BITCOIN SHORT - BEARISH RISING WEDGE current $6130 30Oct17
My BEARISH view of Bitcoin, as you are aware, is still firm and I have started acquiring my SHORT position from $6250 upwards giving a R:R of 4.6:1
Above 6100+, which as I write is where you can start shorting, IMHO.
I am NOT focusing on timing so you must make your own decisions when to enter, given your own view on news events.
If the trade, starts showing profitability, I am looking to MANAGE the TRADE during an ABC correction (future post).
I am just telling you what I have done and given you guidelines. Now you decide what you must do.
Sean Vengan
10+ Years Professional Trader and Trading Educator
REALITIES IN TRADING:
In trading, there are Winners and Losers. Accept it. If you can't you shouldn't be trading.
We protect our capital with stop losses. Our winning trades eat up our losing trades, with the goal, over a series of trades, to be NET POSITIVE.
Ignore newbies who are uneducated in trading & investing and say "You were so wrong" (we as traders know, a loss is insignificant over a number of trades).
Each trade posted is YOUR FREE CHOICE, YOUR RISK MANAGEMENT and YOUR RESPONSIBILITY.
Always factor in "WHAT IF I LOSE MONEY ????"
DISCLAIMERS TO VIEWERS OF MY POSTS - PLEASE READ CAREFULLY
1. If you don't agree with my views or analysis and looking to just be mischievous, it's very simple, FOLLOW SOMEONE ELSE
2. I am not here to give you financial advice and if you take a trade it is YOUR FULL RESPONSIBILITY, not mine.
3. I am not your Professional Trading Mentor or here to provide you with a Free Professional Trading Advisory Service.
4. I am not obliged to provide analysis, commentary or answer any of your questions. I am here to trade for my sole benefit, not for your benefit.
5. I am a paid member, not a free member, so I am on Trading Views to use their paid services. My presence on TV is not to provide you with analysis.
6. I am happy to help you in your trading if I choose to and I feel you are being courtesy. It is my free choice to answer you, I am not obliged to.
7. If I provide and give up MY VALUABLE TIME providing analysis to you please respect that I am providing it FREE of charge. Appreciate it and don't take it for granted.
8. If you comment to me, simply be courteous and we can show each other mutual respect. If you are rude or disrespectful I will ignore you or send you a curt reply.
9. If you are abusive I will report you and will leave it to the moderators to decide if you should be banned.
10. If you don't like my views eg If I think Bitcoin is going up and you think it is going down, then please do not abuse me just for having opposing view to you. Show us all your analysis, don't hide behind rude comments and alias name. Lack of analysis shows lack of knowledge and experience.
11. I have no issue with you expressing your opinion or disagreeing with my views but please DON'T DISRESPECT me or other traders or write personal comments, this is offensive.
12. I have over 10years+ solid Trading Experience. I do not need to justify myself to you my knowledge and experience, my analysis and commentary demonstrate my skills and expertise.
Above 6100+, which as I write is where you can start shorting, IMHO.
I am NOT focusing on timing so you must make your own decisions when to enter, given your own view on news events.
If the trade, starts showing profitability, I am looking to MANAGE the TRADE during an ABC correction (future post).
I am just telling you what I have done and given you guidelines. Now you decide what you must do.
Sean Vengan
10+ Years Professional Trader and Trading Educator
REALITIES IN TRADING:
In trading, there are Winners and Losers. Accept it. If you can't you shouldn't be trading.
We protect our capital with stop losses. Our winning trades eat up our losing trades, with the goal, over a series of trades, to be NET POSITIVE.
Ignore newbies who are uneducated in trading & investing and say "You were so wrong" (we as traders know, a loss is insignificant over a number of trades).
Each trade posted is YOUR FREE CHOICE, YOUR RISK MANAGEMENT and YOUR RESPONSIBILITY.
Always factor in "WHAT IF I LOSE MONEY ????"
DISCLAIMERS TO VIEWERS OF MY POSTS - PLEASE READ CAREFULLY
1. If you don't agree with my views or analysis and looking to just be mischievous, it's very simple, FOLLOW SOMEONE ELSE
2. I am not here to give you financial advice and if you take a trade it is YOUR FULL RESPONSIBILITY, not mine.
3. I am not your Professional Trading Mentor or here to provide you with a Free Professional Trading Advisory Service.
4. I am not obliged to provide analysis, commentary or answer any of your questions. I am here to trade for my sole benefit, not for your benefit.
5. I am a paid member, not a free member, so I am on Trading Views to use their paid services. My presence on TV is not to provide you with analysis.
6. I am happy to help you in your trading if I choose to and I feel you are being courtesy. It is my free choice to answer you, I am not obliged to.
7. If I provide and give up MY VALUABLE TIME providing analysis to you please respect that I am providing it FREE of charge. Appreciate it and don't take it for granted.
8. If you comment to me, simply be courteous and we can show each other mutual respect. If you are rude or disrespectful I will ignore you or send you a curt reply.
9. If you are abusive I will report you and will leave it to the moderators to decide if you should be banned.
10. If you don't like my views eg If I think Bitcoin is going up and you think it is going down, then please do not abuse me just for having opposing view to you. Show us all your analysis, don't hide behind rude comments and alias name. Lack of analysis shows lack of knowledge and experience.
11. I have no issue with you expressing your opinion or disagreeing with my views but please DON'T DISRESPECT me or other traders or write personal comments, this is offensive.
12. I have over 10years+ solid Trading Experience. I do not need to justify myself to you my knowledge and experience, my analysis and commentary demonstrate my skills and expertise.
Comment:
10 mins before this news wasn't I I just talking about a "blowoff top"....couple this with my time chart I just posted and let's see if PRICE and TIME are coming together
Comment:
Just stay calm while others are losing their heads.
