Consolidated into a base. Big valley on the chart. Placing a limit buy with appropriate risk protection suitable to my trading plan.
Gotta buy before everyone else does!
Gotta buy before everyone else does!
Trade closed: stop reached:
The wick went well below my stop loss to -11% from my entry. I wasn't willing to risk that much principle. Price vacillated afterwards below but mostly above my stop loss, my position usually negative. Right now at this time the position would have been less negative without the stop loss if selling to complete the trade, or I could have not sold at all and continue to wait for sick gainz -- basically turn the investment into a #HODL.
But that isn't the right perspective. We would then be making decisions retroactive decisions in the past with information from its future. Time changes everything, and the best we can do is hop on to packets of the wave at certain time intervals to collapse that wave down into reality. A trade consists of an entry, profit target (what PRICE to exit), stop loss (what PRICE to exit): there is no time variable there.
We control the time variable when collapsing and expanding charts. In fact, try zooming completely out so the candlesticks overlap and nothing is left except for the price ticker on the right scale. From there, pressing play causes the price to go up and down, volatility is observed, but there is no creation of mountains and valleys.
Don't get too hyped on predictions and chart topography. If used well, they can increase the odds of a successful trade, but there still has to be a price entry and exit. And THAT is a whole new different set of techniques altogether.
We make money when we get in and then get out (whether long or short), not when we predict. If prediction is trying to forget about emotion, trading is about controlling it.
But that isn't the right perspective. We would then be making decisions retroactive decisions in the past with information from its future. Time changes everything, and the best we can do is hop on to packets of the wave at certain time intervals to collapse that wave down into reality. A trade consists of an entry, profit target (what PRICE to exit), stop loss (what PRICE to exit): there is no time variable there.
We control the time variable when collapsing and expanding charts. In fact, try zooming completely out so the candlesticks overlap and nothing is left except for the price ticker on the right scale. From there, pressing play causes the price to go up and down, volatility is observed, but there is no creation of mountains and valleys.
Don't get too hyped on predictions and chart topography. If used well, they can increase the odds of a successful trade, but there still has to be a price entry and exit. And THAT is a whole new different set of techniques altogether.
We make money when we get in and then get out (whether long or short), not when we predict. If prediction is trying to forget about emotion, trading is about controlling it.