FAKEOUT confirmed but no good trades present
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Nothing has changed for BTC, still sideways and no clear direction. This market by itself is a very HUGE OPPORTUNITY to make good trades if understood well.
My fakeout strategy was triggered after a confirmation close below the yellow line indicating the breakout failed. However, a retest was not present for my entry to go through. This indicates the market is weak and the bears overpower the bulls. This could cause a short squeeze if the bears are not careful.
Since this is a sideway market, I will be taking a short-term trade, buying here between 19.6k - 19.8k with a stop at 19.2k. TP at 21k giving a RR ratio of 3:1. If this happens, I will immediately take a new short position with a stop at 22k and TP at 18.2k.
These are my plans for the coming days ahead. It is important to rehearse this earlier mentally or in written form so when the time comes, you know what to do and emotions no longer in the picture.
If the stops are hit, this idea will be negated.
My fakeout strategy was triggered after a confirmation close below the yellow line indicating the breakout failed. However, a retest was not present for my entry to go through. This indicates the market is weak and the bears overpower the bulls. This could cause a short squeeze if the bears are not careful.
Since this is a sideway market, I will be taking a short-term trade, buying here between 19.6k - 19.8k with a stop at 19.2k. TP at 21k giving a RR ratio of 3:1. If this happens, I will immediately take a new short position with a stop at 22k and TP at 18.2k.
These are my plans for the coming days ahead. It is important to rehearse this earlier mentally or in written form so when the time comes, you know what to do and emotions no longer in the picture.
If the stops are hit, this idea will be negated.
Note
Short-term long was stopped immediately after the CPI news. Inflation went up to 9.1%, much higher than the 8.8% Dow Jones estimate. A quote "That marked the fastest pace for inflation going back to November 1981"
A potential short upcoming, current price at 20.6k, still waiting for entry at around 21k.
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