domavila
Long

STEEMBTC Bullish Deep Crab Deeper Analysis

POLONIEX:STEEMBTC   STEEM / Bitcoin
This is a continuation of my analysis on the STEEMBTC             pair on the 120 minute timeframe. Please see below for previous analysis on this pair.
STEEM/BTC Deep Crab 120 minute


After Looking at the STEEM/BTC pair I realized I was too premature in my entry last night and should have been more patient and waited for the Deep Crab to fully complete and for price to test all levels of the PRZ before entering my trade. This is a must in harmonic trading as taught by the inventor of Harmonic Trading Scott Carney. Had I stuck to the rules I could have obtained a much better entry and risk to reward ratio. What I learned from this is... always stick to the plan!!

When doing my analysis, I found some nice fib confluence that could act as support. As a result, I moved my stop loss accordingly and planed for new downside targets in case the deep crab fails. My targets remain the same. If this area fails I expect to see downside to the 1.618 projection in the 0.00179 BTC area.

Trade active
Trade active: It look like we are getting a slight pull back here. I think we should see more upside soon.
snapshot
Trade closed: target reached: Target 1 has been hit. I have: closed 1/2 of my position according to my trade plan, raised my stop loss to above breakeven and will let this trade ride with target 2 in mind.
Comment:
snapshot
Trade active: 1/2 my position is still open.
Comment:
snapshot
Trade closed: stop reached: The second half of my position has been closed out after raising my stop loss to break even.

In summary, after reaching target 1 the trade plan requires us to close 1/2 our position in profit. Then we raised the stop loss to break even and unfortunately got stopped out.
Comment:
snapshot
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