Just continuing on from my BTC/USD sell setup. Today's new candle gave a buy signal based on my indicators, which is not a stand alone buy signal according to my rules, but I do have to take some action to protect my 2x previous sell trades. Therefore I would have taken a buy trade for 0.4o lots at 7124.27, which is basically the open of today;s candle. I'm only trading this on demo as I'm not a crypto trader, but I want to see if my Forex trading methods work on these instruments. The original sell trade was based on hidden bearish divergence, and in the Forex market, I can basically work my way out of trades like this.
So for now, my overall position is hedged, where I am locking in a loss. I am now waiting for a 3rd sell signal to break this hedge. Currently the MACD Platinum (bottom indicator) is still above the zero level, so that tells me that I am still looking to sell for now. It may get to the point, where I have to pivot on this entire trade and look to the buy side, or I may even start a 2nd sequence of trades to offset any previous losing trades. There are options. And just for your information, price did fall down below my previous overall break even on the 2x sell trades, albeit briefly, but as the MACD Platinum is still above the zero level, I chose to ignore exiting at that time. Cheers.
So for now, my overall position is hedged, where I am locking in a loss. I am now waiting for a 3rd sell signal to break this hedge. Currently the MACD Platinum (bottom indicator) is still above the zero level, so that tells me that I am still looking to sell for now. It may get to the point, where I have to pivot on this entire trade and look to the buy side, or I may even start a 2nd sequence of trades to offset any previous losing trades. There are options. And just for your information, price did fall down below my previous overall break even on the 2x sell trades, albeit briefly, but as the MACD Platinum is still above the zero level, I chose to ignore exiting at that time. Cheers.