Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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I believe that we're in a bearish consolidation pattern at a daily horizontal level. We also have not touched 7.4-7.5 to retest that area as support. I think a short here is justified. Opened a partial position here. Have more short asks above price just in case we trail up a little bit. My stop is in a low volume node.
Ultimately, I'm looking for a test of 9K, but so this is somewhat a counter-intuitive trade. However, the R/R on this is objectively solid and the move up after the dump has been on low volume.
I'll be praying for longs to get liquidated.
Trade active
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Comment
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Cancelled the additional short asks that were above my entry that were going to be used to DCA my entry higher. Going to ride this down w/ my partial position
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Regretting cancelling those additional short asks, because they would've been filled. But I'm still in the trade. Short is currently underwater and found resistance on a weak move up at the 61.8 fib @ 8142
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Hit first target @ 7811 (50% fib)
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Going to move stop down at the close of this candle
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Moved stop. Trailing stop $50 above price. and a stationary stop for the rest @ 8K.
Both stops are in profit. This has been an overall successful trade, although it could have been managed better.
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target is still 7.6K
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Trailing stop triggered. taken profits on 40% of position. Still have 60% remaining. other stop is in profit