BTC Short - Martingale Trade Sequence(FOREGIVE MY CHART - REALIZED AFTER I POSTED T/P 1 AND 2 ARE REVERSED)
Currently BTC is approaching the 100,000.00 mark. Personally I suspect a correction around this level to retest the $80,000.00 Mark before pushing much higher. It is possible this will push past the 100K mark to liquify bears before making its descent. For this reason I have set a martingale sequence to hedge my short at the specified level.
Entered my original short position when we broke 4 Hour Structure of the pictured trendline. Had opportunity for profit taking though way smaller than I have been aiming for of course.
BTC has broken back above the trendline and I have hedged my trade with a 1:1 Long Entry. This will allow me the availability to protect my trade if it does progress higher without completely exiting my position at the cost of swap fees and broker commisions.
Each time we touch my sell location I will be adding to this trade and cutting any remaining Long trades until listed T/P levels are hit in which case I will cut positions accordingly.
If we go up significantly I will look for locations of "Re-entry" in which case I will cut my longs for profit and ride my shorts to a more favorable cut location. (Preferably my T/P Levels)
This strategy requires proper planning to leverage in deeper and deeper to the trade without reaching uncomfortable levels of risk within the channel area.
My current entries:
LONG = $99155.70
SHORT = $98110.30
