So I have been been diamond handing an API3 trade with an avg of $7.3 for this entire month , In reality I should've sold earlier, and would've had plenty opportunities to lower my cost average and would've probably been in profit by now but sometimes that's what happens when you've bought the dip and but the dip keeps dipping, now it seems like the most of the pain is gone and API3 is retracing.
I am looking to lower my cost average by playing this 0.236 level as resistance I sold at $6.2 and buying back in at the 0.0 fib level around $5.3, I have pointed out on the chart a similar structure in the previous retracement. I sold about 40% of my position and if this works I would lower my cost average to ~ $6.4.
I wish I had the balls to sell my entire position to buy back in lower but if someway somehow this rallies even more I would've hated myself for not hedging my risk and taking a 15% loss
I am looking to lower my cost average by playing this 0.236 level as resistance I sold at $6.2 and buying back in at the 0.0 fib level around $5.3, I have pointed out on the chart a similar structure in the previous retracement. I sold about 40% of my position and if this works I would lower my cost average to ~ $6.4.
I wish I had the balls to sell my entire position to buy back in lower but if someway somehow this rallies even more I would've hated myself for not hedging my risk and taking a 15% loss
Trade closed: target reached:
I got 60% back in at 5.38 to lower my cost average to $6.6, although I'm still losing money on this trade, I am very happy that I held trough the pain of this month and made probably the best move that I could to lower my cost average, it seems like we're on a bigger downtrend but considering this a strong support level I decided to get back in 60% to secure my position in case we wick to the next fib levels, and still have some cash on the side if we go lower and further decrease my avg entry.
I got 60% back in at 5.38 to lower my cost average to $6.6, although I'm still losing money on this trade, I am very happy that I held trough the pain of this month and made probably the best move that I could to lower my cost average, it seems like we're on a bigger downtrend but considering this a strong support level I decided to get back in 60% to secure my position in case we wick to the next fib levels, and still have some cash on the side if we go lower and further decrease my avg entry.