In my previous idea post, I mentioned how 35k is a very critical support that we must hold and how we went into doom when we had a close below that 35k. Any bears who took the breakout trade would be in huge profits. Eventually, they will be taking profits and we may see a relief rally. No one can predict the exact bottom but we just tapped the support (28.1k-30.5k) which held the May '21 dump.
What's my next move? SIMPLE, Long the Support. I put my entry at 30.4k and will DCA more as we go down towards 28.1k to lower my entry if that scenario happens. I am not letting this opportunity go and sit on the sidelines. This is a low-risk trade I am taking and my trade setup as below.
Entry: 30.4k - 28.1k
TP: 32.9k, 35k, 37k. (may be adjusted according to how the market reacts from now onwards)
SL: 27.8k
What's my next move? SIMPLE, Long the Support. I put my entry at 30.4k and will DCA more as we go down towards 28.1k to lower my entry if that scenario happens. I am not letting this opportunity go and sit on the sidelines. This is a low-risk trade I am taking and my trade setup as below.
Entry: 30.4k - 28.1k
TP: 32.9k, 35k, 37k. (may be adjusted according to how the market reacts from now onwards)
SL: 27.8k
Trade closed: stop reached
Things to do after closing a trade regardless at profit or at a loss.
-Accept that losses happen in trading
-Make failure/setback a motivation to improve yourself
-Understood that SL was there to retain capital and reduce initial risk
-Check mental state and see what this trade does to your future decisions.