Price seems to have found sustain at around 0.30 usd level after 50% drop from last wave up so I went long at 0.29usd. If that holds, I will keep selling 25% of my holdings at any round number starting from 0.35 till 0.55 (final target). SL is very tight, so not more than 2% risk. What do you think about it, and why? Constructive feedback is very appreciated.
*Not a financial advice, just my very personal view.*
Comment
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Now the trade reached 1:1 R:R, someone may want to set SL to BE. Usually I do that to protect my capital, but not in this particular case. I am still willing to risk 2% and give the price some more space to breath instead of (maybe) being stopped at BE and be left watching the price moving up afterwards. I am watching the 5 mins chart, price is having good behaviour there (impulse up, bullish flag, repeat). I will consider moving SL to BE once trade reaches 2:1 R:R.
Trade closed manually
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Trade stopped at BE: no gains, no losses. This is a clear example of how important is proper trade management. Will find new opportunities.
I think you should be careful with a long at 0.29. You should take a look at the large buy walls and sell walls on big exchanges, you can see there is a some hesitation going up that fast.
As well as the RSI levels on the 2H and 4H time frames haven't broken previous resistance lines, usually they can give a good indication of the momentum before the MACD shows a growth.
But in favour of your bullish outlook, it can be argued that there is a squeeze on the Bollinger bands, and that definitely indicates some sort of movement up or down. Gotta keep an eye there. Lots of good work from other people done here on that as well
jacmic
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@Rizwan123456, Hi, thank you for your feedback.
I appreciate you are very technical, personally I tend to have as less indicators as possible (only 2 MA, RSI and FIB when necessary); not saying is the right way, I just feel confortable with it.
In this case I kept it very simple: wave up, 50 to 618 retrace, after some orizzontal consolidation another wave up (same lenght of wave 1).
Being majority of crypto traders usually very emotional, my opinion is there will be some fomo as soos as price break 33ish level (last high during local downtrend).
Only thing that scares me is BTC so high: it can severely drop anytime and bring all our dreams down with it.
That is why I won't hold this very long, also if it takes off without me I am confident we will see this XML prices in the future to be able to buy back again.
Hope it make sense, cheers
Double-D
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Good trade, Im seeing the same thing. Picked up more at .293
Danger1808
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i think that you are right :) and i think that we have a breakout from the downtrend .... ive bought for 0.295, so lets wait what :)
jacmic
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@Danger1808, good choice to buy 0.295 imo.
That will give you the chance to have a high R:R trade with tight SL
As well as the RSI levels on the 2H and 4H time frames haven't broken previous resistance lines, usually they can give a good indication of the momentum before the MACD shows a growth.
But in favour of your bullish outlook, it can be argued that there is a squeeze on the Bollinger bands, and that definitely indicates some sort of movement up or down. Gotta keep an eye there. Lots of good work from other people done here on that as well