It has been some time since I traded Crypto. Pleasing to share with you my winning trades from the weekend trading. Below is my trade on Bitcoin. It is a winning trade but there are lessons to be learned.
The entry was actually on the 7 Sep and the trade was closed on the 8 Sep. There had been a significant move down for the day on Bitcoin. It was late at night and I wanted to see if I could catch a reversal.
Price had been moving down in a descending wedge and I was looking for price action that would suggest that the dumping of Bitcoin was over. If you see the wedge pattern, there is a a clear break of the support line and with that break came along with a volume spike. Subsequently the price, on attempting to move further to the downside was halted by the bulls who took out the clump of price action just below the wedge support line. This was a W formation, classic reversal pattern. I entered and the price action after is shown on the chart.
My mistake was not following my profit rules which don't allow me to move the stop loss until the trade is significantly in profit. I had moved this to a level to lock in approximately 3 times my risk taken as profits.
As always full transparency of my trade results below.
Due to the cowardness of not holding the stop loss where it was until the required profitability (if at all) was realised it means that I had fear. This fear is still due to the bad trades the other day where I was frustrated with myself. I have subsequently corrected this as I have a trade open on SUI that is in decent profit relative to my risk but not 5R yet and I haven't adjusted the stop loss.
By the way the screenshots etc all look different because this is the Phemex platform where I do all my trading.
Trade Clearly!
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