BCH/USD - Coinbase
Still Holding!!
Just thought I would post an update on the hourly chart. I still think the resistance and support channel from the long term chart hold and that they will make some key resistance lines that we need to break through. We have also added a short term support line in green that BCH has begun forming and a short term inverted head and shoulders pattern. BCH has been really nice for swing trades but we have been stuck since our last 2300 entry. I'll be reevaluating holding BCH or making a similar trade as what we did with TRX ETH whenever we hit one of the resistance lines on the long term chart and how the coin behaves at those resistance lines.
I think its always very important to be flexible with your trades and resolute with your investments. What this means is that when you are making the type of trades we have been making; where we are only in the trade for a few weeks max, you need to have price targets but you need to re-evaluate those price targets every time the investment hits resistance. You need to be exceptionally vigilant with your short term trades or you should not be in them at all.
On the flip side, when you are investing in a company or a project you strongly believe in and have a long term horizon you need to be resolute with regards to volatility. You can't swing in and out depending on sentiment or FUD/Euphoria news and price action. This is what has led to my 100%-600% gainers like TSLA, CAT, and especially AMD. I purchased AMD at $2 when everybody was FUD'ing all over that beast and had no understanding about the companies fundamentals, product line, or companies using AMD in their devices.
When you trade, be flexible. When you're investing in something you've done your homework on and believe in, be a stubborn bastard.
Still Holding!!
Just thought I would post an update on the hourly chart. I still think the resistance and support channel from the long term chart hold and that they will make some key resistance lines that we need to break through. We have also added a short term support line in green that BCH has begun forming and a short term inverted head and shoulders pattern. BCH has been really nice for swing trades but we have been stuck since our last 2300 entry. I'll be reevaluating holding BCH or making a similar trade as what we did with TRX ETH whenever we hit one of the resistance lines on the long term chart and how the coin behaves at those resistance lines.
I think its always very important to be flexible with your trades and resolute with your investments. What this means is that when you are making the type of trades we have been making; where we are only in the trade for a few weeks max, you need to have price targets but you need to re-evaluate those price targets every time the investment hits resistance. You need to be exceptionally vigilant with your short term trades or you should not be in them at all.
On the flip side, when you are investing in a company or a project you strongly believe in and have a long term horizon you need to be resolute with regards to volatility. You can't swing in and out depending on sentiment or FUD/Euphoria news and price action. This is what has led to my 100%-600% gainers like TSLA, CAT, and especially AMD. I purchased AMD at $2 when everybody was FUD'ing all over that beast and had no understanding about the companies fundamentals, product line, or companies using AMD in their devices.
When you trade, be flexible. When you're investing in something you've done your homework on and believe in, be a stubborn bastard.