Entry #5 into the BTC trading journey.
BTCUSDTPERP
We manually closed our last position at breakeven, as the market moved from trending to consolidation. This consolidation area in the rectangle can be seen clearly as a resistance/demand zone in the 4H chart.
However, the strongest demand zone has yet to be reached, so there may still be more downward movement before a reversal is confirmed. For downward movement to occur, there needs to be enough liquidity to get sell orders through.
We anticipate a small breakout from the consolidation triangle. On the 5M chart, price action is getting closer to 89MA, after which we may see a strong rejection.
Entry: 0.382 fib level of previous swing, which is also the structure of the triangle. This entry allows us time to make changes should we see something else other than our plan occur
Profit: Two potential targets, both historical demand zones.
Our new rule is to always trade 1 step ahead, never reacting to what we immediately see on the chart.
BTCUSDTPERPWe manually closed our last position at breakeven, as the market moved from trending to consolidation. This consolidation area in the rectangle can be seen clearly as a resistance/demand zone in the 4H chart.
However, the strongest demand zone has yet to be reached, so there may still be more downward movement before a reversal is confirmed. For downward movement to occur, there needs to be enough liquidity to get sell orders through.
We anticipate a small breakout from the consolidation triangle. On the 5M chart, price action is getting closer to 89MA, after which we may see a strong rejection.
Entry: 0.382 fib level of previous swing, which is also the structure of the triangle. This entry allows us time to make changes should we see something else other than our plan occur
Profit: Two potential targets, both historical demand zones.
Our new rule is to always trade 1 step ahead, never reacting to what we immediately see on the chart.
手動結束交易
Did not reach profit target, trade exited safely註釋
Should have stayed in the trade haha - lesson to take away from this one is to believe in the trade, and not let fear dictate your position exit.
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