On the 2nd of April when I posted the dumb zone idea (chart below), many people thought that I was stupid to have a $2500 price range as a dumb zone. Can you now see why it is better not to trade the dumb zone?
If you have been following me for a while, you know that I only care about the price actions around key structures as these structures give the best win rate and risk reward ratio. And that, is how I have a 80%+ win rate so far of my trading ideas on TradingView.
This is especially critical for new traders who are over-trading the market without a risk management strategy in place. If you want to know how to do risk management, make sure you follow me as I am currently writing a series of ideas on risk management.
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BTC market movement
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>> Since a month ago I warned you the market has not yet show any signs of bearish price actions on the weekly timeframe. If you are a buyer, $7k is where you should take some profits. Conversely, if you are a seller, you should wait for market to reach at least $7.5k. How many of you took my advice?
>> On the daily timeframe, although the bullishness is slowing down (you can see the slop of the curve is going flat) the market is still creating a HH and a HL. This is a classical textbook bullish trending market. However, you shouldn’t be buying Bitcoin right now as BTC is now at the resistance.
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What if the price keeps grinding higher but I don’t have any long positions?
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You just have to patiently wait for the next opportunity. You don’t lose money by waiting but you do lose money by not exercising patience. Plus, why didn’t you buy when I told you that I bought at $5k? Why do you have to wait until market keeps going up to the stage that you run out of your patience?
Where I told you I bought at $5k:
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Trading opportunity
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>> If you are a buyer, you should wait for market to pullback. The price to buy is unknown at this stage, probably around mid $5.5k - $6k according to the current price structures. Now is certainly not the time to enter buy. You may get lucky once but your profits will likely return to the market sooner or later if you keep buying into the resistance.
>> If you are a seller, you should wait for market to close below either of the 2x dashed line and then short on the pullback (red circles of the blue arrows). But if BTC decides to breakup and f***d up the resistance without pulling back, then you just have to wait for price to go to high $8k to sell.
As you know, I am favoring the price to drop but the question remains at which price level. If price gives me a valid entry, I will be interested to take the trade. But certainly I ain't going to short the market at the moment without seeing some kind of bearish price actions.
***If you love how I always tell you my bias of the market (instead of posting both up and down scenarios), press that LIKE button and leave a comment below to support my work. Much appreciated***
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Past winning trades: (without leverage)
Entered $8450, sold around $9,800 (16% profits)
Bitcoin, perfect call (300% profits)
Bitcoin, bought between $6.8k - $7.3k (40% profits)
Perfect call on $12k weekly resistance
Bitcoin dropped from 12k to 7k as expected (40% fall)
Bitcoin dropped to $3.5k as expected (40% fall)
Bitcoin, bought $6220 target $8480 (36% profits)
Perfect re-bought target
Education posts:
2618 trade
Top-down analysis
How I draw the trendline
Risk management series: (Scroll to the bottom half of the analysis)
If you have been following me for a while, you know that I only care about the price actions around key structures as these structures give the best win rate and risk reward ratio. And that, is how I have a 80%+ win rate so far of my trading ideas on TradingView.
This is especially critical for new traders who are over-trading the market without a risk management strategy in place. If you want to know how to do risk management, make sure you follow me as I am currently writing a series of ideas on risk management.
~~~~~~~~~~~~~~~~~~~~~
BTC market movement
~~~~~~~~~~~~~~~~~~~~~
>> Since a month ago I warned you the market has not yet show any signs of bearish price actions on the weekly timeframe. If you are a buyer, $7k is where you should take some profits. Conversely, if you are a seller, you should wait for market to reach at least $7.5k. How many of you took my advice?
>> On the daily timeframe, although the bullishness is slowing down (you can see the slop of the curve is going flat) the market is still creating a HH and a HL. This is a classical textbook bullish trending market. However, you shouldn’t be buying Bitcoin right now as BTC is now at the resistance.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
What if the price keeps grinding higher but I don’t have any long positions?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
You just have to patiently wait for the next opportunity. You don’t lose money by waiting but you do lose money by not exercising patience. Plus, why didn’t you buy when I told you that I bought at $5k? Why do you have to wait until market keeps going up to the stage that you run out of your patience?
Where I told you I bought at $5k:
~~~~~~~~~~~~~~~~~~
Trading opportunity
~~~~~~~~~~~~~~~~~~
>> If you are a buyer, you should wait for market to pullback. The price to buy is unknown at this stage, probably around mid $5.5k - $6k according to the current price structures. Now is certainly not the time to enter buy. You may get lucky once but your profits will likely return to the market sooner or later if you keep buying into the resistance.
>> If you are a seller, you should wait for market to close below either of the 2x dashed line and then short on the pullback (red circles of the blue arrows). But if BTC decides to breakup and f***d up the resistance without pulling back, then you just have to wait for price to go to high $8k to sell.
As you know, I am favoring the price to drop but the question remains at which price level. If price gives me a valid entry, I will be interested to take the trade. But certainly I ain't going to short the market at the moment without seeing some kind of bearish price actions.
***If you love how I always tell you my bias of the market (instead of posting both up and down scenarios), press that LIKE button and leave a comment below to support my work. Much appreciated***
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Past winning trades: (without leverage)
Entered $8450, sold around $9,800 (16% profits)
Bitcoin, perfect call (300% profits)
Bitcoin, bought between $6.8k - $7.3k (40% profits)
Perfect call on $12k weekly resistance
Bitcoin dropped from 12k to 7k as expected (40% fall)
Bitcoin dropped to $3.5k as expected (40% fall)
Bitcoin, bought $6220 target $8480 (36% profits)
Perfect re-bought target
Education posts:
2618 trade
Top-down analysis
How I draw the trendline
Risk management series: (Scroll to the bottom half of the analysis)
- Chapter 1: 1% rule
Comment:
Comment:
People blaming me again for their losses when I said numerous times not to short the market without seeing the market breaks down the $7400 first. If you are my student, you would have been reminded not to short the market now as it is still bullish.
Please learn how to read the analysis and not just the chart.
Please learn how to read the analysis and not just the chart.