Bitcoin

5 Jul

July 5th I spent a lot of time on bitcoin because I made a projection 2 days ago that the market was going to have a reversal and go higher. I was fairly sure that that was going to happen. I needed to wait for the next day and in the first 2 hours the market started going higher. however, after 2.5 hours It reversed and started to make a new law... so if I had taken the long trade I would have lost $500. if I took no other trades it would be a losing day. if I had been a stop and reverse traitor I might have been able to trade for $3000 lower..... or I could have waited for the market to go to the support area and trade it 2 or $3000 higher. if you were reading this you should take time to open the chart.... your own chart and work out these numbers.... it's very important. it doesn't matter if you're not a stop and reverse Trader or you never short.... but you want to know what it looks like and how to evaluate reversal patterns and stop and reverse patterns.... it will teach you to think in terms of buyers and sellers and how to look for reasonable targets.... and that type of thinking will help you be more accurate on how markets move.