Traders,
True to form, though I rarely do this anymore, I’ve gone short on Bitcoin. My entry was immediate after hitting that resistance level at $60500 which I discussed in the last post.
Target will be $48,300
Stop out will be about $63,000
RRR is nearly 5/1
I am confident here so I’ve risked nearly 50% of the trading portfolio. But I will definitely be taking profits at every level (see chart above) along the way.
Best,
Stew
True to form, though I rarely do this anymore, I’ve gone short on Bitcoin. My entry was immediate after hitting that resistance level at $60500 which I discussed in the last post.
Target will be $48,300
Stop out will be about $63,000
RRR is nearly 5/1
I am confident here so I’ve risked nearly 50% of the trading portfolio. But I will definitely be taking profits at every level (see chart above) along the way.
Best,
Stew
Comment:
I’ve recognized my stops were too tight on my BTC SHORT trade in this insanely bullish price action today. Thus, I have raised my stop to 64,700. This puts our RRR at 3/1. This will be the max I am willing to lose. Past that and we might have ourselves a mid-cycle blow-off top going on which is ridiculous to even attempt to call. Let’s see what happens here.Best,Stew
Order cancelled:
Friends,
New price action events and patterns have emerged showing me that I may be wrong on this trade. As I've told my followers, I never mind trading a bit of humility for more profit. I think now is the time to exit this trade rather than to wait for my stops to trigger. We are on the topside of previously huge resistance, now support and have confirmed this move with a bull flag. The bulls are in absolute and complete control at this point. No sense in fight them. New post coming soon on this development.
Stewdamus
New price action events and patterns have emerged showing me that I may be wrong on this trade. As I've told my followers, I never mind trading a bit of humility for more profit. I think now is the time to exit this trade rather than to wait for my stops to trigger. We are on the topside of previously huge resistance, now support and have confirmed this move with a bull flag. The bulls are in absolute and complete control at this point. No sense in fight them. New post coming soon on this development.
Stewdamus
Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
