The above trade idea is based on symbol BTCUSDT - Binance.
I have two trading plans for a long for BTCUSDT. Both are based on confluences.
Trade 1 is based on 4 confluences:
1. pw-High
2. psy-High
3. d-Support(pivot)
4. pw-Psy-High
An alert has been set for the entry price.
Risk Management is always important. Let the trade come to you.
Stoploss(SL) 1% above entry. Take Profits(TP) at 1% increments.
First TP1 will have a higher percentage of take profit.
Do Techincal Analysis(TA) stick to your plan, let the trade come to you, and don't FOMO, if your plan does not come to fruition (not hit) then you have not lost any money, have a SL to ensure best practice so you can continue trading, journal your trade for self development and reflection.
I have two trading plans for a long for BTCUSDT. Both are based on confluences.
Trade 1 is based on 4 confluences:
1. pw-High
2. psy-High
3. d-Support(pivot)
4. pw-Psy-High
An alert has been set for the entry price.
Risk Management is always important. Let the trade come to you.
Stoploss(SL) 1% above entry. Take Profits(TP) at 1% increments.
First TP1 will have a higher percentage of take profit.
Do Techincal Analysis(TA) stick to your plan, let the trade come to you, and don't FOMO, if your plan does not come to fruition (not hit) then you have not lost any money, have a SL to ensure best practice so you can continue trading, journal your trade for self development and reflection.
Trade active:
TP1 hit. SL moved to Entry.
Trade active:
TP2 hit. SL moved to TP1.