Hello All, after an excruciating past six trading days, BTC shook me out of my short position late last night on what was a classic 'head fake' move. Fearful of a winner turning into a looser, I micro managed myself out of a very respectable position only to watch it shortly thereafter go exactly to the original target (UGH!). While there is nothing wrong with booking a profit (+$8 or about 1.25%) I certainly didn't do myself any favors. Interestingly. this is now 6/6 of late (someone has actually been counting on TradingView....lol) and had I just left the original trade on and stuck to my original r/r model, I would be on cloud 9 this AM. I will take comfort in seeing yet another setup play out to its anticipated targets, I will be cross at myself for not acting in my own best interests. Stick to the plan, take the setups, live with the results...lessons are to be continually learned
Are watching several markets during kill zones or btc only?
CRInvestor
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If I had the ability, sure. Key here is market behavior around these events not necessarily the level.
lukas.o.chudy
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could you explain it a little more please? what events you have in mind?
CRInvestor
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Kill zones are liquidity event. The most significant are the European open and the North American open. Since the market is always seeking volume, many times either existing trades hit objectives (perceived areas of potential liquidity) or new trades will develop (liquidity having been found seeks new objectives) through these kill zones. Like significant news events, they can often be excellent exit locations (heading into) and entry locations (heading out of). Taking a trade ahead of such events (or even through one) often leads to poor results.
Hope that helps,
Brian
p.s. this is one whole week's study in my course....kill zones and how you act around them should be a part of every traders plan. Indeed, I ignored them on this BTC short exit and look what happened....lol
lukas.o.chudy
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Thank you Brian ... once again :)
So you are saying that NY open/london open kill zones has also effect on btc market? I thought, they are imporant only for regular markets (fx, commodities, ... ), because kill zones are time windows, when institutional players trade.
CRInvestor
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BTC becoming more institutional with every trading day my friend
tradingformoney
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omg. id be freaking out on that range too. i agree with you, when the market does that, emotions take over. Dont feel to bad about it man.