Well I took my first hit, there were a few things I did wrong
- Trading on a weekend (Friday, Saturday), low volume
- ADX over 0.23, it had force
- SQZ was irrelevant
I enter after the candle hit $60,240 thinking this was a level where the price was going to bounce back to the 55 EMA although I was wrong
My entry was poor too, candle hit low $60k level and I enter $61,668, that was my first mistake, I force the trade even though it was a bad setup or not it was for sure a bad entry.
Latter got stop out for -15.85%, loosing half of my gains on my first two trades, since then I haven't taken any trade, when the entire Japan Carry Trade melt down happen I didn't want to take any trade, just loose one so didn't want to force things and would prefer to work on my setup. I would like to trade the less possible but when ever I do just be a fkn hitman.
Right now the price has not been doing much, I was tempted to enter at at $56k another level the price have been working with before around May but I didn't jump in, was waiting for the price to hit the $54k level instead.
This is how my next setup looks like tomorrow, the daily does not look that good and I'll be watching if the price drops another $5k, would enter around $54,500 long with a 3% stop around $52k for the price to bounce and exit around $56k if possible for a 20% profit.
For me to enter:
- ADX turn positive direction, force
- Nice big red candle with some volume
- SQZ red valley close half way
All this is paper trading on TRADING VIEW before I start putting money into it, I'm doing 100 trades before I start putting money into the market
I haven't been posting much because of the RC thing, didn't about it thought I could just post every time I wanted so I got some Hive and now I think there is enough RC on my account so I can post when want to share.
BITCOIN DAILY CHART
The daily does not have much volume, the price has been slacking a lot since the drop to $49k, the $54k level ha been a point of liquidity before and there is still some left down there so I believe it could go looking for it before next Wednesday, anyways I will wait to see what happens, on the 4h Im shooting for $54k and then bounce back close to the 55 EMA.
I'm still learning and just trying to get my setup right, so don't use anything I post here as trading suggestion or advice.