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Well my prediction was correct, Bitcoin did drop to $60k but WTF!!! damn that was fast, I was expecting it to drop gradually and until the moment of my post it seem that way but then things start to go 0 to 100 real quick. I enter my long at $62,300 and I specifically mention I was expecting the price to get there within the next 48 hours although it was not even half day and the price was bellow $62k. I had a stop at $60,425 from the start, it was a 3% at 5x meaning 15% loss from a $100 trade, nothing to cry about specially when I’m still just doing paper trading to learn but still hurts, the entire purpose of this process is to learn and achieve 70 profitable trades in a 100 trades window, rn things not looking so pretty since I have won 3 trades and loss 3 trades, so I’m even, I might be doing something right but got to keep working on it, specially my entry point.
Bitcoin 4Hr
Stop loss are a burden sometimes, it sucks to get stop out by $275 and then the price goes back up to $63k since thats the next zone on the volume profile, it also makes sense since thats is the area where the price broke structure, my take profit was a bit higher but at least when that happens you start setting up your stop loss higher so in case things go south you don’t loose anything.
Well things did not go out my way this time, right now Bitcoin is not fully out of the woods since the SQZ is still on a negative slope and the ADX still has force, very high though at point 44 but still probably not a place to take a long, in fact my entry was too high and should have wait for the movement to develop more, with the ADX above point 24 and -DI I should have been more cautious, set my entry about $1k lower closer to the next volume profile zone but those are things I still cant see clearly, next volume profile zone at that time was closer to $59k so I was probably going to miss the trade.
I have been buying Bitcoin in small portions of $100, this is only my third purchase a few hours ago, my goal would be for Bitcion to reach over $100k on this bull run so doubling my money or close to doubling is still on the table at this prices but I don’t want to over extend so I’m only doing small purchases because aside from trading futures I want to be effective at buying on spot so next cycle I can take advantage of going through the entire market cycle.
For the first time I took some altcoins positions, Solana and Ethereum, on Ethereum I got stop out but on Solana I’m on the green right now but that is something I’m going to wait to fully develop, I took this two positions after my Bitcoin trade trying to get a better price since they all three had the same structure, the reason behind this is because I knew my entry on Bitcoin was not so good and was going to get stop out so this other two trades could cover, well the plan went right half way but again its just part of the process of learning.
Now that I got stop out I wait for the price to do its thing and wait for a next opportunity, probably wont be this week since its already Wednesday.