Time to take some profit (from your Aug 22, 2023 trade).
hmmmmm . . . Bitcoin . . . bull ? ? ?
- Thread starter Wallace
- Start date
Time to take some profit (from your Aug 22, 2023 trade).
You bought it at $27K per coin. It was $38K a little while ago.
So you already profited $11K / coin (ie 40% profit) in just 2 months.
Time to take some profit.
In my opinion TA is all you have available to use other than rumors in BTC. Have you seen all the videos posted on the internet with McDonald’s employees making TA magic on crypto charts? I did, I had to take stock and really think about my strategy. Suddenly high school students were posting videos about TA. It was a small crisis for me actually as I did rely pretty heavily on TA methods to manage my entries, position increases, and exits. Looking at my “peers” made me less confident in what I was doing. I got over it when I couldn’t find any of these people ever mentioning any economic factors. In other markets I use TA as a trigger, but I have to have actual fundamental reasons to be in the market. My “fundamental” reason for being in BTC now is the two major bull runs that I’ve missed since 2016. My current plan is to carefully play the buy side until the middle of next year. That said, I shorted futures yesterday at the peak and made almost as much as my spot long position has since the beginning of October.
As for EW, it’s fun to look at in hindsight. In my 20 years I’ve made two separate attempts to utilize it. After reading Predator’s book I would subscribe to multiple EW guru services to get their take as well. A lot of the time the gurus disagreed. I then decided to quit looking at it. Now when I see several EW talking heads all saying the same thing I may make a backup plan and tighten my stops if I’m currently against them. Self fulfilling prophecies are real.
Last edited:
No, I don't watch that shit
been a while but here we are
Hi Long
I took a brief online look at YouTube posts and , , , a whole different world I didn't know
existed, and one I won't be venturing into.
Any analysis Fundamental or Technical of the financial markets is subject to imo a
50/50 chance of being correct/incorrect, and further more runs the risk of being incorrect
'ten times' in a row.
The only trading system that I know that works are Red/Green Signal Systems as I call
them which are Never wrong, but subject to the speed of the Price changing rapidly due
to large orders entering the market, economic news releases, and, the limitations of their individual system, and subject to their tradeability. Otherwise they work great.
Hi Long
I took a brief online look at YouTube posts and , , , a whole different world I didn't know
existed, and one I won't be venturing into.
Any analysis Fundamental or Technical of the financial markets is subject to imo a
50/50 chance of being correct/incorrect, and further more runs the risk of being incorrect
'ten times' in a row.
The only trading system that I know that works are Red/Green Signal Systems as I call
them which are Never wrong, but subject to the speed of the Price changing rapidly due
to large orders entering the market, economic news releases, and, the limitations of their individual system, and subject to their tradeability. Otherwise they work great.
my errors with duplicate charts
I much prefer the ES and MES contracts to BTC which I do not trade.
Here is the second set of D and W charts
Have not been around the MetaTrader forums for a Loooong time and they would be a source
for Signal systems - 'does it repaint ?' 'does it repaint ?' 'does it repaint ?'
which can be recoded to NinjaTrader, hope it helps.
I much prefer the ES and MES contracts to BTC which I do not trade.
Here is the second set of D and W charts
Have not been around the MetaTrader forums for a Loooong time and they would be a source
for Signal systems - 'does it repaint ?' 'does it repaint ?' 'does it repaint ?'
which can be recoded to NinjaTrader, hope it helps.