The direction of my candlestick analysis was right, but I failed to take profit on the pullback, which ultimately led to a loss.
Today I traded ETH and XRP, both intraday shorts.
The market first plunged from 2,300 to 2,220, then quickly rebounded to 2,300 and held steady there. At that point, I’d already spotted the pattern on the candlestick chart: strong upward moves on high volume and small pullbacks. It was very likely accumulation before an upward breakout. I don’t know why I didn’t stop out. I entered at 2,300, and spotted the accumulation at 2,320.
I got home from work in the afternoon and went to sleep. When I woke up, it was at 2,430, so I hurriedly grabbed my phone and closed the positions!
I don’t regret failing to stop out in time as much as I regret being too subjective. The books and videos have said it countless times: trust the trend! I still have a lot to learn, and I will improve!
Today I traded ETH and XRP, both intraday shorts.
The market first plunged from 2,300 to 2,220, then quickly rebounded to 2,300 and held steady there. At that point, I’d already spotted the pattern on the candlestick chart: strong upward moves on high volume and small pullbacks. It was very likely accumulation before an upward breakout. I don’t know why I didn’t stop out. I entered at 2,300, and spotted the accumulation at 2,320.
I got home from work in the afternoon and went to sleep. When I woke up, it was at 2,430, so I hurriedly grabbed my phone and closed the positions!
I don’t regret failing to stop out in time as much as I regret being too subjective. The books and videos have said it countless times: trust the trend! I still have a lot to learn, and I will improve!