Quick long position trade for 3% gain.
My entry point was (8,294)
I set me stop loss at just under the golden zone (.618 to .65) of the last move up.($8,248)
Set my target at a 1:1 ratio using Fib Extension tool.($8,557)
Will move my stop loss to break even point once I see the trade is well on its way.Probably when were nearing $8,400 .
In the mean time I will monitor closely.
Risk to reward ratio is 5:1. I typically look for minimum 3:1
I always try to enter and leave in the meat of the wave up or down.Never try to catch the bottom or the top.
Cheers
interesting , do you just trade bitcoin?
No not usually
Typically I look to bitcoin as a barometer for the market and trade the high market cap ALT coins.
You get more bang for your buck with them.
High market cap because there is more liquidity thus it minimizes slippage when you're trying to close a position.
EOS being the flavor of the month.
By the way I got stopped out of this trade.Thought there was one more wave up but it had put in the 5.
Going to post my revised EW count later.
This is a lesson I thought I had already learned .NEVER rush your TA.
It will cause you to see what you want to see and you will FOMO into a trade.
I saw a supposed "quick entry" and took it.
Be safe and always use stop losses.
Cheers