The price broke the downtrend line and it gives a signal that the market can move upward. MACD supports the continuation of the main uptrend. DMI shows that the bears are not so strong and it allows us opening long trades. Entry level can be above the high of the signal candle and it's 16500.00 level. Stop orders must be placed at 15350.00 level. Profit targets are 17200.00 and 18000.00 levels. As the market is overbought, the buying based on this trading idea looks more risky that it should be. That's why you should invest small part of your deposit and consider this signal as for short term trading only.
Thanks Sir, again great work! Still learning and found your TAs very helpful for that.
One question I was wondering for a long time is how you react once you've reach your profit targets? Do you sell a certain part (e.g. 50%) once you hit your first target and keep another 50% open to test the second one? Or are you using trailing stop orders / move stop losses etc?
I know there is no generic blueprint but I was just curious how professional traders like you plan and execute their trades.
kalombo
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Thanks for the idea. I personally think BTC will drop. These are last highs before a drop. CME launch will bring massive volume and this is a main reason why price will drop and then spike up with the launch. Also let's not forget that we are mid=december and many people will sell BTC for tax reasons because of the end of the year. All that combined, along with the fact that BTC is expensive to buy now for new entries, will make BTC test the 13k i think...
@kalombo, They also thought when I listened to Lavrov and left bitkoin that he should fall and he went to 17000)
kalombo
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@SIMAcombi, Sometimes graphs are not helping. Like the LTC spike for example was caused by new money coming in, through the coinbase app, that surpassed the youtube app on the app store. We do have many events ahead that are not graph related or trend related that could easily influence BTC price very soon...
@DannyMS, i listed them up in my comment. thank you. Again this is my opinion based on what happened with CBOE, but also with facts like end of year taxes, holidays upcoming, people are insecure atm because of the drop with cboe and more. If we were let's say in a random month, i think we wouldve been already at 18k. And we will reach 18k and 20k and more. But a retrace could happen these days. let's see
breakbread
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@kalombo, You're thinking stateside. Crypto is worldwide.
DLavrov
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@SIMAcombi, the short term trades must be used with exact levels for fixing profit. Long term trading allows fix the part of profit and hold the rest volume for many months even the markets are in corrections.
DLavrov
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@kalombo, it's logical and we should not forget that markets need correction movements before reaching new highs.
One question I was wondering for a long time is how you react once you've reach your profit targets? Do you sell a certain part (e.g. 50%) once you hit your first target and keep another 50% open to test the second one? Or are you using trailing stop orders / move stop losses etc?
I know there is no generic blueprint but I was just curious how professional traders like you plan and execute their trades.