(11/29/23) I started a swing trade as bitcoin broke a recent high. I put my stop loss below the swing low and my take profit at a 2 to 1 ratio. So far I am up around $20 and it may continue to go upwards. it is doing a pattern known as compression witch is where the price fluctuates in a zone that gets slowly smaller shown in the picture. This pattern likely means the price will have a lot of momentum when it eventually brakes the fluctuation. Considering the price was in upwards momentum before this pattern it is likely to continue upwards. I may try to trade other things like the Euro USD pair.
(11/30/23) The price of my recent trade is consolidating slightly above my entry point. The pattern from yesterday didn't follow through, but that is to be expected; patterns are not always correct. Currently I am up $40, and I may try to enter a day trade today. I just noticed in a larger time frame the pattern I was talking about formed, so that could be a good sign. I entered a day trade with only a 1% stop loss instead of my normal 2%, because it is somewhat of a risky trade. (12/2/23) Currently the prices of eth and bitcoin are skyrocketing. They are slightly consolidating as of the moment but the price has an extreme amount of momentum. I suppose I should of risked 2% but I am happy with these gains. Currently both the prices are around +$400, a total of around $800. Hopefully the price continues with this extreme momentum.
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AuthorHI, I am Austin sweet a high school student that would like to learn how to trade. Archives
December 2023
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