RE: BITCOIN CASH (BCH) Price Pathway Discovery: Caution is Needed
Thanks for your comment. I'm sorry for your losses. Yes, I am not 100% correct.
My call on BCH has not yet shown profit. I am still in BCH and have a few more rungs below. I have my Stops set. Rungs began at $446, $410, $389, $381, $349, $316; added $278, $266 and $213. I used local support/resistance levels to cast these buy rungs.
The top rungs are at a loss and I could be stopped out of this position, that's clearly possible. I have less than 3% of portfolio to this trade.
However, I've often taken these types of trades and still come out profitable because with a price turn, the lower rungs zip up to profitability and would give me a wash or set me ahead. Often, with a 50% retrace of the start and finish of my rungs, I'm at wash, with 61.8% retrace, I'm overall profitable. These are the singles and doubles I hit. In my blogs, I've also demonstrated a good number of the kaboom home runs too.
You said you laddered, I'm curious what rung levels and how many were used? Would you consider sharing?
Sure it was 441, 418, 395, 350 and after that last one I decided to close my position and to take a short position instead which wiped most of my lost (the short position is closed now).
I'm agree that it could retrace a part of the drop but when all your rungs are in lost, it perhaps means also that you didn't buy at the good moment, too much early in that case because look all your rungs are in lost, even your last one at 316$.
I left that comment yesterday because yeah, sometimes I like that some other traders (who are my friends) tell me their opinion because if you focus too much on a trade, you can start to lost some objectivity. And when I saw in each of your videos that you were tracing the triangle with the bottom line always lower and lower and lower, expecting a up explosion, it is not a good sign tbh ;)
I really hope you will be able to take some profits and that BCH will make a big retrace Haejin.
Take care.
Understood, and thanks for your honesty. I will continue to do my utmost to help and do no harm.
Kind Regards,
Haejin