BTCUSD Long on GDAX, 240 min chart. Target 1 Hit!!

This is my analysis of the my current long position on the BTCUSD GDAX pair on the 240 minute timeframe.

Hi Traders,

Target 1 has been hit!! According to my rules, I have now closed 1/2 my position. It always feels good to have a winning trade... oh yea, harmonic trading kicks ass!! Today price came very close to reaching our target of 599.66 USD on the GDAX exchange. In fact, price came around 25 cents away from reaching my target but when price started falling and the bears got pissed I got out of my trade at around 595.00... those damn illiquid markets and hungry, angry bears! It was still a nice trade and I still find it amazing how useful fibonacci levels are in trading!! As you can see on my chart, price rallied right into the 0.382 retracement and then dipped down.

Now what? Well.. here is when I raise my stop loss to 558 USD to secure in profits for the remaining half of my trade.

Now I will wait it out, enjoy the second half of my trade and see if the bulls (good guys), can push price past the 0.382 fib retracement and go for our second target at 671 USD (the 0.618 fib retracement)

or if the bears, (bad guys) can guard that 0.382 fib and push price back down to the PRZ or bear country.

It's going to be a good show!!

Steemit Journal Entry: 11
Trade Status: Active (Closed Half of my position at 595.00)
Entry: 530 USD
Stop Loss Moved up to Secure Profit: 558 USD
Original Stop Loss: 509.50 USD
Target 1: 599.66 USD
Target 2: 671

I hope you all enjoyed my trade analysis and feel free to ask any questions and comment. Remember to trade at your own risk and the number one rule of trading is to manage risk and protect your capital. Come find me at tradingview in the chat and feel free to look at my published charts here.
https://www.tradingview.com/u/domavila/#published-charts

Dominic out