Of course, I could be wrong . And I have been very very wrong before and still make cardinal sins that I know on hindsight I should not. So, please take my chart as a reference point.
While I advocate a buy on this pair , it does not means it is going up like a straight curve all the way (think of gold recent movement - 9-10 days of straight up,isn't that nice?)
So is ethereum this morning , up 20+% , OMG!! How crazy can it get and how it rocks the psychological stability of many day traders that I know. Some after taking huge profits are not able to return to their laptops for fear of making a mistake and lose everything. Others continue to buy on dips and still others are sitting on the fence, studying every material they get, attend previews and seminars by "Cryptocurrency gurus" touting their skills and knowledge.
When you are unclear, dizzy, always fall back to the fundamental question - why did you buy this pair in the first place ?
What do you hope to get out from it ? 10% profit ,500 pips or US$10000, what is it ? If you get it , then why be sad just because it went up higher ? What if it goes the other way?
Be cool and always leave money on the table for the next guy. Mr Market has more than enough to go round for everybody, no need to rush , to panic and fearful of missing out today's profits. Today's profits might turn out to be even higher tomorrow, who can tell?
Or it can be the tip of the crash that is sliding down? One more thing, just because I draw a red arrow, does not mean to sell. DO NOT FORGET the day chart is still on an uptrend, going on a lower time frame to sell might works if you know what you are doing else you are doing a counter-trend move , which is dangerous. I was a smart aleck back then, following blindly some gurus and buy here, sell there and after a while, lost track and got confused. Do not gain a tree and lose the entire forest.
While I advocate a buy on this pair , it does not means it is going up like a straight curve all the way (think of gold recent movement - 9-10 days of straight up,isn't that nice?)
So is ethereum this morning , up 20+% , OMG!! How crazy can it get and how it rocks the psychological stability of many day traders that I know. Some after taking huge profits are not able to return to their laptops for fear of making a mistake and lose everything. Others continue to buy on dips and still others are sitting on the fence, studying every material they get, attend previews and seminars by "Cryptocurrency gurus" touting their skills and knowledge.
When you are unclear, dizzy, always fall back to the fundamental question - why did you buy this pair in the first place ?
What do you hope to get out from it ? 10% profit ,500 pips or US$10000, what is it ? If you get it , then why be sad just because it went up higher ? What if it goes the other way?
Be cool and always leave money on the table for the next guy. Mr Market has more than enough to go round for everybody, no need to rush , to panic and fearful of missing out today's profits. Today's profits might turn out to be even higher tomorrow, who can tell?
Or it can be the tip of the crash that is sliding down? One more thing, just because I draw a red arrow, does not mean to sell. DO NOT FORGET the day chart is still on an uptrend, going on a lower time frame to sell might works if you know what you are doing else you are doing a counter-trend move , which is dangerous. I was a smart aleck back then, following blindly some gurus and buy here, sell there and after a while, lost track and got confused. Do not gain a tree and lose the entire forest.
