Stops trailed on longs and limit order set.
Currently running longs from the low:
These have done well. Up over 10 times their max drawdown but we're into resistance now.
I also have a bit of an incline we might be setting a short term bottom in USD and top in equites - which would agree with a possible stop hunt on BTC.
Seeing early victory laps from the BTC bulls but it should be considered that the level we've traded to was quite predictable. Even in a downtrend it's common to retest.
As you can see from this chart, the current low is a 61 fib. Quite rare to make lows of 61 fibs but very common to fake a low and then spike out to the 76 fib.
Now we're up a bit off the 61, retesting the obvious structural resistance and potentially set to drop to the 76, I am protecting my long profits and setting limit orders to buy a bit lower.
Locking in enough profit on this trade to allow me to try to catch the support low if we drop and be sure my worse outcome on the net bull attempts is breakeven.
These have done well. Up over 10 times their max drawdown but we're into resistance now.
I also have a bit of an incline we might be setting a short term bottom in USD and top in equites - which would agree with a possible stop hunt on BTC.
Seeing early victory laps from the BTC bulls but it should be considered that the level we've traded to was quite predictable. Even in a downtrend it's common to retest.
As you can see from this chart, the current low is a 61 fib. Quite rare to make lows of 61 fibs but very common to fake a low and then spike out to the 76 fib.
Now we're up a bit off the 61, retesting the obvious structural resistance and potentially set to drop to the 76, I am protecting my long profits and setting limit orders to buy a bit lower.
Locking in enough profit on this trade to allow me to try to catch the support low if we drop and be sure my worse outcome on the net bull attempts is breakeven.
Penafian
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