Hi guys, are you keen to take a quick look at $FTM chart, where we show how price is fractal in nature? Remember the BTC 5M scalps I've been sharing? (Check the similarities)
If so, read on:
The same is true for $BTC, $ETH, $FTT, $LUNA, $SOL, $SHIB, you name it
Looking on the 4H chart, let's observe a key item:
There is a Market Structure Break that causes a shift in market structure
We can also set an objective for price to head to based on the liquidity of an untested low
And what about understanding the next price move up?
See the detail on the chart:
- Retest of the bearish orderblock
- Sell off encountered
- Boom
- We've now got a range to play with
The range is defined by the market structure we have logically set out
Price then restests the recent bullish orderblock at range low, runs up to the new bearish orderblock, retests mid range, has highs swept (liquidity), and then takes a run to range low.
See how this also aligns with our fib targets too
Remember: price is drawn to liquidity
So what happens next?
Two series of swing lows are taken, and then price moves back upward to claim the bottom of the range, and then rallies off
See how the fibs come into play for trade entry upon range low retest?
Your target then becomes the range high...but take a look at the previous price action we first looked at
The wick of the initial bearish orderblock that we encountered at range high, and the wick of the last candle before the sell of at range high retest are essentially the sam
You've noticed that not a single indicator was used in this price action tutorial, and we already know that we've seen price behave like this in the past.
What doe this mean? Well, simply: you can do this!
Just have to put the hours in and it's yours!
Hopefully this helps 🍻
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Here's my 100 weeks of backtested $EURUSD price action from June 15 2020 to 09 May 2022, here's what is covered:
- Occurrence of high & low of the week
- % of high and low of the week per day
- % of Mondays high / low being swept on a given day
Took me a while, hope you enjoy
The high and low of the week
Here we can determine that the low of the week fell 38/100 times on a Mon, while the high of the week was also most likely to form on this day too with 31/100 occurrences
Note that there's during the week, there's more of a spread compared to $BTC
Percentage / Chance wise, you can see that Monday is more likely to be the low of the week by a factor of 5, 2, and 3 compared to a T, W, or Th respectively
Friday is different though.
With the high of the wk, Monday leads, followed by a Thurs, then Friday.
I made a free Price Action course not long ago - I'll share some detailed threads on portions of the course so you don't have to spend hours watching them when trading #Bitcoin & #Altcoins
We'll jump ahead to Module 4 - Ranges & Targets.
Why? Because I loved sharing this one!
What's in a Range?
A range is simply defined by anchoring two points on a chart based on:
A timeframe (daily, weekly, monthly etc)
Market structure
Or a combination of both
The method I use to anchor the range is a Fibonacci Tool, with values set at 1, 0.5, and 0
Range Tool Setup 1/1
1) First Select the 3rd item down on the left hand side menu
Then select "Fib Retracement"
2) Open up the settings of the Fib Retracement Tool, then set up the Fib tool to show the 0, 1, and 0.5 levels
The Trend Continuation fibs - covered in upcoming Module 3
Of course these are originally based on the ICT fibs, but nuanced per the following for #crypto & #bitcoin
- 0.72 entry point
- A negative 0.12 level
- 0.28 level
Why though?
The 0.72 Entry Point:
The reason for this is simple - it's the mid point of the 0.66 and 0.786 levels of the fib, where I've personally found much better entries and setups using this
The negative 0.12 level:
Included in this particular suite of fibs because you're looking for a get in, get out move that simply beats previous market structure.
By entering at the 0.72 level, this -0.12 level yields a 3RR move if the SL is at 1.
I backtested 100 weeks of $BTC #bitcoin price action from June 15 2020 to 09 May 2022, was able to determine the below:
- Occurrence of high & low of the week
- % of high and low of the week per day
- % of Mondays high / low being swept on a given day
8 hrs of research for you:
The high and low of the week
Here we can determine that the low of the week fell 43/100 times on a Mon, while the high of the week was also most likely to form on this day too with 27/100 occurrences
The rest of the days are generally similar, bar Tuesday lows & weekend highs
Percentage / Chance wise, it's obviously a no brainer in the fact that given the sample data of 100 weeks, that the % are simply a given of the numbers above