I would imagine the majority of you will be VERY UNCOMFORTABLE taking this Long trade. So I suggest you just see whether it plays out or not.
I don't pick and choose my trades I have a System where if I have a setup I act on it with any pre-conceived notions which one will end up winners and which one's will end up losers.
If the price can fall to my BUY ZONE (around $5500) I will take a Long entry 2 Targets T1 3.07:!, T2:4.36:1 We will need an up bar as a trigger if it falls into the Zone
In the background, we have the fundamentals playing out: "On October 25, Bitcoin Gold (Bgold) will split off from Bitcoin to create an ASIC-resistant cryptocurrency. A few weeks later, a significant group of Bitcoin companies wants to hard fork according to the SegWit2x plan" Source: "Bitcoin Magazine" Oct13
Just to be clear we are EXTENDED at these levels and a correction is probably imminent, but IMHO I don't think it is yet as price appears to want to hit that 6k bell.
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 ????"
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Well, "Ding Dong" the analysis hitting 6k was correct, although I did not trade this for 2 reasons 1. we didn't get the pullback I needed to reduce my risk 2. I saw few conflicting signals (AS stated in my later post) which I decided to not risk my capital on this trade.
Those who you have traded this and made a profit congrats (not sure if where you put your stops or indeed you used one).
If you missed this trade, which I was more than happy to do so (as the risk was too high), don't worry, like a bus or train, there will be another trade coming along in a minute.
My capital is safe, intact, loaded and ready to fire for the next High Probability (HP) trade...
I'm still riding the bus Sean. Looking where to exit real closely. I think it'll be around the 25th for me. Thanks for all your insight.
UnknownUnicorn1063189
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@fernx, Well done! And you're most welcome, happy you are making money $$$ from my posts.
Yes, you go for what you think, that's always the best way.
stefaan
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Hi mr Vengan
got in small and got out at 5070€. Thanks.
Now i' m waiting at LTC to rise again.
Got a good trade on your last Ltc TA, Just didn't got stopped out and reached my T1 at 69,99 got back in at 61 dollar to reach for the T2. But it doesn't die much. Evertthing goes to btc.
Thanks for the update Sean, I followed your advice to not step in but in... I wish I did step in.... :)
Anyway, I don't understand why ETH is not following BTC up in charts, do you understand why this behaviour does not match with BTC?
jerrebarre
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@jerrebarre, "not step in but, I wish I did step in"
UnknownUnicorn1063189
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@jerrebarre, No problem. For ETH, I have done some private analysis which i won't share as yet
jerrebarre
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@SEAN_VENGAN, looking forward for this analysis! :)