I Did It!
I finally made a trade I was pretty happy with! For the most part anyway. I bought 300 contracts long at 8175.5 using 10x leverage. I exited the trade at 8412, netting a $10 profit.
Here's the trade below.
I was very much apprehensive on the trade, especially when looking at the 1 minute candles (the above chart is 5 minute), it was very close to breaking the bottom line, indicating a big move to the downside. That being said, I stuck to my guns, as the ascending triangle analysis is conducive to bullish momentum and I was expecting a move upwards.
The only thing that concerned me slightly was that the pattern could be argued to be a bearish tennant (pointed out by another trader), but I stuck with my original plan and it paid off.
If the candle at any point broke the bottom line, I would have cut my losses early. That didn't happen though, and the price absolutely shot up. Within 10 minutes the price had risen 300 or so pips and I took my profits.
The price actually continued to rise slightly further to 8500, but I played it safe and got out at 8400. I personally thought such a huge move in a short space of time was unlikely to hold, and BitMEX was having issues closing my order, so I got out when I could.
In hindsight, even-though I cut my profits a little too early, I'm still pleased with the results. I think it was the logical thing to do to take profits when I did, under the circumstances.
Finally recovered from my stupid trade the other day and am back to having an overall profit on my account!
If you enjoyed this post, please don’t forget to up-vote, follow and comment! Thank you for taking the time to give it a read and I hope you have a nice day.
DISCLAIMER: This is NOT financial advice. The cryptocurrency market is volatile and you are at risk of losing your money. Only invest what you can afford to lose.
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