If you read our posts and are following us, we pointed to where likely retracement levels were going to reverse. We nailed both within 50 & 25 cents each. Not bad for forex commodity traders that just started to trade the crypto market. We also pointed as to how to play this retracement to scalp a few more bones off the this horse. Played out like we actually had a crystal ball. But we don't, it's not easy work picking horses or picking stocks. When charters tell you to take money off the table did you give up faith in your own analysis? We didn't and we called it nearly to the penny, well 50cents. That's correct we said if it breaches T1 we knew we were in a retracement it tried to recover once but it was to no avail. It broke through and quickly hit our 2nd target at $78. Hindsight is 20/20 and some may have put a buy and scalp in at this level. They would have made money selling at the T1 level. But this is very dangerous. Many times we see a small bounce and a fake break up, only to hit the T3 level where your now buying to break even. This is why we have a plan and stick to it. Push your emotions aside stick to the plan and have faith in your analysis. Had you done what we laid out in our "plan of action" you could have bought the T3 level (as we did) and scalped back at the T2 level, which we also did. Now I wish we would have not sold the T2 level as I look at the graph, but hindsight is hindsight and you cannot miss the forest for the trees. You must stick to your plan and have faith in your analysis.
Moving forward, Litcoin has fully retraced and could now surge to higher levels. It could also start to form a consolidation pattern which is what we would like to see. This allows us to look for another setup as we get ready for Preakness. That's right, this horse is not done, and we are still sitting on a 1/4 position from the last run up which is a good position to be in. How many sold out and will miss the next race? How many got scared and sold on the retracement, and now cannot replace those coins where the sold them. This is a long term hold, and my money is that this will be a triple crown winner, and Horse of the year. For all the news and tweeter followers that said I had no idea how to trade cryptos coming from the forex/commodities markets, "HOW YOU LIKE ME NOW"! Have a blessed weekend everyone and be safe!!!
Moving forward, Litcoin has fully retraced and could now surge to higher levels. It could also start to form a consolidation pattern which is what we would like to see. This allows us to look for another setup as we get ready for Preakness. That's right, this horse is not done, and we are still sitting on a 1/4 position from the last run up which is a good position to be in. How many sold out and will miss the next race? How many got scared and sold on the retracement, and now cannot replace those coins where the sold them. This is a long term hold, and my money is that this will be a triple crown winner, and Horse of the year. For all the news and tweeter followers that said I had no idea how to trade cryptos coming from the forex/commodities markets, "HOW YOU LIKE ME NOW"! Have a blessed weekend everyone and be safe!!!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.