I trade BNB against BTC at the bottom of the ascending triangle

2021年4月28日

Yesterday I took a trade BNB against BTC at the bottom of the ascending triangle. Normally I place a trade the moment the price breaks out of a triangle, but in this case I got in early for two reasons:

1. we are in a bull cycle!
2. it is a very clear pattern

I expect the coming months a lot of opportunities in alt coins. I trade alt coins to accumulate Bitcoin. This is my strategy for the coming period.

My first target is just below the 0.011800 based on Fibonacci level and the measured move technique.

From there I a will see what price action does. If it is still very bullish I will wait to sell, otherwise I might sell 50% or so. If there is a lot of resistance and it looks that the price will drop first, I might take 100% and get in again at the dip.

My current stoploss is 1 ATR under 0,008072, which is very low. I do this because i'll keep monitoring the marked and might get out if the triangle is broken at the downside. And BTC dominates the market, and I do not want to get stopped out when Bitcoin dips and bounces. The stoploss in this case is only to protect my trades when it all turns really ugly and I am asleep.