Only looking for easy mode trades - Don't over trade here!

9 ก.พ. 2020

I'm strongly bullish long term and strongly bearish short term, so the right mind set here is only pick the absolute best setups and spend 99% of your mental energy finding ways to avoid over trading.

BNB probably is going to make a counter-trend move south and will probably chop around a lot before it does. Therefore the only trade I want to take on it is something that will be extremely ideal which also means it probably won't happen at all.

The most ideal scenario I can see for it would be if it used the existing 1 wave structure to build an unstable leading diagonal which also follows the shape of a gartley.

If the bulls find themselves in a doubly over-extended position around 23 that would be a nice place to calculate the fibs again and find a good RRR trade.

Using tight risk could probably produce a 10 R trade that still has its initial scale out point within the existing range.

So that's my strategy to find ways to just do nothing and avoid overtrading and wearing down my account while I wait for cryptos to get back to the zone where I want to buy more in the long term, which I mentioned in other charts will probably be in March.

9 ก.พ. 2020

บันทึก

It shot up quickly to the 1.618 extension I had but didn't make any kind of leading diagonal shape first. Treating that as a 3 wave and now looking for a 5 wave count near 24

9 ก.พ. 2020

บันทึก

It's definitely into statistical anomaly territory. It's just powering full bore upward. I don't mind since it's great for my multi-year positions. I'm just continuing to project the fib against this every higher 3 wave to see where the 5 might end up.



Looking like 25 might be it

9 ก.พ. 2020

บันทึก

Ideas for scalping long on wave 4 then short on wave 5. Both have potential for large RRR if using small risk.

9 ก.พ. 2020

บันทึก

Just woke up and am watching this closely for laddering in long on the 4 wave and will definitely not hold this past the expected 5.

9 ก.พ. 2020

บันทึก

Have an initial scale at about 23.0271 which is really not very good. When looking actual area I want to scale in more heavily this leaves my RRR on the initial scale at about 1 which is terrible. Considering scratching the scale and getting in lower... The main reason I'm hesitating is BTC looks like it wants to make a new high very soon.

9 ก.พ. 2020

บันทึก

Have decided to let the initial scale ride a little more because the bid/ask walls on bnb favor the bulls for the moment. The bulls are absorbing all the selling from the bears and the bears have more of a sloping ask distribution. If that changes I'll dump it and look for a better initial position.

9 ก.พ. 2020

บันทึก

Dumped it, watching for a better place to get in that matches the fibs better.

9 ก.พ. 2020

บันทึก

It's gone kind of flat - was only able to get initial scale at about 22.85 which is only a little better than before. Mainly saving powder for 4 point on chart. May end up having to wait all day to get it.

9 ก.พ. 2020

บันทึก

Current setup - have eyes on a 10 r trade, not using a standing limit order for the 4 point, will be looking for a small double bottom shape to actually take the trade.

Looking like it might not roll around until this evening.

9 ก.พ. 2020

บันทึก

Looking like my initial scale might be all I get, not chasing it and will just take profit when it gets close to 25

9 ก.พ. 2020

บันทึก

Have moved to break even and have a bunch of standing ocos to scale out in the region of 24.8

9 ก.พ. 2020

บันทึก

Took a small amount off at market and letting the rest of the trade run according to the standing OCOs. going to try to find ways to distract myself the rest of the day so I don't monkey with the trade and mess it up.

9 ก.พ. 2020

บันทึก

BTW the stop in the prev chart is wrong, it's at break even not 1:1

9 ก.พ. 2020

บันทึก

BNB to the moon!



I'm not doing a good job of distracting myself - I need to turn off the computer

9 ก.พ. 2020

บันทึก

Taking off a little more - lunch chop scale out. I'm not able to keep from ignoring this trade but I think these scale outs are probably a good idea

9 ก.พ. 2020

บันทึก

Considering scaling in again on a subwave, I have some coins from taking profit left over and I never got fully filled at the bottom so I have room to look for another tight risk trade. As long as it's a 10 R setup it's good to go even if it's late in the trend. I just can't overstay my welcome.

9 ก.พ. 2020

บันทึก

Going to take a nap and see what I think about it when I get back.

9 ก.พ. 2020

บันทึก

I've got some standing lim orders to catch any right corners of boxes and add for the last leg of the 5 wave but it looks like it's just going to take off without those. I am totally ok with is going directly to my target and getting me flat before bed.

10 ก.พ. 2020

บันทึก

Mostly scaled out of this have a little left that's an oco to tag the target if it actually goes there and a stop to protect what profit it already has.

Will check on this tomorrow to see if it's ripe for shorting as I had orignally planned.

10 ก.พ. 2020

บันทึก

Over night it did finally hit the target but it first tagged the tightened stop I had on it so I didn't get the actual target exit. I still did pretty well getting the meat of the move although it was yet another trade where the best trade management would have been to just do nothing and not touch the stop whatsoever and leave the target unchanged the entire time. Binary outcome trading does seem like it produces the best results but I am unable to keep myself from tinkering with the trade as it goes and it probably costs me about 1/3 my profits.