High leverage trading is all about entries, you need to have patience and to not let fear of missing out drive you into opening rushed positions. Map out your trades in advance and wait for the right entry. Our aim is to capture quick & safe profits, not to predict the future, this is possible only if we plan ahead and wait for a good entry. So if you're nervous and itching to open a position then take a few deep breaths and don't trade!
I haven't posted about LINK in a while since I got out of my long as I have been waiting to see how price action develops. The price is now stuck in a triangle, an imminent break out is confirmed by the RSI and the descending volume. Based on EW this triangle should break downwards. Therefore I'm looking for shorts here as well.
@EquitySink, yea it was too obvious.. just sell now.. LMAO
zerobounds
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@burtonrider08 @equitysink Yes, it aged well indeed because I cut my losses at 5.5 and LINK went up afterwards to 6+, so my invalidation level was correct. You could say it "didn't age well" if my stop loss had been hit and LINK had gone down afterwards. This was a set up for high leverage trades so the invalidation level is everything. Being stopped out/cutting losses is a skill. Trading is not about predicting the future but taking trades with good RR ratio, winning more than losing and making sure your losses are small. The overall assessment that bears are in control in LINK remains, based on technicals/chart. I trade and I trade based on the chart, not on wishful thinking or group thinking. If you think this chart didn't age well then you must be in the gambling/predicting business. That always ends in one way, your entire account getting burned.
Hop7777
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@zerobounds, partly what you stated is good trading practice. However, you languaged your title in a way that predicted the future.
lazyfloridaman
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@zerobounds, Stop acting professionally, sir, or i shall be forced to report you to...umm, someone.
zerobounds
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@Hop7777 If one reads my idea as a prediction then they are the ones predicting because I included a SL in my post for the specific set up. The rest are words that mean different thing depending on who reads, a trader or a gambler.