Long ARB

I've got to go long ARB here but I am def keeping a tight stop. We're going long to the top of the channel. I'm in at 1.63 with a final target of 2.24 and a SL of 1.54 making the RRR 8/1.

Comment:

Last night you know that I went long BTC and ARB. The thought process here was that we had come down to that black rising multi-year s/r tl on my BTC chart and would bounce. Thus far, I am a little underwhelmed with the bounce. We haven’t closed the daily yet, but we have had half a day and have not even touched 64.8k yet. This shows overall weakness showing in the crypto market and that there may be more selling to come. Until we produce a daily higher high, we can expect this downtrend to continue, possibly even breaking back below our strong support. If that occurs with confirmation, you can know that my bias will immediately change.

Based on the underwhelming bounce from BTC thus far, I sold 2/3 of my BTC and left the stop tight. If I hit the stop, I will still profit from this trade.

With ARB, which was greatly oversold at the time of purchase, I was expecting much more of a bounce. We are not getting that. I sold half and raised my stop to break even on that trade so that I remain in the profit there as well.