Bitcoin
12.12.23 Bitcoin came to a reversal area Using the tools that we use. Yesterday it corrected a little bit lower and I was looking at it to see if I could be a buyer or a seller. I have to decide if this is the beginning of a move that will go lower or if yesterday was just some profit taking and today the market will be moving higher. Every time I look for a trade location, Whether I am actually in a trade or about to take a trade... I spend a lot of time trying to decide the probability that the market will move in the direction that fits my trade. I do want a trade that has good rage to it if it is moving in my direction but first and foremost, in addition to having a small stop... I want the market to move in the direction of my entry price. this is an important issue for me. Near the end of the video I brought out the Gold chart which is probably going higher today. The previous day I thought the probability was that the market would move lower and it did but not as much as I thought it would... but it moved about $2,000 lower. When I was thinking through that trade on the video I had the belief that I'd be able to buy that market once it goes a little bit lower. On the day that I thought the market was going lower it went lower by $3,000... the opening price today looks like it's going to go higher from yesterday's close. If you're not used to trading these markets and you're not careful on your trade location and determining the direction.... you can get hurt. Ask yourself what you would do if you had two $3,000 trades....But you were on the wrong side of the market and you ended up losing four or $5,000 on those two trades. Every decision has a consequence. My decision never rests on volume, or a crossing moving average, or any oscillator,,, but that means I have to think about it.... and as we all know, Sometimes the decisions are easier to make. It's probably best to wait for that time well there will be clarity... and you will know what that is after you work with it for a while. Keep the losses small, Trade less and if you're a buyer know where the sellers are, and if you are a seller know where the buyers are. oscillators don't tell you that.
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