After the Hard Fork mess up, BCH tanked with no hope to recover.
What was supposed to be a regular "After Hard-Fork" phenomenon didn't stop at 100% retracement of the Hard-Fork pump.
Formed new ATLs mutiple times.
This beginning of downtrend can be seen at the break of HTL after the pump.
We tested HTL 3 times.
I made a post about this downtrend about to get over yesterday. If you were waiting for confirmation and entered around 265, you would have been at least 80% up at 5x leverage.
Now all those previous attempts to break HTL failed.
Unfortunately, I was asleep when it pumped this morning.
Things to look out for
1. Check Daily FOMO Signal
2. Check 4hrly FOMO Signal
This is how I was going to trade this.
Wait for it to cross HTL (At 260 Sats).
I would draw a horizontal black line at 260 to mark HTL.
Now, there are two ways of doing this
1. Set a market buy stop at 270 sats to avoid any fake out entries and chase it with a SL.
2. Move to 1m timeframe. Set limit buy orders at 263, 262, 261 and 260 (marked with pink lines) as soon as it crossed HTL. Set up a SL at 255
I would have gone for Trade Setup 2. As it's safer.
At the same time, I missed this pump since I was asleep. I wouldn't have if I went with Trade Setup 1.
That being said, if it just flew past HTL and jumped 3-10% (no leverage), I wouldn't set up Trade 2. Because it could just come crashing down with the same momentum.
This is why I prefer Trade Setup 2 over Trade Setup 1
Using the rules above
Test 1 ->
Trade 1 - Market Entry but Came crashing down. It's a long wick on 4hr timeframe. SL would have been hit.
Trade 2 - Never entered as it was a fake out. Pumped 3-5% right after break out and came crashing down. FOMO Daily red too.
Test 2 ->
Trade 1 - Never entered
Trade 2 - Never entered because FOMO Daily red.
Test 3 ->
Trade 1 - Never entered
Trade 2 - Never entered because FOMO Daily red.
Test 4 (Final Test)
Trade 1 - Perfect break out. More than 100% profit
Trade 2 - Perfect break out. FOMO Daily green for the first time during all the tests, Retrace after break out and pumped. More than 50% profit
What was supposed to be a regular "After Hard-Fork" phenomenon didn't stop at 100% retracement of the Hard-Fork pump.
Formed new ATLs mutiple times.
This beginning of downtrend can be seen at the break of HTL after the pump.
We tested HTL 3 times.
I made a post about this downtrend about to get over yesterday. If you were waiting for confirmation and entered around 265, you would have been at least 80% up at 5x leverage.
Now all those previous attempts to break HTL failed.
Unfortunately, I was asleep when it pumped this morning.
Things to look out for
1. Check Daily FOMO Signal
2. Check 4hrly FOMO Signal
This is how I was going to trade this.
I would draw a horizontal black line at 260 to mark HTL.
Now, there are two ways of doing this
1. Set a market buy stop at 270 sats to avoid any fake out entries and chase it with a SL.
2. Move to 1m timeframe. Set limit buy orders at 263, 262, 261 and 260 (marked with pink lines) as soon as it crossed HTL. Set up a SL at 255
I would have gone for Trade Setup 2. As it's safer.
At the same time, I missed this pump since I was asleep. I wouldn't have if I went with Trade Setup 1.
That being said, if it just flew past HTL and jumped 3-10% (no leverage), I wouldn't set up Trade 2. Because it could just come crashing down with the same momentum.
This is why I prefer Trade Setup 2 over Trade Setup 1
Using the rules above
Test 1 ->
Trade 1 - Market Entry but Came crashing down. It's a long wick on 4hr timeframe. SL would have been hit.
Trade 2 - Never entered as it was a fake out. Pumped 3-5% right after break out and came crashing down. FOMO Daily red too.
Test 2 ->
Trade 1 - Never entered
Trade 2 - Never entered because FOMO Daily red.
Test 3 ->
Trade 1 - Never entered
Trade 2 - Never entered because FOMO Daily red.
Test 4 (Final Test)
Trade 1 - Perfect break out. More than 100% profit
Trade 2 - Perfect break out. FOMO Daily green for the first time during all the tests, Retrace after break out and pumped. More than 50% profit
Trade closed: target reached:
100% gains at 5x Leverage
Comment:
Could have been 500% at 5x Leverage
