Plans change. That is trading.
Initially, I was prepared to sit out and wait for the 80-82K area. However, seeing sentiment completely fall apart while we are still holding the exact same range is telling. We have also just wiped out roughly 750M in longs on this move down.
To me, this looks like a healthy market cleanse, a brief deleveraging event. We dropped 6% from the highs, so I have decided to re-enter with a 10x long.
In bull markets, the "ideal" sweep or perfect entry often never comes. The level everyone is waiting for is the one price does not need to revisit. From experience, I would rather position slightly ahead of the herd than be left waiting for a level that doesn't have to be tested.
That is why I have re-entered the position just 0.75% lower.
Initially, I was prepared to sit out and wait for the 80-82K area. However, seeing sentiment completely fall apart while we are still holding the exact same range is telling. We have also just wiped out roughly 750M in longs on this move down.
To me, this looks like a healthy market cleanse, a brief deleveraging event. We dropped 6% from the highs, so I have decided to re-enter with a 10x long.
In bull markets, the "ideal" sweep or perfect entry often never comes. The level everyone is waiting for is the one price does not need to revisit. From experience, I would rather position slightly ahead of the herd than be left waiting for a level that doesn't have to be tested.
That is why I have re-entered the position just 0.75% lower.
