BTC counter trend -> short

15 May 2020

Unfortunately the price hit the $9,300 target before hitting our buy limit order @ $8,400. Trade was cancelled.

Now, there is a counter-trend short idea on the 4hr timeframe.

A bearish engulfing pattern has emerged at the bearish bat pattern potential reversal zone.

Let me remind you again, the current market condition is the most difficult to trade since 2018. A lot of choppy movements are expected. Thus, please risk manage (please take a look of my educational posts below on risk management if you are yet to read them)

***This idea is only for educational purpose. Not a financial advice***
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Past winning trades: (without leverage)
Bought between $5,000 - $5,500. Sold around $6,850 (30% profits)
Entered $8450, sold around $9,800 (16% profits)
Bitcoin dropped from 12k to 7k as expected (40% fall)
Perfect call on 12k weekly resistance
Bitcoin, perfect call (300% profits)
Bitcoin, bought between 6.8k - 7.3k (40% profits)
Bitcoin dropped to 3.5k as expected (40% fall)
Bitcoin, bought $6220 target $8480 (36% profits)

Educational posts:
2618 trade
Top-down analysis
How I draw the trendline
Risk management series:
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• Chapter 1: 1% rule
• Chapter 2: How to calculate position size?
• Chapter 3: The Sweet Spot

16 May 2020

İşlem elle kapatılmış

If you have waited for a pullback to short, you can consider to close at a small profit, or can move your SL to breakeven.

I have explained the reason in the group.