Still pretty noobish but been learning some new stuff recently and trying to apply it:
DCAing in at blue lines (these levels are approximations, since I'm using BTCDOWN tokens) with a reasonably tight SL. Looking to take profits at green lines, with the bulk of them at right around the 31k mark. In fairness this is a bit of a dangerous game to play, as BTC could go either way right now - so will look to move SL into profit soon.
Not Financial Advice - thanks for reading!
DCAing in at blue lines (these levels are approximations, since I'm using BTCDOWN tokens) with a reasonably tight SL. Looking to take profits at green lines, with the bulk of them at right around the 31k mark. In fairness this is a bit of a dangerous game to play, as BTC could go either way right now - so will look to move SL into profit soon.
Not Financial Advice - thanks for reading!
Comment:
moved stop to breakeven
Comment:
TP1 hit and moved stop to significant profit.
However, it was pointed out by someone with far more knowledge and experience than me that my resistance area should have been MUCH higher up, as shown here...
So despite being in profit for this trade, my TA was not actually accurate.
Pointing this out as a reminder to myself to continue working on improving my understanding of TA, and as a reminder to anyone reading that you should always do your own research and verify the TA of others before following them into a trade setup that may not have a very good risk-reward.
However, it was pointed out by someone with far more knowledge and experience than me that my resistance area should have been MUCH higher up, as shown here...
So despite being in profit for this trade, my TA was not actually accurate.
Pointing this out as a reminder to myself to continue working on improving my understanding of TA, and as a reminder to anyone reading that you should always do your own research and verify the TA of others before following them into a trade setup that may not have a very good risk-reward.
Comment:
planning out a long position after that solid bounce
Comment:
Long setup - might be too late to hit DCA targets though :(
Comment:
Ugh lol - turns out this one hit all the targets - but only after I got nervous and moved the stoploss (that got hit).
A wiser person than me pointed out the importance of looking at multiple time frames when setting up a trade so you're prepared for smaller-scale movements within your expected overall move. I can see why that's excellent advice. Will update this idea as I go through those other timeframes to hopefully find what I missed.
A wiser person than me pointed out the importance of looking at multiple time frames when setting up a trade so you're prepared for smaller-scale movements within your expected overall move. I can see why that's excellent advice. Will update this idea as I go through those other timeframes to hopefully find what I missed.