Keen for a quick range play technique but not 100% on using PA without some guidance?
Then read on folks, this will help 100%
Agenda for this one is:
- Range set up
- Range play
- Opportunities
- EMA's
- Conclusion
Range Set Up
What I did to set up my ranges is pull a fib from the swing low of the range to the immediate swing high following this move
Range Play
Liquidity swept from range high, with a market structure break of a swing low that then sees a retest of the range high / confluence with entry fibs
Even a simple move like this could net 2.81R
Opportunities
With the range low tapped, and such fast moving PA, we can expect a 0.5 retracement of a local range, which in this case coincides with the 0.5 level of the overall range we're playing in
Another opportunity could have been to enter on the retest of mid range after the market structure break, aiming for the 0 level on the fibs that also aligns with the FRVP up to the point of the move
And one last one for this thread is the possibility of the below.
Remember - you'll trade the range, but the arse of it will fall out of it on you at one point.
Ie you will lose a run playing the range, but you would have made up for this if you use this technique
EMA's
If you slap the 21 & 50 EMA's on, you'll also notice (if you aren't comfy with PA on it's own) that each of these plays are made with the trend.
Eg, the first move is made when the 21 EMA is under the 50EMA / bearish. The long is made when the opposite is true
Conclusion
So that's it. Short and sweet - just got to play it as you see it, and the EMA's will certainly help you out as well with confimation etc.
Hopefully this helps you, your mates, or your uncle Robbo's best mate Johnno
Either way, I know you'll find some value here
Thanks as always to @Delta_Exchange for their support, and if you want to trade, use the below link
No stress at all, it just helps me bring these little tutorials to you all
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