Bitcoin Long Idea
Overview:
I am considering a long position on Bitcoin after the accumulation and manipulation phases, as the market is now in the distribution phase. Although it might seem a bit late to enter the trade, I am willing to risk 3% of my capital on this futures contract, despite generally not favoring cryptocurrencies.
Entry Point:
My entry point is based on an imbalance caused by a local structural break, marked on the chart. The entry level is set at $68,227.12.
Stop Loss:
The stop loss is placed at $67,061.26 to manage risk effectively.
Target:
The target is $70,668.37, which aligns with an order block and the previous week's high. This level is a strong magnet for price action.
Risk Management:
I anticipate that we might hit several stop losses before finding the ideal entry. However, with strict adherence to money management principles, this should not be a significant issue. For example, one successful trade can offset five unsuccessful ones, showcasing the power of proper money management.
Summary:
Entry Point: $68,227.12
Stop Loss: $67,061.26
Target: $70,668.37
By maintaining disciplined money management, the potential losses from a few stop-outs will be negligible compared to the gains from a successful trade. This approach ensures that risk is kept in check while allowing for profitable opportunities.
I am considering a long position on Bitcoin after the accumulation and manipulation phases, as the market is now in the distribution phase. Although it might seem a bit late to enter the trade, I am willing to risk 3% of my capital on this futures contract, despite generally not favoring cryptocurrencies.
Entry Point:
My entry point is based on an imbalance caused by a local structural break, marked on the chart. The entry level is set at $68,227.12.
Stop Loss:
The stop loss is placed at $67,061.26 to manage risk effectively.
Target:
The target is $70,668.37, which aligns with an order block and the previous week's high. This level is a strong magnet for price action.
Risk Management:
I anticipate that we might hit several stop losses before finding the ideal entry. However, with strict adherence to money management principles, this should not be a significant issue. For example, one successful trade can offset five unsuccessful ones, showcasing the power of proper money management.
Summary:
Entry Point: $68,227.12
Stop Loss: $67,061.26
Target: $70,668.37
By maintaining disciplined money management, the potential losses from a few stop-outs will be negligible compared to the gains from a successful trade. This approach ensures that risk is kept in check while allowing for profitable opportunities.
Trade fermée: cible de profit atteinte
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.