Crypto Thoughts 02-09-24
I have been watching PYR for some time now. I have drawn an area of interest at the FIB retracement level of .618-.705. This is what some may call the “golden pocket” (marked on the chart above with a grey shaded box). The name is derived from the Golden ratio using the fibonacci sequence. I have back tested a lot of charts and have found that price often revisits this area.
Since PYR is currently in a downtrend I expect price to continue down to my area of interest, UNLESS we see a break of structure on the daily time frame. If price can hold above 6.010 on the daily chart, I would bet on price making a move back up to previous highs at 9.068. For now I have alerts set if price crosses down 5.25 and if price crosses up 6.010. I would be willing to make long term buy with size at the price of 5.05. This is an area where the risk reward ratio makes me feel comfortable placing a spot trade for a high time frame swing trade.
To learn how to set alerts in Trading View continue reading. Using your keyboard you can hold down the Alt+A keys or use your mouse to click the Alert option on your tool bar.
In the menu that pops up we will set an alert for the trading pair, PYRUSDT. Using the condition drop down you can also set alerts based on other things like trading volume or other indicators that you are using on the chart. The second drop down allows you to choose when you want the alert to be triggered. For example, when price crosses up or down a certain level. You could decide you want to trigger an alert when price moves up 2%, for example. For my alert I’m going to select crossing up and enter the price of 6.010. I can select to be alerted once or every time this happens. I can name the alert, type in specific notes to the message box and then click create to create the alert. In this example when price crosses above the price of 6.010 I will get an alert in trading view. It will pop up on my screen when I open the application.
When an alert is active it will show on your chart as a dashed line.
On the LTF my trade set up is below. There has been a BOS on the 1H and entry is set for 5.736, TP at 7.74 which is a 3.84R trade. Not financial advice. SL at 5.204.
