IOTA USD LONG, 2 Scenarios; Quick 15% Profit or Avoid Correction
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Always think consider two scenarios in your trades;
1. The market goes along with your technical analysis + gut feeling and you are in the green, good job! Now bring your excitement level down, remove your initial investment on the first profit target, maintain the profit on the trade until 2nd profit target and close the trade. I set stop-loss at - 10% and 2 profit targets at 10% and 15%, I stick to them no matter what.
If you are increasing your portfolio by 10 - 15 % on successful trades, you are making money.
2. The market doesn't go along with technical analysis + gut feeling and you are now in the red and losing money fast, what do you do? Most traders would go into hyperdrive mode re-analyse the technicals, doubt their decisions and inevitably alter the initial trade parameters. Personally, this is where I refer to previously established stop-loss targets and I stick to them no matter what.
The market is against you and it was you that wanted to play with the big boys, welcome to the game, now give me your money. Stick to your stop-loss, stay away from the sharks.
THE TRADE
IOTA managed to push through the 4.45$ resistance area which had been tested 3 times with no success, that led to a massive pump which broke through a triangle formation that started on the 6th of December. Then it fake broke out of trend channel, didn't have enough strength to go on and at the same time RSI Stochastic topped. It fell until the 4.45$ resistance area, tested it, fake broke out.
This is what I believe will happen; THIS IS JUST AN IDEA AND MY OPINION, NOT INVESTMENT ADVICE!
Scenario 1 - Quick 15% Profit (Pink Lines)
IOTA bounced off 4.45$ resistance and the RSI Stochastic bottomed, both important signals = Entry Point = 4.55$
1st Profit Target (10%) = 5.00$
2nd Profit Target (15%) = 5.26$
Scenario 2 - Avoid Correction (Black Lines)
IOTA doesn't breaks the big triangle formation, bounces back and continues downward channel, breaks resistance at 4.45$, this is your signal, be ready to cashout.
Stop-Loss = 4.11$
High- Risk Stop-Loss = 3.80$
Buy-Back Entry Point = 3.00$
Any questions or critiques, leave a comment.
I'm also a student of the art, not it's master, if you notice something wrong with the analysis, please point it out, share the knowledge!
1. The market goes along with your technical analysis + gut feeling and you are in the green, good job! Now bring your excitement level down, remove your initial investment on the first profit target, maintain the profit on the trade until 2nd profit target and close the trade. I set stop-loss at - 10% and 2 profit targets at 10% and 15%, I stick to them no matter what.
If you are increasing your portfolio by 10 - 15 % on successful trades, you are making money.
2. The market doesn't go along with technical analysis + gut feeling and you are now in the red and losing money fast, what do you do? Most traders would go into hyperdrive mode re-analyse the technicals, doubt their decisions and inevitably alter the initial trade parameters. Personally, this is where I refer to previously established stop-loss targets and I stick to them no matter what.
The market is against you and it was you that wanted to play with the big boys, welcome to the game, now give me your money. Stick to your stop-loss, stay away from the sharks.
THE TRADE
IOTA managed to push through the 4.45$ resistance area which had been tested 3 times with no success, that led to a massive pump which broke through a triangle formation that started on the 6th of December. Then it fake broke out of trend channel, didn't have enough strength to go on and at the same time RSI Stochastic topped. It fell until the 4.45$ resistance area, tested it, fake broke out.
This is what I believe will happen; THIS IS JUST AN IDEA AND MY OPINION, NOT INVESTMENT ADVICE!
Scenario 1 - Quick 15% Profit (Pink Lines)
IOTA bounced off 4.45$ resistance and the RSI Stochastic bottomed, both important signals = Entry Point = 4.55$
1st Profit Target (10%) = 5.00$
2nd Profit Target (15%) = 5.26$
Scenario 2 - Avoid Correction (Black Lines)
IOTA doesn't breaks the big triangle formation, bounces back and continues downward channel, breaks resistance at 4.45$, this is your signal, be ready to cashout.
Stop-Loss = 4.11$
High- Risk Stop-Loss = 3.80$
Buy-Back Entry Point = 3.00$
Any questions or critiques, leave a comment.
I'm also a student of the art, not it's master, if you notice something wrong with the analysis, please point it out, share the knowledge!
交易結束：達到停損點
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