Time to put our Bear Hat on...we appear to be setting up for an Inverse Head And Shoulders pattern. I will talk more about this in a later post the significance of this. For now, our Game Plan is to see if this trade plays out to test if what I am seeing in the Future is correct.
You can enter now if you don't mind a litle bit more risk (+/-$50) but ideally when it crosses =>$4,800 Ideal short entry is when price enters the Pink Zone.
Stops are tight as taking a small loss if not in harmony with the Market is negligible, with the potential of an R:R of 4.7:1
Yet another trade where the majority will be uncomfortable taking but hey I'm not looking to win a popularity contest.
Sean Vengan Professional Trader and Trading Educator
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Judging from the initial comments on releasing this post It seems I need to clarify this trade, which I did in previous posts but I appreciate many of you may not have following me previously.
1. Correct, Inverse Head & Shoulders are a Bullish pattern in a DOWN TREND. However, we are in an UPTREND. I have proven to my satisfaction that regarding Bitcoin, to date, Inverse Head & Shouders are a Bullish Pattern
Here is the proof of my previous SUCCESSFUL PUBLIC Analysis
2. The Inverse H&S has not played out yet and that's what we are looking to play out now and trade. NOTE my comments in today's post:
"I will talk more about this in a later post the significance of this."
3. This is a SHORT-TERM play, as I have often repeated I am BULLISH medium to long term.
4. To MAKE MONEY $$$ in trading you have to trade BOTH WAYS: Long and Short.
5. If we get stopped out we REASSESS
SUMMARY This is a short-term play (maybe days) to see if this will play out then if it does, as I have advised you IN ADVANCE on this post today: ""I will talk more about this in a later post the significance of this.""
Make sense?
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Inevitably when you are shorting the Market you will use LEVERAGE. Leverage can be wonderful and a complete nightmare so this is my advice.
Professional Advice: It's very hard, but if you feel you're getting very emotional on a trade that's a SURE SIGN your position is TOO LARGE your RISK is TOO HIGH and you are OVER LEVERAGED.
Solution: TRADE SMALLER
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If we can drop below $4650 we have some confirmation we are going South...
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So we got stopped out (those of you who used stops that is - come on admit it if you didn' lol). I mentioned I was using this trade as a TEST TRADE to see a bigger picture analysis. So no big deal the test didn't work and now I reassess.
It's vitally important BEFORE you take a trade that you accept in trading you will have winners and losers THIS IS REAL TRADNG. Anyone who tells you they 100% winners is not a trader and you should run a mile.
My friends, don't worry the idea is to have more winners than losers and sometimes we have several losers in the row. You must understand that TRADING is a NOT JUST ONE TRADE it is a SERIES OF TRADES where we expect to be NET POSITIVE UP.
With our stop loss being hit its a small % of our account often 0.5%/1%/2% and then we will have a winner of maybe 5%.
We have PROTECTED our CAPITAL and now can sit back and view BTC position in the Market CALM and OBJECTIVE and look for our next setup.
Stop losses are there to not only protect our capital but also to give us a new perspective as we receive new information.
Onwards and upwards...
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I'm waiting to see if that was just a BULL TRAP meaning the wick of the candle broke through yes but the body of the candle stays within the previous All time high?
What awful advice. Utter nonsense. Inverse head and shoulders bearish? Honey badger don’t care.
UnknownUnicorn1063189
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@MFKENOEKRNMFR, Are you able to read posts? My posts clearly reads and I quote: "For now, our Game Plan is to see if this trade plays out to test" (0 analysis 0 followers)
Closa
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noob get rekt lol
UnknownUnicorn1063189
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@Closa, Never hear of a STOP LOSS - google it newbie. Typicai (0 analysis 0 followers) - havent placed your first trade
UnknownUnicorn1063189
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@Closa, Happy to take your money anyday of the week newbie. Keep ignorant, you provide me with my next pay check!