On the 12th of May, BTC was trading above its weekly open.
This whole move higher and the breakdown was called. If I had to put a number on it, I would say I'm 80% in sync with BTC.
As I mentioned on my post yesterday, there was a short setting up but I didn't take it. (check ou my BTC post on 12 May)
I felt there was an element of frustration which would lead to taking trades that don't meet my rules.
I'm in a self enforced timeout, but that doesn't mean I won't be following price.
With all this being said, it seems BTC is yet again setting up for a slight pop higher before a further breakdown lower.
It's my second week following BTC and I 3rd starting to telegraph it's moved to me.
The weekly candle was contained by the previous weeks candle.
This to me says one of two things will happen; BTC will move sideways for a couple of weeks to confuse the masses. Two, BTC will have a very aggressive move lower taking every long trade out.
I will sit on the sidelines until next weeks open, this will give me an indication of where my entry and stops will be.
I have two losing trades this week but they amount to 2% vs a 6% winning trade earlier.
As long as my profits are larger than my losses I'm good.
This whole move higher and the breakdown was called. If I had to put a number on it, I would say I'm 80% in sync with BTC.
As I mentioned on my post yesterday, there was a short setting up but I didn't take it. (check ou my BTC post on 12 May)
I felt there was an element of frustration which would lead to taking trades that don't meet my rules.
I'm in a self enforced timeout, but that doesn't mean I won't be following price.
With all this being said, it seems BTC is yet again setting up for a slight pop higher before a further breakdown lower.
It's my second week following BTC and I 3rd starting to telegraph it's moved to me.
The weekly candle was contained by the previous weeks candle.
This to me says one of two things will happen; BTC will move sideways for a couple of weeks to confuse the masses. Two, BTC will have a very aggressive move lower taking every long trade out.
I will sit on the sidelines until next weeks open, this will give me an indication of where my entry and stops will be.
I have two losing trades this week but they amount to 2% vs a 6% winning trade earlier.
As long as my profits are larger than my losses I'm good.
