ETCUSD: What to Do With Profit

I wrote about this coin and how to trade. If you missed that post, you can find it in the related ideas. The main idea was to wait for a pullback from 5.50 as the breakout signal would provide more risky trade. But if you bought above 5.50 or if you followed the trend reversal signal and opened long positions from 4.00, now you have to decide what to do with profit.

Of course, if you have the plan, you must follow it. I just want to share with you some ideas how to manage active trades.

The price reached the resistance level. It means that this level can stop and reverse the price. If so, it will be logical to exit from long positions or at least to fix the part of profit. The price can break it and move higher, but we should not rely on this option. The market made a strong upward movement, and the pullback will be much more logical.

If you are sure tha the price will continue the upward movmenet, think about fixing profit at the 2nd important resistance zone at 10.00 level. It stopped and reversed the uptrend in the past, and it will be possible to see the same pattern again.

If we talk about new buy signals, I stay with my previous idea - wait for a correction and buy based on a reversal.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.