I have had a great read the last few days on the charts! I longed to $10,100 a few days ago. Yesterday I shorted $10,000 to $9720 and last night I opened a long at $9745 with no closes in profit set when i went to sleep. The red dotted lines and % is the amount of the position i set to stop loss. A large portion is set to stop loss so quickly because based on my read the chances of what I expected happening quickly would have been invalidated and then the position was just turning into a gamble to regain loses.
Luckily my read was dead accurate and I woke up very pleased that I still owned the entire position.
The charts are hard to read since we just pumped $500-$600 but I have a general feeling this might happen.
When 6hr candle closes in 9mins we have a temporary Pull back to $10,000-$10,100 and stay in that are for 90mins or so and by time the 8hr closes in 2h9mins we are back at $10,300+ and continue up until 12hr+day close. Followed by a small dip and a lot of sideways
Luckily my read was dead accurate and I woke up very pleased that I still owned the entire position.
The charts are hard to read since we just pumped $500-$600 but I have a general feeling this might happen.
When 6hr candle closes in 9mins we have a temporary Pull back to $10,000-$10,100 and stay in that are for 90mins or so and by time the 8hr closes in 2h9mins we are back at $10,300+ and continue up until 12hr+day close. Followed by a small dip and a lot of sideways
Comment:
Also as you can see i only closed 12.5% of my position so far. Because what I think may happen is just a hypothesis and not important to me. Weather it happens or not I have no plans of closing anymore at this point in time. The temp dip may not happen so closing would be a mistake for me. I feel very confident we will not go below $10,000 regardless what happens. My stop loss is 50% at $9920 and 50% at $9844 now. I have no clear idea for when I will close (upward) at this point. I likely wont close any large portion until I feel a large drop coming that i can just get in on again at the bottom or if I feel the market switches bear for some reason.
Comment:
It would of helped if I had thought about it more or looked instead of just being careless and thinking 8hr was closing 2 hours after the 6hr candle lol. Obviously this had no chance of panning out since the 8hr was not closing for another 6 hours when day closes.
With that being said If we do come down near $10,000 I will likely double my current position.
With that being said If we do come down near $10,000 I will likely double my current position.