Bitcoin long set-up. Jumping on the train to the moon.
I was shorting the resistance zone $10,800-10,900 until I realized that the buyers are still in control and tested the zone twice already. Even though we have aggressive selling at the resistance zones, bulls have good chances of breaking out. Therefore, I am going Long with the numbers and set-up on the chart. Stop loss is a must and do not use more than 1.5% risk of your account on this trade and all other trades. You have to stay in the game for as long as possible.
My targets are split into 3. Those believers in "To the moon" theory can go to target 3 without scaling out. I am a trader and prefer unloading and taking some risk off the table. So, I will take 25% at target 1, 25% target 2 and keep the rest. If we breakout from the range I sense some big upmove toward $12,000, possibly higher. Soon as Target 1 is reached, I will put my stop loss for the 75% of position to breakeven. If I feel there is any aggressive selling at the zone, I will be out of the trade right away, as I am not a believer, but I like taking my profit of the set up is good.
There is also a high possibility of a sharp down move from the current prices. That is exactly why I can't stress enough how important it is to trade with stop-losses and small risk per trade. If you can't sleep while your order is in action, you took too much risk. That is not how you become a profitable trader.
Mistake on the chart. Target 2 is $11,200
My targets are split into 3. Those believers in "To the moon" theory can go to target 3 without scaling out. I am a trader and prefer unloading and taking some risk off the table. So, I will take 25% at target 1, 25% target 2 and keep the rest. If we breakout from the range I sense some big upmove toward $12,000, possibly higher. Soon as Target 1 is reached, I will put my stop loss for the 75% of position to breakeven. If I feel there is any aggressive selling at the zone, I will be out of the trade right away, as I am not a believer, but I like taking my profit of the set up is good.
There is also a high possibility of a sharp down move from the current prices. That is exactly why I can't stress enough how important it is to trade with stop-losses and small risk per trade. If you can't sleep while your order is in action, you took too much risk. That is not how you become a profitable trader.
Mistake on the chart. Target 2 is $11,200
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