Hello,
Some of you may recall back in sep-oct I was calling the breakout of this pennant/iHnS/Cup n Handle (depending on your view, many patterns can be found in one). I was calling as a target 72-73k. We felt short of 3k from the target. However, that s not important. What is important is that this looks like a bullish retest of the pattern for now. This makes sense considering the market was running overheated.
The low volume suggests weakness in this down move. I wrote on the chart the confluence of strong supports between 45 and 46500.
In my view, a clean break of the 46500 with an open and close below on the weekly will probably start a dip down to 30k.
However, this looks like a retest, and I will treat it as so. Great risk-reward ratio.
Fear is uncomfortable but often is the best emotion in markets to buy-in.
Always remember to put a Stop Loss to preserve the capital.
New traders and experienced traders often do not understand that it is not important whether you are right or wrong in the market. The market doesn't care...what matters is your set-up and your P and L.
What you need to care about is your capital. Forget about the thrill to be right or wrong. Preserve your capital to fight another day.
Professional traders take losses like champions, small, consistent losses but consistent profit dictated by your RR setups...over 2 as a general rule.
So whether you have an opinion on the market that can be right or wrong, it doesn't matter. It is just an opinion, and the market will do what it needs to do. So stick to your plan...not mine, not your friends, not your relatives...your set-up and risk management.
I can be wrong today and other 4 times in a row, but in profit on my P&L...the sooner you learn that to be right or wrong in the market doesn't matter, the sooner you will become profitable.
Remember, the market does not care about your ego and your need to prove to others that you are right.
Fight to live another day, and you will be closer to making it as a trader than you ever be.
Some of you may recall back in sep-oct I was calling the breakout of this pennant/iHnS/Cup n Handle (depending on your view, many patterns can be found in one). I was calling as a target 72-73k. We felt short of 3k from the target. However, that s not important. What is important is that this looks like a bullish retest of the pattern for now. This makes sense considering the market was running overheated.
The low volume suggests weakness in this down move. I wrote on the chart the confluence of strong supports between 45 and 46500.
In my view, a clean break of the 46500 with an open and close below on the weekly will probably start a dip down to 30k.
However, this looks like a retest, and I will treat it as so. Great risk-reward ratio.
Fear is uncomfortable but often is the best emotion in markets to buy-in.
Always remember to put a Stop Loss to preserve the capital.
New traders and experienced traders often do not understand that it is not important whether you are right or wrong in the market. The market doesn't care...what matters is your set-up and your P and L.
What you need to care about is your capital. Forget about the thrill to be right or wrong. Preserve your capital to fight another day.
Professional traders take losses like champions, small, consistent losses but consistent profit dictated by your RR setups...over 2 as a general rule.
So whether you have an opinion on the market that can be right or wrong, it doesn't matter. It is just an opinion, and the market will do what it needs to do. So stick to your plan...not mine, not your friends, not your relatives...your set-up and risk management.
I can be wrong today and other 4 times in a row, but in profit on my P&L...the sooner you learn that to be right or wrong in the market doesn't matter, the sooner you will become profitable.
Remember, the market does not care about your ego and your need to prove to others that you are right.
Fight to live another day, and you will be closer to making it as a trader than you ever be.
CFcryptoTA
check the youtube channel out
youtube.com/channel/UC1nxHmfbU0pyoX7Bp-ayDuA
Telegram channel for 1 to 1 chat: t.me/TAEW4
check the youtube channel out
youtube.com/channel/UC1nxHmfbU0pyoX7Bp-ayDuA
Telegram channel for 1 to 1 chat: t.me/TAEW4
