Victors Trading Blog 06.08.2024

Bitcoin Update

Here's my Bitcoin Update about the trade I posted Mid-June:

Now, when I last mentioned the trade we were about 98% at the OB I wanted it to go which it did not as we rallied higher. 

Even though it was an almost perfect trade, with any sound risk management you'd probably have taken some profits along the way and for sure dragged the stop loss into profit.

I know a lot of guys are hesitant to place their stop below their entry price (short scenario) in case price comes back up. But why would you want to risk the trade coming all the way back and stop you out above your entry price when you're literally 98% there? Just get stopped out at a decent price, take the money and enter the trade again if it comes back up to your entry price with (maybe) even a better entry price and better RR.

In this case this price came back up, few hundert Dollars above the entry price and went back down to my initial target.

Getting a trade that good in such a small timeframe like the m5 and then have it break down to a target out of the 4h/daily TF is super hard, requires a lot of experience and screentime and to be hones also a bit of luck. 

That is because in a way smaller timeframe price can always create a contra pattern, grab some liquidity one more time etc. There's a lot of things that can happen. It is possible, no question, but you have to be on the correct side of the market in multiple TFs at once and also be in front of the screen while analyzing.

The ladder is the one that's gonna make it hard for you to find these kinds of trades, so don't expect to do this every time.

Here's what the chart looks like now. 

Also a Big thank you to TakeProfit for creating the Harmonic Tools which makes analyzing these trades so much easier for a bunch of people :)

Another update on the smaller TF chart I posted with the last update 

Here's the short term result ⬇️

And here's the long term result ⬇️

That's why I always say to leave a small portion on in case you get a big move  like that. 

For educational reasons if you're a beginner, check look at the Stopruns of this move like I outlined in my last educational post about Stopruns.

If you have any questions, let me know