BCH/USD SHORT
Updated
BCH /USD SHORT
**Still waiting for entry**
**Will enter on confirmation of confluences starred below**
Here are my reasons for looking to enter a short position on BCH /USD.
The confluences for my entry:
✓ Strong overall downtrend
✓ Rejection of major key level order block
✓ Rejection at the 0.5 Fibonacci Retracement level
✓ TD Sequential printing a 9 on the 2HR
✓ Double top on smaller timeframes
✓ Crossing back below the 55EMA**
✓ Stochastics momentum heading down**
✓ RSI Momentum heading down**
I will a short position with a stop loss above the wick of the reversal candle/TD Sequential 9
** this is not financial advice **
**Still waiting for entry**
**Will enter on confirmation of confluences starred below**
Here are my reasons for looking to enter a short position on BCH /USD.
The confluences for my entry:
✓ Strong overall downtrend
✓ Rejection of major key level order block
✓ Rejection at the 0.5 Fibonacci Retracement level
✓ TD Sequential printing a 9 on the 2HR
✓ Double top on smaller timeframes
✓ Crossing back below the 55EMA**
✓ Stochastics momentum heading down**
✓ RSI Momentum heading down**
I will a short position with a stop loss above the wick of the reversal candle/TD Sequential 9
** this is not financial advice **
Note
ENTRY: 625STOP: 640
TP: 455 or manual close
Trade closed manually
Closed the position. Bitcoin rallying. Lessons learnt: Take profits when you have them. The trade ended up being 10% in profit (3x leverage) and I only ended up securing around 3% profit (disregarded lower candle formations).
I also realise I was trading the 2 hour - so shouldn't expect moves as big as what I was targeting (need something like a daily for that).
Looking back - I should've closed the trade when it was hitting the next level of key support/resistance - which was when the trade was up around 10%.
Note
Looks like I could've kept this trade going and we would've made a lower high. My stop loss would now be below my entry and the trade would be risk free.Lesson learnt: Trust the charts and let the trade play out with the risk you had allowed.
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