notloc32

Pump it.... Again

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
Bouncy bouncy off D1 bullish block
Comment: All the market does is bounce between levels until something gives don't let anyone tell you otherwise. I'm leaning bullish because this is a 4hr/1D level versus 1hr resistance.

Comment: Watch out for a dip into liquidity below. Make sure your stop is loose enough to survive.... but protect against unnecessary losses if we go full on dumpy dumpy.

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Comment: Hit the 1hr block and reject.... would like to see support found above 6500 now
Comment: Enjoy the profits if you traded with me.

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Comments

Love your stuff, Couple of questions.

What do you exactly mean you will do by hedging.
Do you consider opening a short at these levels?
If so what would make you consider a short?
Reply
notloc32 Dyviumld
@Dyviumld, By hedge I mean I will open a short position in equal size to my long position. This allows me to protect my profits without giving up my long entry. I will stop that short out above 6880 and continue to let the long ride which will make up the small loss from the short very quickly if the D1 Bearish block is broken. I'm considering the hedge/short because this 6800 area has been a place where big money has been filling shorts previously.
Reply
notloc32 Dyviumld
@Dyviumld, So I took a very small loss to protect my profits ($50 move or so) but then price ran up another $400.... the loss is more than paid for and I am net profitable on my long while protecting capital.
Reply
Dyviumld notloc32
@notloc32, very well played and thanks for the lesson, im short at 7400 entry now and looking for a long position on the re-test of supply area that has been broken
Reply