$AVAX successful trade analysis as promised! LFG! 📈 👇 (1-8)
1) First things first I always start on the higher timeframes and mark my levels of interest. Since I wasn't in a long already, I was eagerly looking for a long in avax since it was showing strength compared to the rest of the market (btc).
2) With that said, I marked out the 12hr breaker as a level of interest. The last up candle or green candle, before the down move that led to a break in market structure. This was my higher time frame area of interest. Now let's go even deeper...
3) Now l went to the 1hr chart. From here I marked out another level of interest as demand, which was the last 1hr candle down that led to the move up that changed the current market structure. Are you following? Great, let's go even deeper now.
4) Now onto the 5min chart..when markets are trending in either direction in order for a reversal to happen the majority of times liquidity needs to be taken first. The last wick before a large move up is a great place for market markers to engineer liquidity before continuing up
5) "Knife catchers need to get rekted" Before entering long always ask yourself if traders who had the right idea but were early get rekted yet? If not, wait for these poor souls to get rekted to enter. Once we had a sweep into demand and there was a reaction THIS WAS MY ENTRY
6) When there are large wicks in either direction they tend to get filled sometime in the future. Therefore, this was my target...I ended up closing a bit early at 89 since I thought Bitcoin looked a bit weak. You DO NOT want to be long any alt when bitcoin dumps.
7) Even though I closed a bit early, the trade itself was a successful 36R with a stop just below the previous manipulation!!! 📈
8) This is how I trade and if it makes sense to you and you learned something, I'm happy to have helped. I'm looking forward to analyzing more trades both successful and failed ones in the future.
Thank you for making it this far. Please rt and like if you enjoyed 🔥👍
Thank you for making it this far. Please rt and like if you enjoyed 🔥👍
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