One month ago I wrote a post entitled trading bitcoin & growing plants in which I detailed a short trade I was looking for.
Quoting myself here:
no one knows the future and this is not financial advice but I will personally be watching for a reaction around the 23-24K area and potentially entering a strong leveraged short there.
I mentioned specifically the daily naked POC at 23625.
One week ago, after what felt like much longer than a month, I finally saw my perfect entry and didn't hesitate to take the trade off a swing failure pattern (SFP) and a low volume retest with bearish divs.
The first bounce saw a back-test of the daily nPOC on the local CC (where I entered a 2nd short trade) before dropping further to confirm the change in market structure.
The third bounce confirmed the top of this channel as resistance (where I entered a 3rd short trade) and the rest is history.
I am not in the habit of showing off but I do want you to know that I am honest about my trades. So, here is a picture of the one from the top.
Those of you who understand what you are looking at will see that I am trading with just $40, leveraged at 50x. Making it $2000. And if I were to sell my position today I would take home a profit of $257, increasing my account size by over six times in the space of six days.
Despite my recent weeks of success with trading I am limiting myself to these smaller amounts of money until I have seen months of consistent success.
So, I am in three short positions and expecting lower but please don't FOMO into a short now! Yesterday I entered a long trade off a daily/weekly level inside of a major CC.
It was also the middle of this channel.
We may yet go a little lower but should still get a decent bounce from this region. Perhaps we will get a touch of the range POC today, in line with this fib time. Wednesday is traditionally the most volatile day of the week.
While I am looking for a collection of long positions now I am still ultimately expecting lower prices and it is for this reason that I have not yet taken any profit on the short from the top. The other two trades I took from the 2nd & 3rd bounce I took profits on yesterday so there will be no problem if the price decides to rocket up to an all time high from here! Though that does seem very unlikely to me.
My main trading idea now is from the bottom of this channel where one expects to see a good reaction.
There we have a possible monthly (confirmed on Aug 1st) inside of the overall CC, along with the bottom of the channel and a daily level beneath. This all looks like great confluence for a long trade.
However, please be cautious with this trade. Many people will be waiting with their longs at this very obvious place, so the price may drop quickly through this level, stopping out everyone's over-leveraged positions before a fast reversal to the upside.
I am inactive here on hive mostly because I am a full time trader and food producer now. These are my two jobs and they are demanding. My efforts at this time however will pay off in spades later and it simply must be done.
With that said, I really love sharing with you all and know there are many who would benefit from a better understanding of trading at a time when hodling simply isn't enough. 95% of traders lose money consistently yet they will keep going back to that computer until there is nothing left to trade. My advice is to spend at least three years training to be a great trader or don't trade at all.
I am a member of the Chart Champions group where there are endless modules to learn & profession traders available to answer questions. It isn't cheap but if you work hard for multiple years on this, it will eventually pay for itself and for whatever kind of life you can dream up for yourself.
Thank you for sharing! I did read your previous post back then, will just expect for the lower prices we can get to accumulate more, and wait for a move up but who knows when will that happen and how extended it can be, sure enough it will at some point after many tests, ty!
Well, Wednesday lived up to expectation with it's volatility and we had a pretty cool bounce from my long position. That fib time pivot helped a lot.
Took some profits on the long and now I am hedged and chilled. Price goes up I make money. Price goes down I make money. This is the only way to trade.
My personal feeling is that a $10K btc is a certainty now (perhaps after some further upside). But we may even go down to $3K before a full reversal. That would certainly shake people out and get everyone selling when they should be buying!
In my current position it doesn't matter what happens. Which is sweeeeet :)
Thanks Sam. I love reading your posts and your "trading" insights. Hodling is enough for me but love to see how you traders are working.
Only in the last few months (after two years of training) am I getting close to consistent daily profits. And I could write a book about my journey to get here! One of the hardest things I've ever done. It is more about knowing ourselves than anything else. Self-control, discipline and the ability to blank out the FOMO, maintaining a consistent heart rate on every trade! Takes practice ;)
I can imagine Sam. The self-control and discipline I can imagine are important. I decide to take a longer term approach and use mostly just Buy and Hold.
All the best!
Yay! 🤗
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And thanks too for the tweet!
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