This chart shows likely scenarios for RCN/BTC
If you want to trade successfully you need to plan out the possibilities and have planned reactions to the price action...
"If this happens i will.."
For example:
"if the price reaches my head and shoulders target i will sell 50% and wait for the pull back to the bull Flag"
"If price continues to rise to the second target I will sell the rest of my trading balance"
"If price finds support at the top of the bull flag i will by back in and hold until we hit 850 at the top of the channel."
"under no circumstances will i chase price."
"if a candle closes below the 50 day MA i will sell 50% at market price and set a sell order for the other 50 at the rebound point."
Without prior planning and discipline the market will just steal your money...
If you want to trade successfully you need to plan out the possibilities and have planned reactions to the price action...
"If this happens i will.."
For example:
"if the price reaches my head and shoulders target i will sell 50% and wait for the pull back to the bull Flag"
"If price continues to rise to the second target I will sell the rest of my trading balance"
"If price finds support at the top of the bull flag i will by back in and hold until we hit 850 at the top of the channel."
"under no circumstances will i chase price."
"if a candle closes below the 50 day MA i will sell 50% at market price and set a sell order for the other 50 at the rebound point."
Without prior planning and discipline the market will just steal your money...