Currently learning fibs and trade management, and today's lesson is: have setups ready to go in order to react quickly to market movements.
A bit late to do it now. Likely have missed on this after the bounce off 31.4k, but will set up DCA entries at the levels shown, a tight stop-loss, and targets at what my TA tells me are key resistances. If the entries don't hit: oh well, I guess - that's the opportunity cost of an important lesson!
Not financial advice, discussion welcome and encouraged. Thanks for reading!
A bit late to do it now. Likely have missed on this after the bounce off 31.4k, but will set up DCA entries at the levels shown, a tight stop-loss, and targets at what my TA tells me are key resistances. If the entries don't hit: oh well, I guess - that's the opportunity cost of an important lesson!
Not financial advice, discussion welcome and encouraged. Thanks for reading!
Comment:
(just gonna point out that I still have my BTCDOWN trade open even as I set up this BTC long)
Comment:
hmm.... getting a little nervous about the setup - removed the 3rd DCA entry as I think it *could* take a dive if it gets there - first entry hit, if second entry hits I will immediately set my Stop-limit order, in case things get ugly!
Trade closed manually:
Closed trade in slight profit. Was expecting more of a bounce around my entry levels but it doesn't look to be happening. Obviously still pretty new to this but buy side looks to me like pressure is decreasing. Will look for another downtoken entry.
Comment:
Well, dang. Boy is my face red.
Should have zoomed out to weekly before setting up the DCAs, and again before closing that trade. As if there wasn't going to be a defense of 29-30k!
Tough way to learn a lesson, but hopefully for the best in the long run.
Should have zoomed out to weekly before setting up the DCAs, and again before closing that trade. As if there wasn't going to be a defense of 29-30k!
Tough way to learn a lesson, but hopefully for the best in the long run.