BTC and the Markets Try to Recover - Don't Get Cocky!
As Bitcoin and the markets attempt to recover from the steep sell Monday, keep in mind that emotions can run high and it is a traders job to keep those emotions in check.
Wins can bring in the cockiness and after having a great day of trading, and closing out my hedge along with a couple other trades we jumped on Monday morning, it is easy to get that cockiness that can erase wins quicker than liquor.
Here we are in what looks like a possible final "E" leg of a pretty broad consolidation. Like to see a retest of that low around 50 and a setup to go long. Right now there is simply nothing on the chart that is screaming a long here, and so we must be patient.
What do we need for a trade here?
1) I will not take a trade until we get a setup on the weekly. This implies we may miss a trade or two. I don't care, I have my strategy and I stick to my strategy and unless there is a setup on the weekly no swing or position trades.
2) Need a pinbar or an inside candle on the weekly or
3) Need to take a dive into the mid to low 40's, I don't mind stepping in there blindly. Not with all my funds, but take 1/3 a position if we get that lows.
This implies we need to be patient here. I will start taking a look at alts, but honestly after paying a small fortune for crytpo accounting it would have to be the right deal.
QQQ:
The QQQ recovered quickly but not enough to be bullish yet. There are some key levels I am looking at for trades tomorrow starting with 442 which is the POC. Bulls need to get above 448 and bears need to take out 433.
Watch these levels for a reversal or follow through if and when we test them. If I take a trade, I will post so stay tuned!!
Profit from the trades: Real trades with real money, not that BS sell you a trade crap where they don't even have enough capital for a margin account!
06/28/24 QQQ (1) 480 Call $228.33 (assigned)
07/19/24 QQQ (2) 495 Call $1326.63
08/06/24 QQQ 200 short @ 478.53 $9650.65
08/06/24 QQQ (2) 450 Put -$1562.70
08/06/24 NVDA (1) 95 Put 345.66
08/06/24 AMZN (1) 155 Put 105.67
Total Realized Gains $10,094.24
Wins can bring in the cockiness and after having a great day of trading, and closing out my hedge along with a couple other trades we jumped on Monday morning, it is easy to get that cockiness that can erase wins quicker than liquor.
Here we are in what looks like a possible final "E" leg of a pretty broad consolidation. Like to see a retest of that low around 50 and a setup to go long. Right now there is simply nothing on the chart that is screaming a long here, and so we must be patient.
What do we need for a trade here?
1) I will not take a trade until we get a setup on the weekly. This implies we may miss a trade or two. I don't care, I have my strategy and I stick to my strategy and unless there is a setup on the weekly no swing or position trades.
2) Need a pinbar or an inside candle on the weekly or
3) Need to take a dive into the mid to low 40's, I don't mind stepping in there blindly. Not with all my funds, but take 1/3 a position if we get that lows.
This implies we need to be patient here. I will start taking a look at alts, but honestly after paying a small fortune for crytpo accounting it would have to be the right deal.
QQQ:
The QQQ recovered quickly but not enough to be bullish yet. There are some key levels I am looking at for trades tomorrow starting with 442 which is the POC. Bulls need to get above 448 and bears need to take out 433.
Watch these levels for a reversal or follow through if and when we test them. If I take a trade, I will post so stay tuned!!
Profit from the trades: Real trades with real money, not that BS sell you a trade crap where they don't even have enough capital for a margin account!
06/28/24 QQQ (1) 480 Call $228.33 (assigned)
07/19/24 QQQ (2) 495 Call $1326.63
08/06/24 QQQ 200 short @ 478.53 $9650.65
08/06/24 QQQ (2) 450 Put -$1562.70
08/06/24 NVDA (1) 95 Put 345.66
08/06/24 AMZN (1) 155 Put 105.67
Total Realized Gains $10,094.24
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