BTC/USD Short trade

Trade open with following parameters:

• Sell short 7,140
  
• Buy stop 7,283
  
• Position size calculated so 1.5% of account risked to stop
  

Profit target is the lows but will evaluate as the trade continues

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My subjective opinion is we are in a wave 4 of overall 5-wave decline. However, none of us knows the future so placing trades with good risk management counts to overall survival

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We appear to be breaking the upward trendline.

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Trade update. We've broken the rising trendline and back under 7k. No changes to open short position or stop

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Redrawing that wedge more accurately, we are still inside of it, but any moment now will get confirmation if we are going down. Tense times.

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There she goes

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Now we droppin' good

I like to use the 15-minute candlestick chart to view market structure, and the 1-hour heiken ashi chart to smooth out the noise and keep an eye on the trend

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Shorts in profit now. The low-risk way to run a trend as long as possible is to set your stops to break even and switch to a higher timeframe. For example, the 1 hour or 4 hour heiken ashi

Heres the 1 hour HA

Heres the 15 minute chart to show market structure. Not even a bounce yet. I expect one soon

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Stoploss moved to 7060. We're either getting out of this trade with no loss, or riding it much lower.

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Bulls will be seeing this. It is a possibility that we stop + reverse here and rally right up to the line. If this occurs I will be looking to get long.

Remember risk management. My stops are now in profit, I lose nothing if this scenario occurs.

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Bit of a fight around the 6600-6700 area which is to be expected as its yesterday's low. Chances are we will go lower and if so I am watching this area (6300-6400) for a profit target and possible place to go long for reversal.

If we bounce now and rally up that would be pretty bullish as failure to break the previous low signals an end to the current downtrend.

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Trades still open, stops in profit at 7080.

It's likely that this consolidation will break to the downside soon taking us into the profit target zone. Watching carefully

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Breakout confirmed. Approaching profit target area

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Moving stops down to ~6800 ish

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current status: enjoying the show :popcorn:

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Closing short here. Profit target near enough reached.

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post-trade analysis.

you really cannot get much better than this. A very well executed trade, good entry and exit. *pats self on back*

GL traders