BTC Short Term Long Signal and Current Trade Analysis
This morning I posted the shift from Short Term Trend change from Neutral to Buy/Long. I received a few comments and questions regarding the signal and trade, so here is the detailed breakdown.
Trading is part art part science. IMO the art part is the exit. I will explain my actions and the reasons behind them.
Long Entry came quickly after the Trend Change Confirmation. Entered at 7660, placed my stop loss at 7200. Since the Med Term Trend is Neutral and the Long Term is Negative, I tightened up my stop loss to 7600 giving it some room but not too much room. BTC entered IMO the "warning zone". This is the area around the 200 hourly EMA and near the 200 Daily EMA which "might" be resistance. It bounced off the zone, changed color from cyan to magenta. did not hit my stop loss then turned back to cyan. I raised my stop loss to now a trailing profitable stop 7900 just below the low of the magenta candle. I will keep it tight until it passes the "warning zone" then enters the "profit zone". In this area I could take profits and be very satisfied with the trade. I have a hard limit at 9400.
May the Force be with You ;)
Trading is part art part science. IMO the art part is the exit. I will explain my actions and the reasons behind them.
Long Entry came quickly after the Trend Change Confirmation. Entered at 7660, placed my stop loss at 7200. Since the Med Term Trend is Neutral and the Long Term is Negative, I tightened up my stop loss to 7600 giving it some room but not too much room. BTC entered IMO the "warning zone". This is the area around the 200 hourly EMA and near the 200 Daily EMA which "might" be resistance. It bounced off the zone, changed color from cyan to magenta. did not hit my stop loss then turned back to cyan. I raised my stop loss to now a trailing profitable stop 7900 just below the low of the magenta candle. I will keep it tight until it passes the "warning zone" then enters the "profit zone". In this area I could take profits and be very satisfied with the trade. I have a hard limit at 9400.
May the Force be with You ;)
Trade active:
Raised our trailing stop to 7950.
Trade closed: stop reached:
Small Profit of 4% today. The "WZ" held up so far.