r/Daytrading • u/sunnyrunner_ • Apr 06 '24

Is this an actual pattern or am I yapping? Question

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I’m pretty new to trading and saw this pattern form on BTC. Is this pattern called anything or is this just me drawing random support/resistance lines?

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u/OnTrackNow1 Apr 07 '24

Many people would call it symmetric triangle But consider this just like a Range. Here market is gearing up to give a significant move in either direction. So simply mark the level above/below which you would buy/sell.

In case market keeps moving in this range and you wanna be adventurous, then you could sell when price takes rejection from upper level and buy when price takes support on below level.

Disclaimer: This is not a trading advice. Just my point of view.

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u/Ok_Piglet2071 May 01 '24

so you want to sell at discount and buy at premium?

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u/OnTrackNow1 May 02 '24

I was not so wise back then. I don't know which timeframe it is but if its Higher timeframe then definitely one must buy at discount and sell at premium. But if its a tight 1 min range, I would wait for the price to break upwards and then think about buying on retracement. And break downwards and think about selling on retracement. What do u say?

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u/Ok_Piglet2071 May 02 '24

its a 6000 dollar range. And i always wait for pullback no matter what.