STEEM/BTC Long on 60 Minute Chart Update, Poloniex. A Triangle Has Formed
Hi traders,
This is an update of my current long position on the STEEM/BTC pair, 60 min on poloniex.
As a side note, steem has basically become my personal trading journal and I will be talking to myself mostly... so don't think I'm crazy! Note to self: I have changed my trading plan back to the way the creator Scott Carney created it. Now the targets are only the 0.382 and 0.618 retracements or Target 1 and Target 2 on my chart. Why fuc$#k with a good thing?!
After looking at the 60 min chart I noticed a triangle has formed.
This gives me a clearer sense of what's going on and what is likely to happen because I have seen this pattern many times. Usually when we get to the end of the triangle we either see a nice breakout to the upside, and my homies the bulls win this and get some bearskins for winter, or these damn bears push price down and we have to pour some liquor out for the homies. Its pretty simple...now lets see who's going to win this godforsaken battle!!
Entry: 0.0033
Stop Loss: 0.0296
Target 1: 0.0049
Target 2: 0.0059
Remember to trade at your own risk and the number one rule of trading is to manage risk and protect your capital. Come find me at tradingview in the chat and feel free to look at my published charts here.
https://www.tradingview.com/u/domavila/#published-charts
Previous chart: https://steemit.com/steemit/@domavila/steem-btc-long-on-poloniex-60-min-chart-triple-bottom-and-bullish-divergence-time-to-buy
Peace - domavila - out
nice analysis @domavila ! 8]
Hi! This post has a Flesch-Kincaid grade level of 6.4 and reading ease of 87%. This puts the writing level on par with Stephen King and Dan Brown.
@isaac.asimov Hell yea Isaac you are back!!
@gekko Thanks a lot man.
Here is a current update to the trade. Can the bulls push this through or do the bears still have some left in the tank?
UPDATE: Hi everyone, unfortunately after we kicked some serious bear ass, those sons of bit$#chs were able to clamp down on us on stop us out but we were in a nice profit when they did. It was a good battle and we gained some ground. I will post a real update to my trading journal/blog soon and I will post it in here too.
https://www.tradingview.com/x/24NcLvum/
In my next trading blog number: 13 I will talk about how I just got stopped out on this trade and also, "Knife Catching". Why to never do it and why I just did with steem. Shhhh... don't tell anyone I'm knife catching.