WZRDBuckets

Upside targets fulfilled, now looking for shorts + some advice

BITFINEX:BTCUSD   Bitcoin
Hey everyone, please refer back to my previous posts to see my calls and targets. Our final upside targets have now been fulfilled! After a very good day in the entire market yesterday we have now retested the key level and are currently trading at around $7900. As mentioned in my previous 2 posts I am now anticipating the market to begin moving lower to our downside targets. I have entered a short position with 25% of my account balance, I'm being a bit cautious of $8000 and $8100, if these levels do come through I will enter the remainder of my account into my short position giving me a better entry. For now I will leave my stop loss at $8300. Once the market breaches the $7250 level I will move my stop loss to break even or into profit, making the trade risk free. My first profit taking level is $6410, I will close 15-25% of the trade at this level and move my stop loss further into profit, at $5770 I will close another 25%, at $5440 I will close another 25%, from here I will leave the remainder of the trade running with stops well in profit, in the case that we do see that final push to the trend line seen on the weekly I will then make a good amount of profit, if the market does reverse from this level I will then be stopped out in profit + majority of the profits have already been secured. By moving our stops to break even and then into profits as the trade moves in our favor we are able to make the trade risk free as it makes it impossible for us to lose money if the market begins moving against us, due to Bitcoin and the cryptocurrency market being so volatile this can make trades less stressful, as long as you have identified a good entry. Remember to never be greedy and make sure you are constantly securing profits as trades move in your favor, it is never guaranteed that the market will reach our final profit taking level, if it does you should still have 15-25% of the trade running so you'll still make a decent profit on that final move, if price reverses before this level you will still have profits secured and the small % of the trade still running will be stopped out at break even or in a small profit, still making it a winning trade even though your final target was not met. If you had not secured profits and the market reverses against you you will very likely be stopped out at a loss. This is why it is very important to never be greedy, I am confident in saying that over the long run a trader who follows these principles will be more profitable than a trader trying to catch the huge moves in the market and never securing profits.

(Please remember this is my opinion and I am not advising anyone to enter any trades or make financial decisions without doing their own research and analysis)

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