People are bearish while PA shows otherwise
Updated
My previous trade has closed manually with tiny profits. I have explained the reasons why I closed the trade as well as the difference between a limit/market order in terms of trading fees. In addition, the importance of waiting for a pullback which has a huge impact on the risk reward ratio.
As you know, I think the market is more like to go sideways for a while before deciding which direction it should go. And because of this, all the trades I am taking before the market decides its next movement/direction is only for short term trades.
Currently, price has broken above the downward trendline on the 1hr timeframe after a false break below $9,250 (bear trap). These price actions show sign of continuation of upside movement.
Please keep in mind all these setups are for short term trades which means - smaller position size & lower target expectations.
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Past winning trades: (without leverage)
Bought between $5,000 - $5,500. Sold around $6,850 (30% profits)
Entered $8450, sold around $9,800 (16% profits)
Bitcoin dropped from 12k to 7k as expected (40% fall)
Perfect call on 12k weekly resistance
Bitcoin, perfect call (300% profits)
Bitcoin, bought between 6.8k - 7.3k (40% profits)
Bitcoin dropped to 3.5k as expected (40% fall)
Bitcoin, bought $6220 target $8480 (36% profits)
Education posts:
2618 trade
Top-down analysis
How I draw the trendline
Risk management series:
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As you know, I think the market is more like to go sideways for a while before deciding which direction it should go. And because of this, all the trades I am taking before the market decides its next movement/direction is only for short term trades.
Currently, price has broken above the downward trendline on the 1hr timeframe after a false break below $9,250 (bear trap). These price actions show sign of continuation of upside movement.
Please keep in mind all these setups are for short term trades which means - smaller position size & lower target expectations.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Past winning trades: (without leverage)
Bought between $5,000 - $5,500. Sold around $6,850 (30% profits)
Entered $8450, sold around $9,800 (16% profits)
Bitcoin dropped from 12k to 7k as expected (40% fall)
Perfect call on 12k weekly resistance
Bitcoin, perfect call (300% profits)
Bitcoin, bought between 6.8k - 7.3k (40% profits)
Bitcoin dropped to 3.5k as expected (40% fall)
Bitcoin, bought $6220 target $8480 (36% profits)
Education posts:
2618 trade
Top-down analysis
How I draw the trendline
Risk management series:
~~~~~~~~~~~~~~~~~~~~~
- Chapter 1: 1% rule
- Chapter 2: How to calculate position size?
- Chapter 3: The Sweet Spot
Note
If you don't understand what I meant by short term trade, below is what I mean. The current price on the higher timeframe is at near the resistance, you simply don't buy at resistance if you are swing trading.
But this idea is more of a intraday idea and hence why it is still doable despite the current price is so close to the resistance level on the higher timeframe
Note
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