Good morning folks, Happy Saturday! Hope you're enjoying yourself this weekend. I've posted my BTC analysis to inform you of some of the happenings in the local price action and provided updates on my trades.
If you have any questions, message me.
---------- ATTN Positions I'm closing by tonight March 22nd, at the following P & L: WAN -7% average loss (5-7.5% of capital) ELF +18% average profit (5-10% of capital) LTC +33% average profit (12-18% capital) NEBL +20% average profit (10-12.5% capital) BAT +29% average profit (20-30% capital) ZIL +5% average profit (2.5% capital) LOOM +24% average profit (5% capital) AION +3% average profit (5% capital) ETH +1% average profit (5% capital) Cash: 20-30% approx. held through trading period ---------------------------- Cumulative gains: +23% over the last 30 trading days
My reasoning is thoroughly explained below: I don’t make public posts nor do I partake in crypto twitter but oftentimes I get trolled posts from other groups or comments/messages on TradingView saying dumb things. People ask, why did I close out my position when I did, I missed X many % on the way up OR did I get rekt on X trade OR why did I change my mind from one day to another. The answers are pretty simple for all of these. Let me answer questions so if you guys ever come across some of these noobs, you know to just chuckle.
—————- Why close out positions early? Markets do not owe you anything. When you set out on a trade with a plan, they are general guidelines. Plans can change, markets shift and you have to reevaluate and deviate from your original plan. Sticking to your original targets when the landscape has changed is irrational and will cause you to take unnecessary risk. We are in the craft of calculated risk with good risk:reward, nothing more, nothing less. —————- Did I get rekt on X trade? No. Proper risk management and position sizing allows me to know that I can’t win all my trades. Nor do I need to. The best traders in the world have a 50-60% strike rate. You just need to make your winners bigger than your losers and spread your risk. Make money. Be happy. Ignore the rest. ————-- Why did I change my mind from one to another? Markets are dynamic. And honestly, you don’t owe an explanation to anyone why you change your mind. If your technicals tell you that you are not seeing your plan or price action execute the way you originally set out, reevaluate your plan and change strategy. Trading is an emotionless game. Drop your ego, forget your original plans if the market changes and adapt or you will never learn to mitigate risk and make consistent winning trades.
Have a wonderful weekend! Cheers, Amol
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Two levels BTC needs to close above on the daily $3990 and $4015
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I still lean optimistically to break the ascending triangle + iH&S but I'm not in the business of guessing. I've reaped enough profits and with volume declining and the lower high on the touch to supply, BTC needs to prove that it can keep climbing into resistance and not get knocked down so easily. Will wait above $4200 or wherever price finishes retracing to.
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Still optimistic of wave 3 but I don't have the time to ride a retrace down right now especially if I can secure some gains and avoid the grueling wait.
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BTC is now slowly falling out out of the ascending channel. Look for $3900 support to be touched again. This is where support sharply shot us up previously.
Thanks! Certainly happy to give you a "Like" as well. Both of us invest a lot of our personal time creating these videos. I also believe there are several of us authors who are under-rated. It would certainly help if our followers would take the time to click "Like" on the publications we create as a "curtesy" for the time we invested. Or at least click "Like" for the publications they agree with. It can be frustrating to have approximately 8 to 10 percent of viewers actually take a moment to click "Like."
Thanks for your time and effort! I enjoy your analysis as well. I don't take the time as often as I used to to have a look at ideas posted by other authors. You may have to remind me at times to see what you came up with. Feel free to post all you like on my ideas. I'm perfectly fine with other promising authors getting exposure on my publications. All I ask is for a moment of your time to click "Like." I too will return the same curtesy.
WyckoffMode
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You apparently always want to come over to several of my "ideas" and say something along the line of "...appreciate your work." Yet, you take A MOMENT out of your time to show your "appreciation" by clicking "Like." You seem more interested in "advertising" than showing your "appreciation." So, I'll take a moment to "advertise" on your publications. You just might get a "Like" from me if you would actually be a good sport about it. I do on occasions share my ideas on a "top" traders ideas. However, when I do so, I at least take a moment to show my respect by taking just a moment to click "Like" on their publication. I can understand if you did not agree and wanted to post an opposing argument. That would be perfectly fine. I would simply post my opposing argument on your idea without clicking "like."
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Thanks for your time and effort! I enjoy your analysis as well. I don't take the time as often as I used to to have a look at ideas posted by other authors. You may have to remind me at times to see what you came up with. Feel free to post all you like on my ideas. I'm perfectly fine with other promising authors getting exposure on my publications. All I ask is for a moment of your time to click "Like." I too will return the same curtesy.