We posted a doge trade over a month ago which is linked below.
In the community we had some comments about the trade failing and it gave us the opportunity to bring up the most important thing about our strategy - When you take a trade at a key level of significance, if that trade fails the asset should go to the next key level and another opportunity arises .
In this scenario you can see that after Doge hit our 6% stop loss, it fell a further 13%! it then came back up and backtested that same key level as resistance before falling 15% again. So this post is primarily to show why a failed trade is not necessarily a bad trade - it could also be a great exit.
For the trade posted now, there is a clear Type 2 Bullish Harmonic, with some bullish divergence at a local level of support.
This is also the case on assets like XRP, SOL and others. However, we are in a corrective phase of this run and therefore these patterns tend to underperform.
So what should you do?
We are allocating a small amount of capital to these trades on the off chance they play out, and we are taking most profits (60-75%) at the first take profits.
Remember we were in from a long time ago and we made a considerable amount of money. If you are just getting into the crypto run, this is not the best place to come in and you should definitely preserve your capital for better opportunities.
In the community we had some comments about the trade failing and it gave us the opportunity to bring up the most important thing about our strategy - When you take a trade at a key level of significance, if that trade fails the asset should go to the next key level and another opportunity arises .
In this scenario you can see that after Doge hit our 6% stop loss, it fell a further 13%! it then came back up and backtested that same key level as resistance before falling 15% again. So this post is primarily to show why a failed trade is not necessarily a bad trade - it could also be a great exit.
For the trade posted now, there is a clear Type 2 Bullish Harmonic, with some bullish divergence at a local level of support.
This is also the case on assets like XRP, SOL and others. However, we are in a corrective phase of this run and therefore these patterns tend to underperform.
So what should you do?
We are allocating a small amount of capital to these trades on the off chance they play out, and we are taking most profits (60-75%) at the first take profits.
Remember we were in from a long time ago and we made a considerable amount of money. If you are just getting into the crypto run, this is not the best place to come in and you should definitely preserve your capital for better opportunities.
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Daily close was good! Bullish engulfing
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Looking amazing!
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XRP in a great spot
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First target hit on doge. SMASHED IT. Looking for a lot of upside still on this coin
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Trying to break through the level right now!!
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Completely out of the DOGE lev long today at 17.5c. We absolutely killed it with over 2500% profit on this trade. UNBELIVEABLE.
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Really have to take this one in as the community made life changing money
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As for our holding position of course we still hold for far higher targets. XRP we await T2 after T1 hit and we took minor profits.
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XRPPPPPPPPP - Finally we're catching up to our other trades 887% profit so far on this one, looking at the pa around 75c and then 88c
