Be careful of continuation wedges and triangles they are not always a signal for a trend change and are often a sign in a down trend of bargain hunters getting in early which leads to a fake breakout. I want to add to my core but I may wait to see how the market reacts, as I missed the trade at the bottom. However could set up for a nice trade to $313 again. If you miss the trade or entry do not get impulsive and buy the wedge. 65%+ chance of resuming the prevailing trend this is a statistical fact not guessing. The trend is your friend and should always be the overlying factor for positioning!
Komen
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Trade active at $302.
Komen
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Any pullback I'm out!
Komen
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Remember the pullback? Well we have to watch that is not a good sign.
Komen
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stopped out at $301.70 loss was 30 cents a coin, i'm fine with that.
Dagangan ditutup secara manual
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Komen
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A little more about those consolidation areas and the RSI
Ok, so it could go up, but it might go down. Right?
goldbug1
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@pskirball, Yes very similar to your SVXY account ;) Hey buddy how is it going, you are killing SVXY I'm sick I sold!!!
personemail
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I hope you're wrong this time. I just bought 20 ETH for some trading.
goldbug1
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@personemail, It's not being right or wrong, I had a plan to trade a consolidation breakout, my strategy was if a pullback happens then I get out, having a pullback consolidation and a continuation means it did not go the way I planned and hence by my rules I must exit. I am also looking at the market overall and I think it's just to much risk to hold as breakdowns happen quicker than run ups.
The only bad trade is not having a plan and strategy to trade it. Money management is critical. you can bat 300 and still make money! you can bat 700 and lose it too!
Phillings
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Appreciate the work GB!
goldbug1
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@Phillings, Your welcome sir! Thank you for commenting.
AlaaElmahdy
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you should wait more next time you could have been winning by now, @SEAN_VENGAN taught me Patience :).
please don't take this the wrong way but i love your TA and saw that you gave up fast this time, this should had been looong.
goldbug1
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@AlaaElmahdy, Hey Allaa, appreciate the comment. I think that I should have clarified, this was a very short term trade in a uncertain market against the prevailing trend. Trading against a prevailing trend is not the same as trading with the trend. The mid term trend is down, and when trading a flag, wedge triangle, they are normally 60-65% of the time continuation. You could back test this if you wanted but this is typical and I think more typical for faster moving stocks or coins. When you have a breakout and pullback to the wedge, if it fails into the wedge then it increases the chance that it was a fake breakout by 5%-10% vs the prevailing trend. Also I was very clear on the pattern I was looking for a breakout to retest $313. It didn't happen, I do not like the hold and hope method mainly because it's against the prevailing trend and moreover stocks, coins, etc go down much faster than they go up.
So the pattern I was looking for broke down
The trade was long into a down trend
Coins fall faster than they rise
The pattern I posted prior to the trade I did not want to see showed up
I got out with minimal loss. Now my money is free for another trade
Also the market is uncertain and nothing like falling asleep, waking up to see you just missed your target, it pulled back and went through your stop loss. So though I agree patience is key, hoping is not. I have no loss and can look for a better setup or re enter this one if the opportunity evolves.
So Patience is key I agree, but so is money management. Why would I stay in a trade for which the trend pattern failed? That's hope not patience. I have the patience to wait for another trade.
Also I do not like the market right now so I am in 30% cash, and adding a little here and there like NEO and OMG which have done great up 15% on OMG NEO is up 5%. So I'm happy when my winners are 5%+ and my losers are less than .01%. I don't have to be right so often ;)
Again thank you for the comment and it's still at $302 right where I sold it. If it changes and I'm trading I will update.
AlaaElmahdy
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@goldbug1, Told you we learn from each comment of you both , Thank you :)
goldbug1
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@AlaaElmahdy, Your welcome, it's patience in letting a signal trigger to buy patience in following your strategy, and patience in allowing it to play out. But you need discipline in recognizing when it isnt' and exiting.