I think I annotated the chart enough for this to be clear, but...
There are two trades here - the first is looking to capitalize on action within the larger ascending triangle pattern, the second is looking for a breakout.
By taking a break between the two, by cashing out after trade 1, and placing a new pending order above the resistance, I'll eliminate the risk of watching the profits from my first trade evaporate in a reversal.
Yes, I'll miss out on the couple of points between .019995 and .0205, but I will have secured my profits, avoided the boredom of watching my money sit in a consolidation cycle, and reinforced a good habit.
Happy Trading! Your thoughts & comments are appreciated.
i dont understand how to read the entry and exit points on this chart. When hovering the numbers dont match the btc price on the chart. Makes no sense. What are the exact entry and exiot prices or how can I determine them from this chart. What does "open P&L -0.00023997" and "target 0.0006990" refer to? I'm confused by this.
Tmoran
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@isellbitcoins, Sorry about that two trades and some extra lines makes it a bit confusing.
Trade 1: Entry around .0193; Exit around .01995
Trade 2: Entry around .0205; First Target around .024; Final Target around .0268
versohner
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Thanks for the detailed description. Unfortunately I can't buy LTC because all the money in the BCH :(
Tmoran
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@versohner, I hope you go int on BCH early enough that this dip doesn't hurt too much.