If you follow my trades, you should know by now that I love second wave retrace entries and this trade is no exception. We have a first wave that did 320% in 44 days and a second wave retrace of almost .618 of the first.
Currently we have a second wave retrace of a wave that is 2 levels down as we work on the first wave of the third wave.
Entries: .00014500 Stop below .00013500 Target: .00026500, take half profit at .00023, reenter at .0002, take rest of profits above .00024
Found this idea to be entertaining or absolute garbage? Feel free to let me know with a like or comment. As always, good luck and stay safe!
Kinashi-San
*The ideas and comments expressed herein are my personal opinions and should not be taken as financial advice. Being a trader, at any given point in time, I may or may not be holding the asset in question. This is not a recommendation to buy, sell, or hold.*
Comment
⋅
The best trades are always the one where you get stopped out so quick that it frees up capital for the next trade instead of being in a stalemate for the longest time. On to the next one.
lOVING YOUR CHARTS. What do you think bitcoins gonna do now? do you think the alts can do these big waves irrespective?
Kinashi_San
⋅
@BENNYBOY999, You know it's too easy to look at BTC and arrive at the conclusion that BTC leads the alts. If BTC up, alts would be up and vice versa. Most experts believe and regurgitate this, but I'm not an expert so I would beg a differ. Yes one can make the correlation, but I would not conclude that BTC lead the alts. I mean you can look at BTC as an index for the general market as a whole due to its market dominance but to say that it leads the alts I feel would be a fallacy. This is specially true on days where some alts gained without much underlying fundamentals while BTC went either down or sideway. Then there are days where BTC trended like hell yet some alts still faced correction. So with that said, most of my ideas are innocent until proven guilty. That is why we always trade with stop losses where the losses should equate to a very small amount of our account.
Getting back to your question, do I think BTC will continue its correction? Yes. Do I still think that some of the alts in my ideas seriously have a chance during this same period? Absolutely =)
BENNYBOY999
⋅
@Kinashi_San, OK, thanks for your response, sorry for my late reply. Think you make some great points and thanks for the charts. My issue with stop loss is, I stop loss into bitcoin not tether with a lot of these alts and so then my money still reduces because of the correlation. I'm getting really really nervous about my tether too this week after reading such negative news. Do you use it?
Kinashi_San
⋅
@BENNYBOY999, as a trader you want to make more bitcoin so your account value in dollar is irrelevant isn't it? Looking at your acct in both dollar and BTC only mess with your head. You should only be concerned about building your BTC count since long term we know where BTC will be