Overwhelmingly, many of you are short-term traders so here is a Bitcoin trade based on an hourly chart
Target 1 $6,200 R:R 2.6:1
Target 2 $6,500 R:R 4:!
Confirmation will be taking out the top of the Flag and is a trade trading WITH the Trend. Note it may be exhausted after a pushup and may tread water, all we are doing is just playing the probabilities of a pattern and placing a stop loss for our protection of our capital.
p.s This COULD be the last leg up before a correction?
However, I'm not commenting until IF price action hits these targets and then I will assess the price action and structure. So please don't ask if we should go short.
Sean Vengan
10+ Years Professional Trader and Trading Educator
REALITIES IN TRADING:
In trading, there are Winners and Losers. Accept it. If you can't you shouldn't be trading.
We protect our capital with stop losses. Our winning trades eat up our losing trades, with the goal, over a series of trades, to be NET POSITIVE.
Ignore newbies who are uneducated in trading & investing and say "You were so wrong" (we as traders know, a loss is insignificant over a number of trades).
Each trade posted is YOUR FREE CHOICE, YOUR RISK MANAGEMENT and YOUR RESPONSIBILITY.
Always factor in "WHAT IF I LOSE MONEY ????"
DISCLAIMERS TO VIEWERS OF MY POSTS - PLEASE READ CAREFULLY
1. If you don't agree with my views or analysis and looking to just be mischievous, it's very simple, FOLLOW SOMEONE ELSE
2. I am not here to give you financial advice and if you take a trade it is YOUR FULL RESPONSIBILITY, not mine.
3. I am not your Professional Trading Mentor or here to provide you with a Free Professional Trading Advisory Service.
4. I am not obliged to provide analysis, commentary or answer any of your questions. I am here to trade for my sole benefit, not for your benefit.
5. I am a paid member, not a free member, so I am on Trading Views to use their paid services. My presence on TV is not to provide you with analysis.
6. I am happy to help you in your trading if I choose to and I feel you are being courtesy. It is my free choice to answer you, I am not obliged to.
7. If I provide and give up MY VALUABLE TIME providing analysis to you please respect that I am providing it FREE of charge. Appreciate it and don't take it for granted.
8. If you comment to me, simply be courteous and we can show each other mutual respect. If you are rude or disrespectful I will ignore you or send you a curt reply.
9. If you are abusive I will report you and will leave it to the moderators to decide if you should be banned.
10. If you don't like my views eg If I think Bitcoin is going up and you think it is going down, then please do not abuse me just for having opposing view to you. Show us all your analysis, don't hide behind rude comments and alias name. Lack of analysis shows lack of knowledge and experience.
11. I have no issue with you expressing your opinion or disagreeing with my views but please DON'T DISRESPECT me or other traders or write personal comments, this is offensive.
12. I have over 10years+ solid Trading Experience. I do not need to justify myself to you my knowledge and experience, my analysis and commentary demonstrate my skills and expertise.
Target 1 $6,200 R:R 2.6:1
Target 2 $6,500 R:R 4:!
Confirmation will be taking out the top of the Flag and is a trade trading WITH the Trend. Note it may be exhausted after a pushup and may tread water, all we are doing is just playing the probabilities of a pattern and placing a stop loss for our protection of our capital.
p.s This COULD be the last leg up before a correction?
However, I'm not commenting until IF price action hits these targets and then I will assess the price action and structure. So please don't ask if we should go short.
Sean Vengan
10+ Years Professional Trader and Trading Educator
REALITIES IN TRADING:
In trading, there are Winners and Losers. Accept it. If you can't you shouldn't be trading.
We protect our capital with stop losses. Our winning trades eat up our losing trades, with the goal, over a series of trades, to be NET POSITIVE.
Ignore newbies who are uneducated in trading & investing and say "You were so wrong" (we as traders know, a loss is insignificant over a number of trades).
Each trade posted is YOUR FREE CHOICE, YOUR RISK MANAGEMENT and YOUR RESPONSIBILITY.
Always factor in "WHAT IF I LOSE MONEY ????"
DISCLAIMERS TO VIEWERS OF MY POSTS - PLEASE READ CAREFULLY
1. If you don't agree with my views or analysis and looking to just be mischievous, it's very simple, FOLLOW SOMEONE ELSE
2. I am not here to give you financial advice and if you take a trade it is YOUR FULL RESPONSIBILITY, not mine.
3. I am not your Professional Trading Mentor or here to provide you with a Free Professional Trading Advisory Service.
4. I am not obliged to provide analysis, commentary or answer any of your questions. I am here to trade for my sole benefit, not for your benefit.
5. I am a paid member, not a free member, so I am on Trading Views to use their paid services. My presence on TV is not to provide you with analysis.
6. I am happy to help you in your trading if I choose to and I feel you are being courtesy. It is my free choice to answer you, I am not obliged to.
7. If I provide and give up MY VALUABLE TIME providing analysis to you please respect that I am providing it FREE of charge. Appreciate it and don't take it for granted.
8. If you comment to me, simply be courteous and we can show each other mutual respect. If you are rude or disrespectful I will ignore you or send you a curt reply.
9. If you are abusive I will report you and will leave it to the moderators to decide if you should be banned.
10. If you don't like my views eg If I think Bitcoin is going up and you think it is going down, then please do not abuse me just for having opposing view to you. Show us all your analysis, don't hide behind rude comments and alias name. Lack of analysis shows lack of knowledge and experience.
11. I have no issue with you expressing your opinion or disagreeing with my views but please DON'T DISRESPECT me or other traders or write personal comments, this is offensive.
12. I have over 10years+ solid Trading Experience. I do not need to justify myself to you my knowledge and experience, my analysis and commentary demonstrate my skills and expertise.
Comment:
Quick update:
BTC is pulling back - I see support around 5463.
It is your choice whether you wish to add to this position on this pullback
My advice: Let the trade ride out.
Sit back relax let the Market do what it needs to do - either stop gets hit at 5380 or T1 gets hit.
BTC is pulling back - I see support around 5463.
It is your choice whether you wish to add to this position on this pullback
My advice: Let the trade ride out.
Sit back relax let the Market do what it needs to do - either stop gets hit at 5380 or T1 gets hit.
Whether this trade will work out or not is irrelevant what is interesting is the PSYCHOLOGY in play with traders.
As we know markets are driven by FEAR and GREED.
I can sense strongly that the majority of traders are reluctant to take this trade OUT OF FEAR. Fear in the sense
1. The Market has gone rocketing up and surely it cant go any higher,
2. My last Bitcoin was not a winner (-1R:R) but the previous one was a winner (R:R +7:1).
After the 7:1 everyone wanted to take my next Bitcoin trade. After the -1R:R reluctantcy set in. Even though the maths says you should take this trade as we are trading with the trend and the probability is on our side.
Also whats the most you can lose -1R, which results in Net +5R over a series of trades but you stand to make +2.6R making Net +8.6R, which increases your capital.
The explanation above may be a bit heavy for most.
Psychologically Issues:
1. Markets can keep going up or down to shake out everyone. It is a losing game trying to pick tops and bottoms
2. Each trade you take is independent of the last one you took- this means the next trades success is not determined the outcome of the last trade
Until you can overcome these 2 Psychological barriers, that virtually all traders face, you are capping your profits and therefore can never make serious money in trading.