The Trend: EP5 - Recycling saves Coins

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Howdy Yall,

On this episode of The Trend I got started before doing any kind of study. This is a quick look at how I will make my first chart of the day. This is how I get going. This is the chart I mock-up and start to drive "idea's" off of. From there I look for trades. I write down my crazy idea's...and sometimes - especially when I really want to put a trade through - I'll trash it and draw it again. This is very helpful, it gives more ideas, and furthermore it will help you in your quest to toss out emotion.

A key idea, is drawing yourself a bearish chart as well. I recognize this is tougher to do if you're holding coins. However there can be nothing more important than giving yourself the chance to look at the opposing view. Draw it up with the absolute belief its going down. Look at that supporting evidence. How does that compare to the other charts you've built?

I would love to see some of your charts guys. I appreciate all of the kind words, and compliments you all have paid me up to now. I enjoy being a part of this great community, and you all are the reason why!
Nice video!
Nice work!
+1 Reply
nukenowakowski Dustinoneal27
@Dustinoneal27, Thank you. I appreciate it.
+1 Reply
Great analysis as usual. Only thing is I’m confused on whether to take some profits now that we broke 10k. I went 100% all in at 6500. Is this a good time to go 30% cash? Or stay all in?
+1 Reply
@Wolfgang34, Use stop limits. Put stop limits behind the last resistance to protect your profits. Draw a fib from the last resistance, and at the 23% retrace point, stick a stop limit. That's just my advice. I like to use stops so that I can let the asset run...instead of trying to guess a top.

Thank you for the kind words!
+2 Reply
Wolfgang34 nukenowakowski
@nukenowakowski, thanks!
so you are bearish?
@yshashmi37, ...? No... I'm not bearish. I have drawn the trend as continuing upwards.
+1 Reply
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