BitcoinLong
BTC LONG Entry
Updated
We've now entered our buy zone for a potential long trade I alluded to in a previous post this week. I'm slowing going to start adding to my position here while I continue to look for signs of reversal. Our conversion line is still above the basis on mid-term time frames and support is approaching quickly if we can hold here for a couple days at least. Slow Stoch is in the teens but we're still in a strong downward trend. Keep your head on a swivel and proceed with caution.
Trade active
We dipped a little below my target area but playing this carefully still has this trade in profit. Cost avg is $10,080. Position still open and I expect this to pump for the next several hours.Trade active
Nothing elegant about this update so I apologize for that.
I'm watching the Slow Stoch upward cross of the 50 level. MACD also shows a potential bullish cross. The price action is currently holding local Fib support right at $10095. A little momentum here may push us close to the 11.2k mark where we see both local and long term Fib confluence. As always be cautious. We're in profit right now but only barely.
Note
There is a lesson to be learned here. Let me lead by saying this trade is still in profit. I'd like to take credit for this but I can't and wont. Trying to look at this objectively I can say I'd still make this trade 9 out of 10 times but it hasn't turned out the way I projected so it is what it is.
Cost avg is again $10,080 so an exit when it pumped close to 10.5k would have been decent. Life got in the way and I wasn't able to check the charts so I'll chalk that one up. But then when the price started creeping down low 9k ladder I should have cut my losses at some point instead of letting my pride and ego keep me in the trade.
Which comes to the lesson. It's hard to separate emotion from trades. The more I think about it the more I realize it may be the Achilles heel.
Anyway, I'm still bullish and still looking for the 11.2k target.
Trade closed: target reached
Target reached. If you're a conservative trader close here an reevaluate. Trend followers let it run -- you're in great position with trailing stops in place.
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