CRV Long Trade Setup - Strong Bullish Momentum Despite BTCHello Traders,
Here is my analysis / Trade Setup for CRV/USDT
CRV is one of my favorite cryptos to trade. When it is Bullish it often has strong momentum as well as predictable formations.
***Personally I probably won't enter this trade due to my conservative nature and wanting to keep cash free for other trades I have in mind and incase BTC tanks. But this is a good trade setup I wanted to share with all of you.
1) Wait for a pullback, get the confirmation bounce at $2.51 and enter a long.
2) Set stop loss around $2.38
3) Take Profits around $2.92
- You may notice that my take profit is lower than the local high, that is because I am a conservative trader. I would rather lock in profits a little early than try and squeeze out another 1% and risk price dropping early and not taking profits. In fact personally I would probably take profits even earlier just to be safe.
- However this is just a guide, you are the one who ultimately decides how you want to trade.
***Trading Wisdom***
- "The less you trade the more you make."
- I Know this sounds counterintuitive but let me explain.
- Lets say one trader take 10 trades a week. They win 6 lose 4. - 60% win rate
- VS. a trader who takes 5 trades a week but loses 1. - 80% win rate
- Strive for quality over quantity. If you can't be disciplined or patient you will lose out in this game of trading.
- Monitor the charts daily, be patient and wait for the chart to tell you when it is time to enter a trade.
- It is extremely hard to make money trading, I think somewhere around 90% of new traders lose their money.
- It is important to think like a pro, and a pro is patient, disciplined and never chases a trade, they wait for the trade to come to them.
***Last Note***
- For those who are curious... On average I probably take no more than 2 Trades a week. Could I take more and make money? Yes. But again I am looking for high probability trades. I only take a trade if I have and edge and have an 80% chance of the trade playing out how I expect.
- 2 trades a week is 100 trades a year. Average gain 10%, average loss 2%. Win rate 80%
- 80 wins X 10% = 800%
- 20 Losses X 2% = 40%
- Total 760% *This is not exact but close to my averages.
- This just goes to show how if you are patient and take your time you can make massive gains over time.
Happy Trading and Best of Luck!
