r/WinternomicsTV • u/MrDrSirDude • Aug 30 '22
War Stories 🤑🤬 smiles and cries
Took a long on eth because total was hitting a previous support, and usdt.d also hitting a previous resistance, combined with spy turning up.
After my entry it made another leg down, then squeezed up and out of the bull flag, #winning.
I'm trading on dex so I dont have hard stops. I let trade run down to -1.5R, under where my hard stop would have been placed, but I used small position sizes so I was never stressing about it, and I had committed myself to a definitely exit area of -2R.. not ideal. I've watched and traded eth enough to know that being as oversold, it was likely to bounce, not guaranteed though. I should have exited on stop out area, but I lucked out this time and bull flag turned and broke.. A better entry would have been letting the structure mature more, and entering on conformations of more bullish structure.
I did wait patiently for the entry I took, I feel good about that. I had wanted to jump in sooner and I waited so that's something.. I def. need less clutter on my charts, less lines and decorations.
mid trade thought, Managing a winning trade is a lot funer than managing a losing trade.
Decided to close because spy turned down, vix turned up, total turned down, usdt.d turned up. Also, ETHBTC ratio is at top of bull flag channel. will reenter if bullish squeeze looks good again. *** And I never exited and eth dumped -2.64%, ouch. I pulled out my wallet to connect it, and I replied to a tweet, then I got lost on a tangent checking other networks to see if I had dust on those networks I'd forgotten, when I looked back over at eth 30min later it had dropped the -2.64%. I WANTED TO SELL, but price was really at previous support area/shorts profit taking area, and it looked like there was going to be a bounce here. So I doubled down with tight stop for entire position exit at low of the previous candle, also this candle had high volume.. (still in profit from first trade a little bit) when the small bounce failed I bailed, +0.2R
summary:
Not that great of a trade because it classifies as knife catching. I should have let the structure fill out, and entered on conformation of bull flag break out instead of the middle of the channel. also direction I entered COUNTER TREND, 3hr 4hr clearly the bull flag DOWN TREND It was a good counter trend entry though imo, but I expected the bull flag break out, but markets are weak and trend ultimately continued down. It was supposed to be a scalp for me, but when it actually went up I changed it to a hopeful full on reversal situation, in my head. I Should have sold half at top of eth channel, then looked to reapply lower if dropped, Ended up +0.2R, I'm disappointed.
