Emotion got the better of me...A mistake to learn from
So I made a buy at the break of the lower channel after we worked back into it. I told myself I would not, but I made a rookie trigger pull. I canceled my buys at 9K, 8600, and 7500 and bought the re-entry to the channel at 9250. A mistake obviously. So now what? Do I sit in my bad choice or sell for a loss. I must look at my chart in which I base logical decisions on to plan my next move and stop using my emotion which got me into this predicament. If I let my emotion rule again I would probably sell at the very bottom and this will retrace to 10K+. Then that will lead me to another bad choice to buy the top...I'm not going to compound bad decisions here.
We broke downward of a minor triangle but still have not moved out of the larger daily triangle that has formed. In fact we are basically at the bottom of that.... I am going to risk another 400 and put my SL around 8480 and watch this move. Its below the triangle on the daily, below the 1200EMA on the hourly and if it hits I will be able to pick up the BTC at 7500-7200. If we move back into the triangle we will test 9400 and probably break for a run to 9700-10K... at which point I will be forced to make a decision to stay long or jump off this ride. From this point of 8900 I am risking 400 for 500 (which is a bad r/rw) but I am of the opinion we are in a bull market and price action is and has been very fickle. I truly believe this is a bear trap before the move out and above the larger daily triangle. Please remember beliefs can founded on nothing at all and everyone has one. Trade with you own logic and what makes sense to you.
We broke downward of a minor triangle but still have not moved out of the larger daily triangle that has formed. In fact we are basically at the bottom of that.... I am going to risk another 400 and put my SL around 8480 and watch this move. Its below the triangle on the daily, below the 1200EMA on the hourly and if it hits I will be able to pick up the BTC at 7500-7200. If we move back into the triangle we will test 9400 and probably break for a run to 9700-10K... at which point I will be forced to make a decision to stay long or jump off this ride. From this point of 8900 I am risking 400 for 500 (which is a bad r/rw) but I am of the opinion we are in a bull market and price action is and has been very fickle. I truly believe this is a bear trap before the move out and above the larger daily triangle. Please remember beliefs can founded on nothing at all and everyone has one. Trade with you own logic and what makes sense to you.
Comment:
zoomed out a bit