My initial small scale in was much too early on this trade. I have an average fill of 4354 and have had to sit through a couple days of heat because I didn't wait for range compression after the TD sequential 9 count.
However my target was far enough away that I could have a stop that was far enough away to ride through the end of the dump and still have a reward/risk over 1.5.
Because it was a knife catching trade I only scaled in with very small size in case it didn't work. Now that the trade has more confirmation I am looking to add to this in the wick zone between 3921 and 3662.
That will give an improved RR of around 4.8. If it doesn't hit the wick zone again and heads back to the 5900 target then I'll just take profit there. I am not looking for BTC to moon, in fact I will be looking to short again from the low 6k region.
If I do get filled in the wick zone I will use a supertrend style stop to tighten risk once the overall trade is somewhat profitable.
However my target was far enough away that I could have a stop that was far enough away to ride through the end of the dump and still have a reward/risk over 1.5.
Because it was a knife catching trade I only scaled in with very small size in case it didn't work. Now that the trade has more confirmation I am looking to add to this in the wick zone between 3921 and 3662.
That will give an improved RR of around 4.8. If it doesn't hit the wick zone again and heads back to the 5900 target then I'll just take profit there. I am not looking for BTC to moon, in fact I will be looking to short again from the low 6k region.
If I do get filled in the wick zone I will use a supertrend style stop to tighten risk once the overall trade is somewhat profitable.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.