BTCUSD: Price Aims Higher As Risk Increases.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD update: Minor consolidation forming above the positive sloping trend line which is likely to lead to a bullish break out. Triangles are trend continuation patterns and so far the momentum as defined by price structure remains bullish .

As price is poised to climb higher, our concern is the over head resistance located in the high 7400's and above (not on chart). This along with the fact that the higher price goes, the higher the risk of retrace. At S.C., we do not react to price action, we evaluate and anticipate.

For our swing trade methodology, the current location makes putting on new trades too aggressive. Less experienced traders do not realize that not every setup is high quality, especially since they hunger for action.

One of the toughest lessons to learn is the market will occasionally reward bad habits. Over trading, low probability trades, buying highs, etc. This phenomenon is no different than when a casino game randomly rewards a player. This ignites hope, and stimulates further play. There is no such thing as a professional slot machine player is there?

This is why having criteria and sticking to it is so important, no matter what the market is showing. And Bitcoin is in one of those situations where it is showing a potential setup, but the risk is high. Best practices prevent us from buying into such conditions.

In summary, at S.C. we have a swing trade plan that governs what trade setups we can take. Bitcoin may push higher, but the risk outweighs the potential reward at this point.

Like I wrote in my article earlier today, a retrace to 7K or into the 6800 area presents a much more attractive opportunity. What separates our research from many is that we do no pretend to know where price is going next. Instead we are open to the possibilities of where it can go, and then let the market prove itself. If it aligns with our criteria, then great we have a trade. If it does not, then we sit it out, no matter how great the chart may look.

This simple form of discipline is why our performance record is in the positive. Much of it has less to do with hitting home run 10,000% trades and more to do with avoiding many would be losses.

I often remind our followers that successful market timing has as much to do with a good defense as it does a good offense. No one wants to hear it though, because defense is never fun or appreciated since the majority of traders are focused on profits.

True the purpose of putting money to work is to gain a return. The mistake is in following the natural instinct of obsessing over the return which is what contributes to its elusiveness.

All of this translates into: timing is about organizing information, following rules, and waiting for the market to conform to criteria. And yes, it is far from the excitement and glamour portrayed by the financial media. If you want excitement, casinos offer a much better experience for your emotional needs.
Marc Principato, CMT |Author: Analyze Any Financial Market Like The Pros Using Price Action| | Cofounder (S.C.)

“Like I wrote in my article earlier today, a retrace to 7K or into the 6800 area presents a much more attractive opportunity.”

Check ! Price is at 6950. What are your thoughts on buying now ?
RamzaBehoulve BorisPoff
@BorisPoff, pretty sure he would say to wait for the market to prove itself with a reversal 12h candle which would trigger the swing to 7800.
Hi @MarcPMarkets . Im using BOTs with basic Stochastic signal and Trailing stop losses (very short 1.3%/0.15%). And im pretty happy with the results. Do you have experience with Crypto Bots?
brecier monguilhot
@monguilhot, whitch bots?
monguilhot brecier
@brecier, Cryptohopper
Comment removed.
BorisPoff IrenaLouis
@IrenaLouis, great advertisement piece for S.C. Thanks.
S.C. advertisement. When to buy, Marc? (Only Marc responds on S.C.)

Maybe not that much of a loss since last buy recommendation didn’t go so well. Buy at 10K? Yeap, that was last actionable trade recommendation from Marc.

But as always, “unlike the emotional herd WE at S.C. are awesome”. “We”, to indicate it’s a collective wisdom. “Emotional herd”, to further elevate himself from the rest, juxtaposing (bad) emotional and (good) logical approach to trading. Finally, constant chest beating, not as crude (or funny) as Magic Poop but still a required part of every post.

To summarize, reasonable, no-nonsense general analysis, always stating it can go up or down and one should wait. No recommendations. But works great as an advertisement platform. Good job Marc.
+2 Reply
Comment removed.
Comment removed.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out