YoungShkreli is up $1000/btc short! What does he see next?
What's up guys,
In my last post, I said I was bearish.
If you'll look at the comment I made after, I said price action wasn't confirming what my strategy was telling me - but that said, I ignored that and stuck to my strategy. Maybe I should incorporate elements of the price action pattern I had noticed into the strategy, but I didn't and was in unknown territory - so I stuck with the plan. That's all I'd like to get across to you all: stick to the motherfucking plan.
Anyways, I was excited to go short, because I can see a potentially very large move to the downside on the horizon. Now, let me be clear. The major trends are bullish, as far as I can tell we are in a bull market and so I am willing to risk less going short than going long because the probability that I will be right on the short side is less than the probability I will be right on the long side. My point here is that I am sober in understanding that shorting the market in a bull trend is not exactly safe territory, but it is territory I am comfortable in nonetheless and it's because I stick to my strategy no matter what.
I can see at the very least a return to the support level that I have drawn in bitcoin's future - but if I had to guess, I suspect we will break the support. This is simply due to the fact that, generally speaking, the more times you touch support, the weaker it gets. That said, I don't care about what I think and neither does the market - I stick to the mfing strat and that's it. I'm a scientist, not a magician.
-YoungShkreli
ps I think the next non price related post will be about risk management.
In my last post, I said I was bearish.
If you'll look at the comment I made after, I said price action wasn't confirming what my strategy was telling me - but that said, I ignored that and stuck to my strategy. Maybe I should incorporate elements of the price action pattern I had noticed into the strategy, but I didn't and was in unknown territory - so I stuck with the plan. That's all I'd like to get across to you all: stick to the motherfucking plan.
Anyways, I was excited to go short, because I can see a potentially very large move to the downside on the horizon. Now, let me be clear. The major trends are bullish, as far as I can tell we are in a bull market and so I am willing to risk less going short than going long because the probability that I will be right on the short side is less than the probability I will be right on the long side. My point here is that I am sober in understanding that shorting the market in a bull trend is not exactly safe territory, but it is territory I am comfortable in nonetheless and it's because I stick to my strategy no matter what.
I can see at the very least a return to the support level that I have drawn in bitcoin's future - but if I had to guess, I suspect we will break the support. This is simply due to the fact that, generally speaking, the more times you touch support, the weaker it gets. That said, I don't care about what I think and neither does the market - I stick to the mfing strat and that's it. I'm a scientist, not a magician.
-YoungShkreli
ps I think the next non price related post will be about risk management.