoms on BTC. It is a perfect way to create big liquidity pools

2 - This is a perp, I want to see if the highs were taken on spot

2/ Image
Highs weren't taken on Coinbase (even though the relevant high is debatable here) or Binance

This gave me extra confidence that we would go up to take out the highs again

3/ ImageImage
See the chart for entry triggers and when you could have added to the short

So you see - no fancy indicators required, no panic involved

Just do your TA, set alerts, wait for your level and enter calmly knowing your invalidation (above the high with a bit of space given)

/END Image

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More from @johnnie_jacks

Johnnie Jacks Profile picture
28 Sep
$BTC

I see there's a lot of confusion at the moment

I often share what many would say is "advanced TA"

And it has its place, it works for me

But you don't have to make things complicated to make good trades

So - let's keep it simple today

1/
Over the past few days I've done a pretty good job of catching local bottoms and this has given me some nice trades

But ultimately, they all got stopped at entry (after taking profits! ALWAYS take profits!)

Ok great, so what now?

2/ ImageImage
Market structure is King, remember?

So let's zoom out a bit and look at the 4H (what I'd call the MTF trend)

We had a big uptrend, that's obvious

Lots of HH/HL, lot of people left on the sidelines

3/ Image
Read 15 tweets
Johnnie Jacks Profile picture
24 Aug
$BTC

Coming to the charts for the first time today and will share my thoughts

Hopefully this sort of thing is useful?

I'm trying to share how my thought process builds towards making a plan that gives actionable trades

Teach a man to fish and all that...
Last night we went down a bit in price

We spent a lot of the day above 50K, just a tiny bit short of hitting that 1-1 extension I mentioned yesterday

Although "consolidation under resistance" is bullish, on $BTC we often see a pullback to run some stops before another attempt
We came down to a major TPO and Volume POC Level for this upper part of the range above 47.8K

So far, retested it and bounced
Read 10 tweets
Johnnie Jacks Profile picture
23 Aug
$BTC

Just some thoughts as I go through the charts with fresh eyes today

1 - In terms of horizontal S/R we have clearly blasted through most major levels we were coming up against.

Not much S/R wise between here and 56K now
2 - There was a pretty major area of resistance between 47.8-49.9K including the very obvious psychological level of 50K

Did it put up much resistance?

Not really - but we're only JUST above it so a bit early to say it's definitively claimed yet
Where are we now?

There's some resistance here, albeit a pretty obvious one that a lot of the market will be watching (BTC doesn't like to reward the majority)

1 - Global .618 (HUGE level)
2 - 1-1 extension (hitting now)
3 - HVN of this huge range
4 - Some previous highs
Read 11 tweets
Johnnie Jacks Profile picture
29 Jul
$BTC

Busy today so not much time for TA

I have been through the charts quickly to update my TA and set my alerts in case we hit a level of interest

Going to share with you guys!

1/
On my scalp short last night I hit another 2x TP before it came back to hit my stop at entry

I missed the failed auction above 40.5K earlier although catching that short I think would have been harder than the one below as we didn't take the high

2/
Still in a swing long from 32K, so what now?

We've been battling the 40K/local range high resistance now for a while

Could we just break through?

Yeah I think so, in which case this setup is still relevant

3/
Read 9 tweets
Johnnie Jacks Profile picture
28 Jul
$BTC

Although it isn't my favorite setup for today

Definitely going to be watching for this potential Swing Failure Pattern above the local Daily S/R and highs

Simple way to play it -

Get above the level with increase of volume

Back below the level with candle close

Short
Candle close timeframe is up to you, higher it is, the more likely it is to play out

I would say 5m at least, 30m ideally

Stops above the highs, give it a bit of space in case we go up to trap early shorts one more time
Not in yet, shorts are trying to dump it hard but getting absorbed so far
Read 8 tweets
Johnnie Jacks Profile picture
28 Jul
$BTC

I'm still in my long from 32K

Coming to the chart fresh and going through my ideas about what happens next

Thought I'd share my process with you guys

1/
I know it's "in vogue" now but the way I've developed TA over time is to use mainly Price Action, Volume Profile and Market Profile

So first, I want to check the volume for the mid term range

We have closed the first Daily candle above the VAH of the range since June 16th

2/
On June 16th however the VAH was much higher, so this makes the recent daily close more significant to me

3/
Read 16 tweets

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