Afternoon everyone. New year, new shot at adhering to our own trading rules to build incalculable wealth.
First order of business – learn something new. I’d like to thank @romilxrequiem for showing me a new way to use the MACD. This would’ve precluded at least half of my losing trades last year. Amazing that I ended up with the profit that I did without it. That’s a testament to risk control & position size – 50/50 odds will still make money if the risk is controlled in each trade.
Second order of business – stop losing money on crypto if you’re still piling in for it to go to the moon. Know what failed traders are called? Investors. Quit rationalizing by saying you’re in it for the long term. If that were true you wouldn’t be on here dicking around with charts. Just kidding on investing...sorta. Different discussion.
BTCUSD looks to continue its march downward since the weekly MACD flipped bearish at the end of August. I got lucky with a couple long trades and I hope you guys did too, but the trend is undeniably down until it escapes this price channel. Let's not fuck around and draw down capital before the bull market gets underway.
Speaking of down…daily MACD looks like it wants to cross downward again. Price already failed to hold the 10 SMA and the MFI says volume-adjusted momentum is weak. Yes, buyers can step in at any moment and cause a short squeeze, but that’s likely to end up like the October rally that was yet another setup for a fall.
Top to bottom:
-weekly MACD still in bear mode – bearish
-price below the 55, 20 and 10 SMA’s – bearish
-MACD nearing a downward cross – bearish
-MFI pointing down – bearish
I’ll take a short position if the market closes below the last swing low around $6.6k and indicators still indicate downward momentum. Not even gonna talk about long criteria until the MACD turns around or there’s a close above the 55 SMA.
Protect your capital. Big opportunities await us. Possibly bigger opportunities are screaming for your attention in gold, silver, miners, inverse ETF’s, and the VIX. At least make enough to pay for your TV subscription this year so your wife doesn't bitch about it...even if you got it with the Black Friday discount.
First order of business – learn something new. I’d like to thank @romilxrequiem for showing me a new way to use the MACD. This would’ve precluded at least half of my losing trades last year. Amazing that I ended up with the profit that I did without it. That’s a testament to risk control & position size – 50/50 odds will still make money if the risk is controlled in each trade.
Second order of business – stop losing money on crypto if you’re still piling in for it to go to the moon. Know what failed traders are called? Investors. Quit rationalizing by saying you’re in it for the long term. If that were true you wouldn’t be on here dicking around with charts. Just kidding on investing...sorta. Different discussion.
BTCUSD looks to continue its march downward since the weekly MACD flipped bearish at the end of August. I got lucky with a couple long trades and I hope you guys did too, but the trend is undeniably down until it escapes this price channel. Let's not fuck around and draw down capital before the bull market gets underway.
Speaking of down…daily MACD looks like it wants to cross downward again. Price already failed to hold the 10 SMA and the MFI says volume-adjusted momentum is weak. Yes, buyers can step in at any moment and cause a short squeeze, but that’s likely to end up like the October rally that was yet another setup for a fall.
Top to bottom:
-weekly MACD still in bear mode – bearish
-price below the 55, 20 and 10 SMA’s – bearish
-MACD nearing a downward cross – bearish
-MFI pointing down – bearish
I’ll take a short position if the market closes below the last swing low around $6.6k and indicators still indicate downward momentum. Not even gonna talk about long criteria until the MACD turns around or there’s a close above the 55 SMA.
Protect your capital. Big opportunities await us. Possibly bigger opportunities are screaming for your attention in gold, silver, miners, inverse ETF’s, and the VIX. At least make enough to pay for your TV subscription this year so your wife doesn't bitch about it...even if you got it with the Black Friday discount.
Comment:
Tick tock...$6870 & counting