Hello Traders! After that strong impuls up that we had, we are expecting BITCOIN to retest the previous top. This will be a double top pattern. Don't force the trade. Watch the price action on lower time frames before entering the trade. TRADE WITH NO EMOTIONS!
QQ4U - what do you mean when you say 'wait for the correction to end'?
IQ
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@tigerpause, before entering a trade, you need to have confirmation. Corrections are slow and have less movement, so is not a good ideea to enter in a correction and be caught in it until it's over. It's safe to wait and enter when the correction is over.
tigerpause
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@IQ, Got it! So wait for to see if it breaks resistance at around 4400 before trading? If it fails then short, if not long? I'm at the beginning of my trading career (having spent 20 years in management consulting) and I'm loving actually using my brain again because it has turned to mush from driving project plans and PowerPoint for too long! I thought it was going to go through 4400 yesterday because I saw some retests but in hindsight these were down at the 1-5 minute charts, which I guess changes things?
IQ
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@tigerpause, Basically yes. Depends on your strategy, but 1-5 min charts are misleading.
tigerpause
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@IQ, my strategy is, erm, embryonic at best :-). However, I'm seeing bullish momentum and stochastic on the 5m, 15m, 30m, 1h, 2h and 4h charts, which makes me think that we'll see a breakthrough rather than a failure. Is this an example of a breakout trade, i.e. buy if it breaks through?
tigerpause
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@IQ PS any idea why I can partake in this conversation but not in some others? I'm brand new so I only have 5 reputation points and the system tells me I need 50 to partake but then it lets me comment on this?
IQ
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@tigerpause, now you have 8 :) it prevents spamming.
tigerpause
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@IQ, 8 - i'm rocking today! ;) I almost post a chart idea earlier but i think it's wrong because I'm proposing a repeat of the last 6 1/2d bull run. Hell - i'll post it anyway and see how badly it gets shot to pieces :-)
IQ
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@tigerpause, under 1h chart is considered scalping. In addition it is tedious and you can do overtrading. You can reduce stress by focusing on fewer timeframes. For example 1h and 4h.
tigerpause
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@IQ, so last week I burned through about 15% of my account trying to scalp and basically kept calling the wrong trades and making small losses and incurring trading fees. I have stopped that as it was deeply unhelpful!