travel-nomad

2019 BitMext BTC/USD trades

Long
travel-nomad Updated   
BITMEX:XBTUSD.P   Bitcoin
Here I'll try to post every BTC trade that I'll take in 2019.
I already missed a part of this trade but I've only recently learned this style of trading from @CryptoCred on Twitter from his new Trading Guide so make sure to download it and go through it, it's well worth it for the price (it's free lol).
Link to the Guide: drive.google.com/fil...I9uDVbIRxVUdazE/view

Here's my first try with this style...

My setup:
Entry: $3630
Stop-loss: $3592
Target: $3820
RRR: 5

Note: minor support at the entry but no minor/major support at a stop-loss to help me with the bounce

Trade closed: stop reached:
As I already wrote earlier, I missed my entry which was low enough so my entry would be triggered but unfortunately the price action missed my second entry be tiny 50 cents :( Kind of angry about it...

I still count this as a successful trade because my target would be achieved although I'm asking myself if I could set my target even higher? I need to do more testing to see what is more optimal.

Comment:
New simple small setup test on 1H:
Entry: $3737
Stop-loss: $3707
Target: $3781

Note: small support zone under my entry will hopefully help me with price action not achieving my stop-loss.
Trade closed: target reached:
Although target was achieved, If I waited more time + for a bigger wick down, then I would've picked a better target as you can see below.
Comment:
My new SHORT setup:
Entry: $4130
Stop-loss: $4250 (just above previous high)
Target: $3920 (not too greedy, not too humble)
RRR: 1.75

Notes:
- picked this entry since the wick could reach that high due to a recent pump but there's a diagonal resistance + a horizontal resistance very close together
- not real other major reason for this setup so I'm not really that confident in it
Comment:
Adapting my short setup:
Entry: $4120
Stop-loss: $4250
Target: $3860
RRR: 2
Trade closed: target reached:
And there we go, first successful trade of the year.
I would lower the target a bit usually in this situation but since that diagonal support was coming up, I wasn't sure so I left it like it was. It was going to be lowered down to $3850 so not a big change anyway.
Comment:
My next setup seems to be everywhere on the crypto twitter. It gives me more confidence that I'm thinking correctly but what everyone expects usually doesn't happen, especially with BTC

My LONG setup:
Entry: $3440 (3430 is what everyone is looking so I put my entry a bit higher)
Stop-loss: $3320
Target: $4000
RRR: 4.67
Notes:
- just in case this one blows through, I have my next setup in mind already…
- I do have a feeling we'll make new lows sub $3200
Comment:
We're getting close...
I changed my setup a bit because I'm testing something. Usually I'd put my entry at $3477 and my SL where my entry is now but since BTC is quite choppy now and getting everyone rekt right now I decided to put it lower and see what happens.
Trade closed: stop reached:
Well that sucks...
Comment:
Since we broke 1W support and turned it into resistance, I believe we're going low so I came up with a new SHORT setup:

Entry: $3509
Stop-loss: $3562
Target: $3344
RRR: 3.11

Notes:
- I also believe we're going even lower than my target so I'll probably sell on partial at my target and then lower my stop-loss
- new lows below 3k?
Order cancelled:
Trade abandoned, of course.
Comment:
New LONG setup:
Entry: $3465
Stop-loss: $3400
Target: $3835
RRR: 5.69

Notes:
- not super confident in this setup but I'll risk it
- a little confusing with all the lines since I took all the tips from different traders and this came out. I'll clean it in the next few days.
Order cancelled:
Trade manually cancelled since I was being too greedy with my entry so it never filled and now the price already jumped up..
Should've gone with the 3547 entry since from there the price broke down through the 1W support.
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