Today was an unexpected pump for my favorite playground, GMT. Sadly I wasn't able to ride the uptrend as my bias was a fake out. This led to multiple entries and cut losses. Before we go into it, let's discuss BTC, but as always, anything I mention here is not financial advice but my thoughts and my plans on the tokens discussed.
BTC Situation
Same as yesterday, the Head & Shoulders pattern is still alive. Things are looking up a bit as long as the current slight uptrend continues. If it can break the 41.6k mark, then we will probably see a solid mini bull run once again.
My Trades Today
NEAR
This was a play that wasn't on my watchlist but when I saw it while scanning, I saw an opportunity for a quick scalp. I entered here and around 30 minutes later quickly sold.
GMT
The usual strategy for GMT of trading the range wasn't applicable today. Instead, the Breakout Play was the most appropriate technique. However, my bias was to short it as it reached the 2.3 area. This proved to be a wrong move as the upward breakout here was just too strong. I didn't switch strategies and rely on the Break Out, which was a mistake on my part. I could've earned a solid 4.79% multiplied by the leverage of my choosing. Instead I took multiple cut losses as I tried to reenter against the trend. Eventually my last entry at 2.41 gave me the gains I was looking for. Hopefully the rejection before the 2.44 area was the solid rejection for the downtrend back into the Gann Box we love to trade. I would be glad to see GMT go to 2.20! We'll find out in a few hours if this was a fake out or a road to ATH. As I mentioned earlier, this was a fake out and I placed my money where my mouth is.
Tomorrow's Watchlist
GMT
Right now GMT is back to being the flavor of the day so most of my attention should go to it. The other tokens are still sort of sideways on a cursory glance. Let's see
Credits
- Charts taken from Tradingview.com
- Pictures made using Canva.com