MannyGuzman
Long

BTCUSD INVERTED HEAD AND SHOULDER RETEST?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I am placing a buy limit on BTCUSD @ 6800
Stop Loss 6200
Target: 11100

Btcusd bottom out last year where I bought @ 1800 and took it to 17000. I'm expecting this to potentially be the bottom of 2018. If this level doesn't hold it is possible we see 3000. With proper risk management this is a good level to try buys. If it doesn't hold we will simply try again at a lower price point. Risk to reward will make us profitable long term, safe trading.
Trade closed: stop reached
STOP LOSS HIT! Trading is a business based on probability. Even if a setup works 85% of the time or 8.5 times out of 10. It will still not work 1.5 times out of 10. If you don't use proper risk management, you will always fail because nothing in this business can be guaranteed except that you will lose money. The goal is to make more than we lose over a period of time, trading a particular setup that works for us based on past performance. This is why most traders fail, they fail to understand that there are times where things don't go your way and eventually lose all their account because of not having the ability to take a losing trade/day/week/month. With bitcoin, if it didn't work here, I'm expecting it to work at around $3500 zone. The risk to reward will always make us profitable because it only takes one good trade to make up a series of losers. Safe trading everyone have a good night.
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I agree.
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