Trade #6 of 25 - Short
Updated
I haven't looked at charts for over 12 hrs and there's been a 15% rally in the last 24hrs.
Up move capped by previous month POC
Bitcoin rarely moves in a straight line so I'm looking for a short.
2 entries at 50% and 618 fib level. If it retraces.
This is very bullish to break 40K so target is POC of the most recent range.
I'm planning on leaving 15% open for possible continuation down town.
Wish I had kept 15% open for my last successful long trade to have a ticket on this uptown train.
EP1 41587 50%
EP2 41673 Fib618
SL 42030 = high + 130
TP1 40480 85%
TP2 34K 15%
Up move capped by previous month POC
Bitcoin rarely moves in a straight line so I'm looking for a short.
2 entries at 50% and 618 fib level. If it retraces.
This is very bullish to break 40K so target is POC of the most recent range.
I'm planning on leaving 15% open for possible continuation down town.
Wish I had kept 15% open for my last successful long trade to have a ticket on this uptown train.
EP1 41587 50%
EP2 41673 Fib618
SL 42030 = high + 130
TP1 40480 85%
TP2 34K 15%
Trade active
Both entries filledEP=41630
Note
I'm very tempted to change this trade. Part of the reason for this series is to practise discipline so I'm not going to. Having a low risk of 1% makes this easier to stick with the original plan. It's the weekend and the price has been in a very tight range for over 24hrs. It's now possible that there will be a wick out of the range before moving in the opposite direction but that wick could also create follow thru momentum so anything is still possible.Trade closed: stop reached
Another loss.Bitcoin is showing strength while forming a higher range.
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