This video was only to give a little taste of how "fluid" the process is when making a decision to keep a position open or when to close your position. There's more to it than what I point out here. This is only a "taste." Those who have followed me a while have heard more than this and probably know what other things I did not mention SHOULD be done to assist in making the decision to close, hold and/or reverse a margin position. Other things must be factored in as well. Such as, "Do I think it would even be worth it to short based on my current buy-in price and/or open long position?" "Do the indicators show only a 1 to 2 percent drop at best?" If so, is it worth the risk based on other factors. If not but still bored and want to open a position, do so with less capital and low leverage. "Do I want to get out today and have some other kind of fun or stay in front of the computer for this 1 to 2 percent drop?" etc... etc...
Earlier, I saw a pullback coming. AT THE TIME, the indicators were indicating it going down to around $58,8xx. As it played out more and the indicators in other time frames unfolded, we would have seen we could keep our short position open (if you opened one) AS LONG AS the indicators are still indicating short term downward pressure.
There is something else you could have done as well that I'll get into in the future with three (3) position trading. This method will have you closing and/or reversing one of three positions at random according to what we see in GROUPS of time frames.
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UPDATE:
A look at the 12-hour time frame:
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UPDATE:
I got more SPECIFIC with the Yellow Text Bubble:
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UPDATE:
Wanted to provide one RARE example of the "Tip of the Week" not coming to pass. We still did not have a "significant" drop below the Basis but it still happens on occasions. I lean more to saying, "...on RARE occasions."
3AM in he morning? My man... you're full in it - live between those candles :)
lorenzo1978
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Hey David, really Thanks a lot for your work first of all.
Then, are you following the Tether issue with OAG and the deadline of 17th of May to provide all the evidences?
Don't you think it will have a massive impact on BTC and Crypto in general?
I wish to know your thoughts on it if you don't mind.
CryptoCrawdad
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right on David great having your instruction and direction at this moment and always
UnknownUnicorn13529438
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Rip
steeve509
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I smash it. That was a good one. Thank you!!!
CeCeBreslin
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Awesome knowledge. Thank you!
susiane_ho1220
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Really appreciate all the Technical Analysis Explanation.
You are THE BEST! THUMBS UP!
Ali-Mani
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Hi David. Have you noticed bearish divergence in RSI for Total Market Cap?