$BTC
Good morning, everyone! Yesterday, Jinbao publicly shared a Bitcoin long in the plaza. Congratulations to everyone who followed the trade! Feeling good, right?
Why did I close the short I’d held for five days yesterday and switch to a long?
① I opened the short earlier, on the 15th. It was profitable several times along the way, but I never closed it because I personally thought that, no matter what, the price would break below 80K. Then yesterday I noticed the market was starting to strengthen across both larger and smaller time frames, and was showing clear signs of a bear trap!
② After the price failed to break lower three times in a row on the smaller time frame, I was fairly sure, but I still didn’t act. I waited until yesterday morning, when it dropped again on the smaller time frame but still didn’t break the trend—or even touch 80K. (At the time, I wanted to close the short and go long, but it was the middle of the night and I needed to rest, so I held off.)
③ Yesterday, when I saw that the trend was still aggressively trapping shorts, Jinbao decisively entered at position 1. Looking at it now, I entered a little early. Why did I enter early? Because this is my long/short reversal zone, and even if the price went lower, my stop-loss would only be $600 away. That’s a very favorable risk/reward ratio, and within my comfort zone. (See the chart for an explanation.)
So I closed the short and switched to a long without hesitation. When I placed the trade, I also shared the price levels I was watching on the way up, step by step! I wasn’t just making it up as I went along!!! (You can check the chart.)
What I want to tell everyone is: follow your own strategy. If it’s time to enter, enter; if it’s time to act decisively, be decisive. If you blindly chase every rise and sell every dip, you’ll have a miserable time in the market!
Follow Jinbao for more analysis coming soon!
#BTC
Good morning, everyone! Yesterday, Jinbao publicly shared a Bitcoin long in the plaza. Congratulations to everyone who followed the trade! Feeling good, right?
Why did I close the short I’d held for five days yesterday and switch to a long?
① I opened the short earlier, on the 15th. It was profitable several times along the way, but I never closed it because I personally thought that, no matter what, the price would break below 80K. Then yesterday I noticed the market was starting to strengthen across both larger and smaller time frames, and was showing clear signs of a bear trap!
② After the price failed to break lower three times in a row on the smaller time frame, I was fairly sure, but I still didn’t act. I waited until yesterday morning, when it dropped again on the smaller time frame but still didn’t break the trend—or even touch 80K. (At the time, I wanted to close the short and go long, but it was the middle of the night and I needed to rest, so I held off.)
③ Yesterday, when I saw that the trend was still aggressively trapping shorts, Jinbao decisively entered at position 1. Looking at it now, I entered a little early. Why did I enter early? Because this is my long/short reversal zone, and even if the price went lower, my stop-loss would only be $600 away. That’s a very favorable risk/reward ratio, and within my comfort zone. (See the chart for an explanation.)
So I closed the short and switched to a long without hesitation. When I placed the trade, I also shared the price levels I was watching on the way up, step by step! I wasn’t just making it up as I went along!!! (You can check the chart.)
What I want to tell everyone is: follow your own strategy. If it’s time to enter, enter; if it’s time to act decisively, be decisive. If you blindly chase every rise and sell every dip, you’ll have a miserable time in the market!
Follow Jinbao for more analysis coming soon!
#BTC