If you have been trading crypto, you have been there... and it can happen when trading many other assets as well. The momentum is in you favorite. There may even be a positive news catalyst. You wait for a breakout, price surges past the breakout line, and with good volume.
Your suspicion for a failed breakout disappears as price breaks out up, retests or not, and just continues up like a rocket. The asset is now so far away from the breakout line, that you have joined the jolly wagen and counting the cheese. Finally, a big win! Yes!
Later in the day, you get a fast reversal. Soon it is back to the breakout line, previously crossed up. You hope for a retest. But it just crashes down more and more.
Only 10 hours have past but it seems to be long days. Your profit is now a loss, or you gave it all back to Mister Manipulative Market. You want to break the keyboard and sue the platform for selling your order flow data.
ForexLive is here to help. Next time, don't get angry. And don't get even. Get patient! Wait for the CLOSE OF THE DAILY CANDLE.
Those that did not do that today with Bitcoin, had a bad day, as they got trapped.
The following bitcoin video and simple technical analysis, and its lesson, WILL save you ass many times in the future. And those that want to play it safer, especially the buy and holders that are seeking to accumilate, then wait for a good close and then another daily confirmation candle.
Remember Warren Buffett's famous quote: “The stock market is a device for transferring money from the impatient to the patient”.
So be patient and wait for the close of that daily candle. Why daily? Because it is the most popualr timeframe. Remember that simple tip the next time you are in doubt. Most likely, it will help a lot. And share the love with someone you know. Visit ForexLive for more technical analysis.
