Risk/Reward is the name of the game. In my scalping this morning I've taken 10 trades. I have gone on a losing streak of 10 trades in a row. After reading the books I've become aware that this is not unsual for a profitable system in the markets. I like the analogy of pulling marbles out of a hat. If you have an edge in the market then over the long term the marbles you pull out of the Hat will net you a positive R. However, in the short term you may pull out 10 marbles consecutively that do not net you anything. This is where trust in your experience and system will serve us as traders for a long time to come.
Technicals : Price has arrived at our monhtly supply zone 29,305$. Price is up 9ish percent over 2 days. The Market is not random and I'm aware of that. 8 4hr candles in a row is not common and that is a fact. Combining these confluences..
Technicals : Price has arrived at our monhtly supply zone 29,305$. Price is up 9ish percent over 2 days. The Market is not random and I'm aware of that. 8 4hr candles in a row is not common and that is a fact. Combining these confluences..
Comment:
Price has moved above the monthly level to the next major area Weekly reisistance level $30,352. This is the medium term high. Price is reacting off this level and we can now observe a range with the support being what has now turned into a 4Hr S/R Zone at 29,650$. Price may liquidate fomo buyers as I can see 28,079 weekly S/R level being a good place to correct to while we maintain bullish structure on the Daily timeframe. Ultimately we would like to see the weekly candle close above 28,079 to confirm weekly timeframe bullish structure.