My post shows my stop loss which is still safe and IF hit is just -1R loss (negligible loss) and I have both TIMING analysis and PRICE analysis coming in around now, both publicly posted.
If it pulls back from heer the gains are big.
My post shows my stop loss which is still safe and IF hit is just -1R loss (negligible loss) and I have both TIMING analysis and PRICE analysis coming in around now, both publicly posted.
If it pulls back from heer the gains are big.
Comment:
TRADE MANAGEMENT:
We'll move our stop to 6859 to allow for a "Blowout Top", I got in at a good price so a small increase in risk.
We'll move our stop to 6859 to allow for a "Blowout Top", I got in at a good price so a small increase in risk.
Comment:
Watch and read comments you'll learn alot about Human Emotion and how FICKLE new trades are. The usual pIkers come out when a pubicly posted trade is going against you, willing you to fail.
The CME is BIG no HUGE but what has price done so far on this news? Its gone up $300-$400. Is that a big move for Bitcoin?
Just like a shoal of fish. They swim one direction and quickly flip another direction NEver knowing what they are doing.
Yes, we still have Segwith2x to navigate and let's see another +300-+400 move.
Is a $$600-$800 move huge for Bitcoin?
DONT LET PANIC amoungst traders TRIGGER YOU into stupid actions
WE HAVE A PLAN and WE STICK TO IT. WE HAVE A HUGE ADVANTAGE over the 90%+ emotional traders.
90% of traders will be fooled 90% of the time.
My entry price was $6250 teh price now is $6365. Am I concerned about a $100 move against me?
Please...don't subscribe to these pikers panic. THINK CLEARLY NOT EMOTIONALLY
Now silence from the pikers surprise surprise. They'll resurface on the next $300 move up...
The CME is BIG no HUGE but what has price done so far on this news? Its gone up $300-$400. Is that a big move for Bitcoin?
Just like a shoal of fish. They swim one direction and quickly flip another direction NEver knowing what they are doing.
Yes, we still have Segwith2x to navigate and let's see another +300-+400 move.
Is a $$600-$800 move huge for Bitcoin?
DONT LET PANIC amoungst traders TRIGGER YOU into stupid actions
WE HAVE A PLAN and WE STICK TO IT. WE HAVE A HUGE ADVANTAGE over the 90%+ emotional traders.
90% of traders will be fooled 90% of the time.
My entry price was $6250 teh price now is $6365. Am I concerned about a $100 move against me?
Please...don't subscribe to these pikers panic. THINK CLEARLY NOT EMOTIONALLY
Now silence from the pikers surprise surprise. They'll resurface on the next $300 move up...
Comment:
PROFESSIONAL ADVICE:
What is becoming more and more evident to me from the comments on this Forum is that traders on this Forum are totally UNDER FUNDED to trade Cryptos.
If you are trading with less than US$5,000 you should NOT be trading cryptos.
It is far too volatile.
If you cant withstand a $300-$400 movement then you should be out of Crypto Market and trading something like FOREX. Definitely not Cryptos.
Trading any financial market (Futures, Options, Forex, Equities Cryptos) less than $5,000 is putting tremendous pressure on you to find Winners and creates the wrong mindset
In my view, as a Pro Trader is you need a MINIMUM would be $10,000 to trade cryptos.
What is becoming more and more evident to me from the comments on this Forum is that traders on this Forum are totally UNDER FUNDED to trade Cryptos.
If you are trading with less than US$5,000 you should NOT be trading cryptos.
It is far too volatile.
If you cant withstand a $300-$400 movement then you should be out of Crypto Market and trading something like FOREX. Definitely not Cryptos.
Trading any financial market (Futures, Options, Forex, Equities Cryptos) less than $5,000 is putting tremendous pressure on you to find Winners and creates the wrong mindset
In my view, as a Pro Trader is you need a MINIMUM would be $10,000 to trade cryptos.
In Trading, you must ACCEPT that ANYTHING CAN HAPPEN and this is why we MUST HAVE A STOP LOSS.
Now that seems an obvious statement to make, but the HARSH REALITY is that the traders brain DOES NOT ACCEPT that anything can happen as they invest their heart and soul in a trade they take. So when it goes against them they exclaim:
"WHOA, WAIT, BUT HOW CAN THIS HAPPEN I CHECK AND DOUBLE CHECKED THIS BEFORE ENTERING. IT CANT DO THAT???!!!! HOLY SMOKE",as they get caught liek a deer in the headlights (ps I am animal lover it's just an analogy)
It goes without saying just because I or any other trader draws some solid lines saying this is Resistance the Market doesn't give a hoot about this.
So what can we control?
There are 3 Things A TRADER CAN CONTROL after he/she places a trade.
1. RISK and
2. EMOTIONS and
3. EXITS.
The BTC risk via a stop loss, I have placed is at a predefined loss which I fully accept will get hit. Equally, I accept the other way that one or all of my targets gets hit.
So, therefore, it is this ACCEPTANCE when you place a LIVE TRADE which is FAR MORE IMPORTANT than any news.
Finally, apart from slippage, the MAXIMUM I CAN LOSE on this trade is -1R well that isn't going to bankrupt me and at a higher price I can enter again short, should I decide.
In my view, the Market is over-extended but Blow off tops wouldn't surprise me one bit or faze me in anyway as I have my stop loss PROTECTION in place.
I RELAX and let the MARKET what it needs to do.
SUMMARY:
*** IF YOU CAN UNDERSTAND AND ACCEPT THE ABOVE YOUR TRADING PERFORMANCE WILL ACCELERATE TO NEW HEIGHTS. MANY TRADERS UNDERSTAND TEH WORDS BUT CANNOT ADJUST THEIR MINDSET. ***