Further To Go

Following last trade: see 'Breaking Channels' in my published ideas.

I am watching & preparing for a further opportunity to short BTC at or above $6.4k. Ideally I would like to see a slight reversal and rise out of this bear pennant before opening a short position.

Comment:

Update: Opened small short position above $6,400. Will monitor further before increasing my position.

Exchange: Bitmex
Product: XBTUSD Perpetual Swap
Margin: 5x
Liquidation Price: $8,000

Comment:

Bear pennant invalidated. Bear flag remains:

Increased short position at $6,450 & $6500.

Comment:

Update: Bear flag continuing within charted channel. BTC looks set for a large move.

Comment:

Closed 12.5% of initial short position at $6,101. 45% profit realised on that portion of my short position.

Comment:

Update: Closed a further 12.5% of initial short position at $6,175. >20% profit realised on that portion of my short position.

75% of initial short position remaining.

Comment:

Update: Closed a further 50% of initial short position below $6,400. 4% profit realised on that portion of my short position.

25% of initial short position now remaining. I will monitor further before making the decision to increase or reduce my position.

Comment:

Update: Closed a further 12.5% of initial short position at $6230. 25% profit realised on that portion of my position.

I will likely close the remainder of my position around this level.

Comment:

Edit: ROE error in last update. Profit realised was 17% rather than 25%.

Comment:

Update: Closed remaining 12.5% of initial short position at $6250. 15% profit realised on that portion of my position.

100% of short position now closed. Update with final realised profit will follow.