tradinginthezone2019
Long

LINK/BTC idea: is 4chan's favourite ready for takeoff again?

BINANCE:LINKBTC   ChainLink / Bitcoin
Idea - LINK has shown strength for months, seems to be ranging + primed for another take off

Counterargument - Every idiot on Twitter is posting the same meme chart. Never a good sign

Meaningful levels - stop loss at 188874, targeting 33372 and 44659

Time period - 1 month
Trade active: This is a live trade, have placed my stop loss at 18934 (slightly above what was added to the idea).
Comment: Looking like crap and flirting with the stop loss. I would've preferred not to see that support break.
Trade closed manually: Closed this one manually as I feel that I rushed into the entry. Next time will set bits at various price points.

It's looking like LINK will bounce at a lower level. I'm looking to buy at confirmation, or buy at a lower support level in the next few days.
Comment: Made a 6.8% loss on this trade. I think this will be fairly easily recouped when this bounces. I need to work on making better entries, or be content to leave them a bit longer to percolate at certain levels.
Comment: I am glad that I stopped this trade manually as the next candle.... as I anticipated... opened lower, and would have triggered the 8% stop loss.

It seems highly likely to me that this will move down to the 18-17 level before rebounding. 15 seems a little low given the "big event" narrative being put out there in the coming weeks.

I really need to work on my entries. Perhaps it would make sense to get in at a higher level (20's again) where an uptrend would need to be 'confirmed'... I sincerely doubt it would go that high from here unless we're seeing a change in direction.
Trade active: Ok, I set a new buy order at the 21 level.

My thinking is that it's not gonna hit this price unless it's back in an uptrend. If it keeps ranging downwards, then I simply stay in BTC. Previous price action suggests it would trend up with some momentum before i need to worry too much.

I could care less about making maximum profit! One thing I have learnt in 2 years of crypto is that you must temper greed with emotional detachment!

Would rather 'set and forget' and have no stress, than sit red-eyed at the screen trying to gobble up every pip.
Comment: Lessons from this trade.

+ Market structure is generally a more important factor than 'patterns' or fractals.

+ The massive wicks seen in July were indicative of a top.

+ Always wait for confirmation before diving into a trade, if possible...
Comment: Well well - big green candle on LINK - looks like it could be gearing up for another run. I am happy with my entry where it is (21 mark) as I do feel it needs to break above the local resistance to confirm the uptrend.
Order cancelled: I decided to duck out of this one.
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