The ignorant called $10k and WE, stay disciplined
Updated
Congratulations to all my followers who followed 2x of my intraday trading ideas which I posted in my public channel in the last couple of weeks. Both trades hit take profits with 2:1 risk reward ratio with one trade hit take profits right before today’s dump. Those ideas were simple yet effective. No fancy indicators, no volume analysis. All I did was defining structure, set my TP & SL and forget!
When market is apparently bullish you will see all the amateurs start to show up posting their To The Moon analysis on TradingView and other social network while professionals like PRO_Indicators and myself are gradually taking profits of our long positions since mid 3k. Those traders are such a good contrarian indicator.
Why does people lose money? They always chase the high or start buying AFTER they see big buy volumes. Often, by the time you enter a position after you see a big volume, it’s ALREADY TOO LATE. Your risk reward ratio is like 1 or at max 2. Let’s give you an example using the recent Bitcoin parabolic move. Those who were waiting for big volumes missed out the pump from 3k to 5.5k. When BTC was at 5.5k, those same people didn’t buy because it was at resistance. When BTC was at 6k they started to short the bullish movement with leverage because they have missed out the buys from 3k (revenge trading). Finally, when BTC broke above 8k they started to buy as they thought it will definitely go to 10k. And now? I can guarantee you they are closing their long positions from 8k because 8k support has just been broken.
Doesn’t the above sound too familiar to you? Do you see what I am seeing? Herd behaviour always lose money – no strategy, no risk management, flip flop between buy/sell. But yet, they show up on the first page of every social network most of the time. Why? Because those To The Moon posts are what the herd like to see. But seriously? Have you not learn your lesson from the 2018 market crash? You forgot it all after just a year?
What now?
As I have mentioned in my public channel – I will only be interested in intraday opportunities while BTC stays above 6k. Bitcoin could potentially go up to around 9.5k before the big drop or, it could down to 7.5k or even 5.7k within the next few weeks or months. But do I care whether it drops now or later? No! I have plans for various scenarios. If price continues to go up, I will just keep taking profits of my long positions. And if not? I will just keep buying at supports using the profits I made. In other words, I have put myself in a comfortable situation where I will benefit regardless where the market goes. That’s what trading is about. Not just some random arrow going up or down.
Taiwan Bear
When market is apparently bullish you will see all the amateurs start to show up posting their To The Moon analysis on TradingView and other social network while professionals like PRO_Indicators and myself are gradually taking profits of our long positions since mid 3k. Those traders are such a good contrarian indicator.
Why does people lose money? They always chase the high or start buying AFTER they see big buy volumes. Often, by the time you enter a position after you see a big volume, it’s ALREADY TOO LATE. Your risk reward ratio is like 1 or at max 2. Let’s give you an example using the recent Bitcoin parabolic move. Those who were waiting for big volumes missed out the pump from 3k to 5.5k. When BTC was at 5.5k, those same people didn’t buy because it was at resistance. When BTC was at 6k they started to short the bullish movement with leverage because they have missed out the buys from 3k (revenge trading). Finally, when BTC broke above 8k they started to buy as they thought it will definitely go to 10k. And now? I can guarantee you they are closing their long positions from 8k because 8k support has just been broken.
Doesn’t the above sound too familiar to you? Do you see what I am seeing? Herd behaviour always lose money – no strategy, no risk management, flip flop between buy/sell. But yet, they show up on the first page of every social network most of the time. Why? Because those To The Moon posts are what the herd like to see. But seriously? Have you not learn your lesson from the 2018 market crash? You forgot it all after just a year?
What now?
As I have mentioned in my public channel – I will only be interested in intraday opportunities while BTC stays above 6k. Bitcoin could potentially go up to around 9.5k before the big drop or, it could down to 7.5k or even 5.7k within the next few weeks or months. But do I care whether it drops now or later? No! I have plans for various scenarios. If price continues to go up, I will just keep taking profits of my long positions. And if not? I will just keep buying at supports using the profits I made. In other words, I have put myself in a comfortable situation where I will benefit regardless where the market goes. That’s what trading is about. Not just some random arrow going up or down.
Taiwan Bear
Note
Note
If you have followed my public channel, I said I was going to take more profits at 13.8k. If you would like to see timely updates make sure you follow my channel.
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