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This might not be a long post since nothing has change so far but I finally got a winning trade and now I’m going to patiently wait for the next setup, I’m currently 3 wins out of 5 so this is just me resetting the score. Been active on the market but not necessarily keeping an eye on the chart like a hawk is part of what I have been missing, when I sit down and take the time seem like my last two trades were going to work but because I was not paying attention I keep getting late to the party, also I don’t want to become the trader that leaves a position open when I’m not paying attention to the market, not that this can’t be done, I’m sure there is traders out there that make this work for them but I want to keep a balance of trading less but keep wining, this also means I would be more disconnected from the market once my trade is over. It is the example right now while I got a trade on my favor I can now just disconnect for a few days until the move finish to develop either for the upside or down, in my opinion mostly for the upside before Thursday because of possible rate cuts and the price is also at a level that could drop down a bit more.
BITCOIN 1D Chart
As we can see here from the daily there is a trend line forming and about to be confirm on its third move if the price just drop from here and potentially go hunt so liquidation bellow $52k or it could just stay above $52k meaning the market is not sure where to go.
As part of the strategy I’m working with, there is no force on this move since the ADX is in a negative direction when the SQZ is showing positive momentum so its most likely that the price drops from here, at most on my previous post I mention I was expecting $62k to $63k and thats to liquidate a longs.
BITCOIN 4Hr Chart
Since last Friday I have been waiting for a trade opportunity, I have added the volume profile to the strategy do have an idea of the sectors where there was interest for the price, meaning more volume, then I go for those pockets that form between the price.
Reasons why I took the trade:
- EMA tightening, the 10 with the 55 meaning there is a strong move about to hapen
- Price is holding after multiple 4hr candle wick at $57k zone of interest on the volume profile
- ADX getting some force, having a positive direction
- SQZ almost done closing negative momentum (the less real indicator)
After this I decided to take the trade for potentially a 4% to 6% and no more since on the 1D I still had the thought it could drop back down, all this plus the rates announcements this Thursday I thought the price could have another small move to the upside and give me the chance to take a long in the 4hr chart, it play out great for me.
Filled at $58,113 and Sold at $60,361 manage a 3.86% in a couple of hours, all this trades I’m using a stop loss of 3% and considering trading leverage at 5x, since I cant set the amount of leverage on Trading View paper trading I keep this on excel, the rules remain the same, all trades are based on $100 risking 3%.
Initially I wanted to do 100 trades expecting to be close to 70% profitable, if I can achieve this then I could start trading with real money, yes I would be paying for Trading View just to paper trade but I would prefer it this way, eventually with more time learning and watching the price action my experiment would start to pick up a faster pace but for now its slowly but surely.