{quote} Yep you got this one on spot, well placed into right context. Classical bullish accumulation process going , and currently printing HLs this one has potential for some move. Ill be looking for long on HH bake.
Not at all you made right decision. Here is the thing, and i am not going to say you did well because eventually price came all the way down in this setup, the reason why closing trade on that spike was good decision is because there is big difference in closing profits on spike versus closing on consistent slow but persistent move up. Moves that are quick such as pikes are usually led by liquidation event or simply a order flow liquidity gap (no limit orders above or bellow certain level) which actually results in many cases for price crashing all the way down as there is not enough new fresh order flow to sustain the price. That is very common to happen in many supply takeouts for example once the shorts are cleared out there wont be enough bullish order flow to sustain the price especially if the move was very quick (the quicker the move the less new positions will enter to sustain the price at that point).
When quick spike happens always close at least partials on spike, however if the move is slow and consistent then hold to position because it might just get further.
{quote} Not at all you made right decision. Here is the thing, and i am not going to say you did well because eventually price came all the way down in this setup, the reason why closing trade on that spike was good decision is because there is big difference in closing profits on spike versus closing on consistent slow but persistent move up. Moves that are quick such as pikes are usually led by liquidation event or simply a order flow liquidity gap (no limit orders above or bellow certain level) which actually results in many cases for price crashing...
BTC potentially opening some upside, will look for micro long plays over next 1-2 days. Currently setting up potential rotation play on M1, it doesnt have momentum however but still a worthy play along short term macro direciton.
(binned per thread starter's request) Market bottom rotation trad
