KhaosTrader

THETA-BTC SHORT TRIGGERED on 1 hour chart

Short
BINANCE:THETABTC   Theta Token / Bitcoin
THETA ROCKETED up for the last couple of weeks, and now its crashing in the typical buy the rumor, sell the news event. A short did finally trigger for the THETABTC on the Musashi Hidden Wave Trading System Indicator. We are a bit extended from the baseline (the red line which shows a bear trend now). This means we might get pullbacks (upwards) or have to wait some time for price consolidation to occur and the baseline will move downwards towards price..

First Target is 2552.


LEGAL STUFF:

Risk Disclosure
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Hypothetical performance results have many inherent limitations, some of which are described below. no representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results
Comment: Trade is progressing.. The Baseline is coming down to price, which means move exhaustion is being worked off.

Also of note is that price pulled back into the Khaos Cloud, and then price closed out of the cloud and a couple bars later price moved beyond the bar that closed out of the cloud, which is more confirmation of the potential of price moving downward.

I have enclosed a chart with markup to illustrate.

Comment: We can move the stop down to reduce risk... Still waiting or Target 1 to hit.

I posted an updated chart below to show this,

Comment: Discipline is the name of the game in trading - as well as following rules. Price has not reached target. We are in the money, as price has moved below entry on our short. But... Its been wavering around for a long time, over 40 bars.. Thats a very long time. It is a good and advised strategy to put in a break even stop. Price can still hit the targets that is true, but there is no sense in taking on risk unnecessarily. We can stay in the trade without taking much risky by putting in a breakeven stop. I put in an updated chart. below.

Comment: Just a quick update. We are still progressing to target 1. There are 3 targets in this setup. We have a breakeven stop, to reduce risk. We are in the money since current price is below the entry price. In the chart below. I labeled the 3 targets (which are the red dashes) Things are looking good for this short.

Trade closed: target reached: Target 1 has been hit. A good strategy would be to take a portion of your profits here, and then you can now trail to try to reach the other targets.

Congrats, good trade!

Comments

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