First trade using Fibonacci Retracement strategy
I was watching some online video tutorials about trading and in this video Trading 212 Trading Strategies: How to Trade Retracements found similar patterns with my first Bitcoin trade.
This video explains how to trade Retracements. I have no clue on what are those retracements, but when I saw this video I found two things:
- Fibonacci (this term is mentioned a lot in Haejin Lee videos)
- Chart that shows trends
If you join them you get a Fibonacci Retracement Trading strategy. By those two things I understood that my first trade was made perfectly by the book. Or at least I like to think so. 😜
This is how they showed it in video.
I tried to do the same with my chart. I'm not sure if I do it correctly but in this way it looks more or less clear on how it works and that it actually works.
You may call it a newbie luck, because I jumped in somewhere at ~25% and jumped off the train right before the red zone at ~160%. Since I do not believe in luck, I need to find the explanation of it.
you sell 50% of your position at 61.8% and then the rest 78ish percent?
In this case I sold all of them at ~160%. I missed the part of 78-100%.