Good morning guys, how it's going?
Have you taken some profits off this move already? If you came late and you jumped yesterday you could be with a 100% profits today as I write trading on Bitmex with 25x leverage. that's it
Ok, I had to step back and see what's going on here and try to find out the next move
I have found a new pattern that works out perfectly too and even better, the lenght of the stick is even higher and the breakout was exactly in the zone we were trading too.
So I kinda understand why these famous traders are talking bout BTC hitting 15k
Something that I wanted to mention is that yesterday we closed above the ichimoku on 1D and 12H Chart
THAT'S GREAT! Very Bullish on this!!
and of course that doesn't mean that you have to go ALL in
Trade your pattern: The pattern is already broken and it's almost getting to the end point, so there is no point of jumping with everything now because of the greed. What I'm doing now is staring at the 12H, 1D and 1W to spot the next one
Risk Management. It doesn't matter if the pattern seems to be perfect, a trade is just that, a TRADE, don't get too attached to them, just imagine that you could be wrong, measure your risk tolerance.
So what do we do now? how do we know when to cut and take the profits?
First of all we have the STICKS, thats their job,measure the lenght of the breakout and take profits depending on the mayor S/R levels. For example, if you have one mayor Support or Resistance level right next to the breakout, place a TakeProfit target. You have as much of the stick lenght is
Second: Draw a trend line (Green one) so if the price breaks below it, that means the end of the current trend