When I had been trading for around 4 years I realised the importance of the 0.382 retracement/correction levels. I had read a mountain of books and done every course available at the time to invest in my dream job 'a professional trader'. Alexander Elder has written some excellent test books on how to trade for a living. It helps you to eventually trust yourself, trade your plan, and make a profit. Basically, you are always responding, looking at charts through new eyes and allowing price action to tell you the story.
Once your plan works and you begin accumulating profits, trading then becomes second nature.
I trust my plan. My plans mostly work. BTC is no different to any other chart that I analyze, but cryptos are fun and I love this new frontier.
The story is BTC headed up for several months and we needed a correction.
The correction was apparent when we couldn't make a Higher higher from the 200% price projection and the Bears moved in and the Bulls took profit.
Here we are - we have a perfect hit of the 0.382 the fib drawn from the first swing low where BTC moved from Bearish/consolidation mode to Bullish.
The 0.382 correction often dictates that the target will be 1.618. Sometimes I have seen crypto's head to the 200% target.
The projections are clear. I have planned and executed this trade, all there is to do is to scale at our projected targets and then wait for another correction to reload.
Once your plan works and you begin accumulating profits, trading then becomes second nature.
I trust my plan. My plans mostly work. BTC is no different to any other chart that I analyze, but cryptos are fun and I love this new frontier.
The story is BTC headed up for several months and we needed a correction.
The correction was apparent when we couldn't make a Higher higher from the 200% price projection and the Bears moved in and the Bulls took profit.
Here we are - we have a perfect hit of the 0.382 the fib drawn from the first swing low where BTC moved from Bearish/consolidation mode to Bullish.
The 0.382 correction often dictates that the target will be 1.618. Sometimes I have seen crypto's head to the 200% target.
The projections are clear. I have planned and executed this trade, all there is to do is to scale at our projected targets and then wait for another correction to reload.
