Disclaimer: This record is solely for my documentation purposes and is NOT intended as financial advice. Always conduct your own research and consult with professionals before making any financial decisions.
BTC Short:
- Price was rejected at 31,150.
- Price currently stands below the SMA 140. Historically, such a position has indicated a 34-
60% drop in price.
- The MFI 140 is below 50.
- Trading volume is low.
- A divergence has been noted.
- A head and shoulders pattern has broken to the downside.
- If the price tests and then rejects the SMA at 27,200, I'll be looking for an entry point on lower
timeframes.
- Stop loss (SL) positions and targets are indicated on the chart.
_________________________________
- Date Planned:Aug 22, 2023, at 9:30 PM.
- Execution Criteria: I will proceed if the price retests and does not surpass the SMA at 27,200.
- Alarm: Set at $26,900 to pinpoint entry on lower timeframes.
BTC Short:
- Price was rejected at 31,150.
- Price currently stands below the SMA 140. Historically, such a position has indicated a 34-
60% drop in price.
- The MFI 140 is below 50.
- Trading volume is low.
- A divergence has been noted.
- A head and shoulders pattern has broken to the downside.
- If the price tests and then rejects the SMA at 27,200, I'll be looking for an entry point on lower
timeframes.
- Stop loss (SL) positions and targets are indicated on the chart.
_________________________________
- Date Planned:Aug 22, 2023, at 9:30 PM.
- Execution Criteria: I will proceed if the price retests and does not surpass the SMA at 27,200.
- Alarm: Set at $26,900 to pinpoint entry on lower timeframes.
Comment:
Planned a possible entry on the 4-hour chart, August 23, 2023, at 7:40 pm.
Comment:
Aug/29/2023, 9:30pm:
BTC tested SMA and failed to sustain a breakthrough.
RSI is still below 65, waiting overbought threshold of 65-70.
Refining entry point.
BTC tested SMA and failed to sustain a breakthrough.
RSI is still below 65, waiting overbought threshold of 65-70.
Refining entry point.
Comment:
DXY closed below its daily trend, which suggests potential short-term upside for BTC. However, DXY's breakout from a bull flag pattern supports a bearish outlook for BTC.
No clear entry yet
No clear entry yet
Comment:
Trading Journal Entry: Sept 11, 2023, 12:42 pm
Observations:
- Lost BPE at 28,000
- Cause: Greed and overconfidence led me to believe that the price would exceed the originally planned entry zone.
Current Position:
Entry Point: 25,120
Position Size: 50% of total trading account capital
Leverage: 3%
Risk Management:
Max Risk 250 USD
SL: At 28,500
TP: Plan to close 60% of the position at 20,200.
Subsequent Action: Observe price action to decide on the remaining 40% of the position.
Next Steps:
Monitor Price: 2 alarm sets, one for each SL or TP levels, at a price approaching these levels at 1500 intervals.
2. Emotional Check: I have to be conscious of emotional triggers like greed or fear
3. Market News: Stay tuned to BTC/market news that could affect price.
4. Review: Regardless of the outcome, review this trade to identify what worked and what did not, focuse on emotional aspects and the decision-making process.
5. Keep documenting.
Observations:
- Lost BPE at 28,000
- Cause: Greed and overconfidence led me to believe that the price would exceed the originally planned entry zone.
Current Position:
Entry Point: 25,120
Position Size: 50% of total trading account capital
Leverage: 3%
Risk Management:
Max Risk 250 USD
SL: At 28,500
TP: Plan to close 60% of the position at 20,200.
Subsequent Action: Observe price action to decide on the remaining 40% of the position.
Next Steps:
Monitor Price: 2 alarm sets, one for each SL or TP levels, at a price approaching these levels at 1500 intervals.
2. Emotional Check: I have to be conscious of emotional triggers like greed or fear
3. Market News: Stay tuned to BTC/market news that could affect price.
4. Review: Regardless of the outcome, review this trade to identify what worked and what did not, focuse on emotional aspects and the decision-making process.
5. Keep documenting.
Comment:
Trading Journal Entry: Sept 12, 2023, 15:46 pm
Added 12.5% of of total trading account capital at 26.080
Added 12.5% of of total trading account capital at 26.080
Comment:
Trading Journal Entry: Sept 18, 2023, 8:42 pm
Added 12.5% of of total trading account capital at 26.720
Added 12.5% of of total trading account capital at 26.720
Comment:
Trading Journal Entry: Sept 19, 2023, 8:19 pm
Looking to add 25% remaining if RSI enters yellow zone.
Very tight SL at 28500
Looking to add 25% remaining if RSI enters yellow zone.
Very tight SL at 28500
Trade closed: stop reached:
Trading Journal Entry: Oct. 2, 2023, 2:46 pm
Poorly executed trade.
Need to study all factors contributing to poor execution.
Exited at loss -250 US
Poorly executed trade.
Need to study all factors contributing to poor execution.
Exited at loss -250 US
JPC