Go Long Bitcoin - 'A' up buy signal - Prudence
With the 'A' up line breached and the market trading at or above this level for at least 15 minutes, it's time to buy.
Place your stop loss just below the Opening Range low of 8240
First Profit Target: 9085
2nd Profit Target: 9775
Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 150 points behind until second profit target is reached or stopped out.
Place your stop loss just below the Opening Range low of 8240
First Profit Target: 9085
2nd Profit Target: 9775
Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss 150 points behind until second profit target is reached or stopped out.
Trade closed: stop reached:
No significant follow through on this setup. Depending on the entry point anywhere from 100-200 points profit before the retracement and subsequent stop out.
This is ok, and how we manage the risk. No major losses and no big hits that wipe out your account trying to hang on to losing positions.
We cut our losses fast and stick to the plan and live to trade another day!
This is ok, and how we manage the risk. No major losses and no big hits that wipe out your account trying to hang on to losing positions.
We cut our losses fast and stick to the plan and live to trade another day!
Comment:
An important note: My system has a time stop loss rule. That is, if you do not see a significant move in a specific period of time, you should exit the trade. In this case we saw 8-9 hours pass with no follow through. This trade should not have resulted in a loss, rather a small profit or breakeven. You can learn more about the stop loss rule on my website.