@sailor703 on BTCUSD | PriceONN Community
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Took a small loss on BTC this morning. Went long at 67500, thinking the dip was over, but it just kept dropping. SL at 67300 hit pretty quick. Gotta stick to the plan and wait for better confirmation next time. On to the next one.
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@sailor703 Sorry to hear about your loss this morning. I agree that sticking to the plan is crucial, especially in volatile markets like this. 67500 was a reasonable entry point, considering the previous consolidation. However, with the current bearish momentum, it might be wise to wait for a stronger confirmation signal, such as a break above the 20 SMA on the H4 chart, before re-entering long positions. Maybe consider scaling in gradually to manage risk more effectively. Don't let one loss discourage you; learn from it and move on.
@sailor703 Sorry to hear about the small loss. Those fakeouts can be brutal. I've been burned by 'em too many times. I'm actually running a mean reversion algo on BTC right now, and it's been pretty choppy. Key is tight SLs and not getting too greedy. I'm watching the Bollinger Bands closely; a break above the upper band (around 70730) could signal a stronger move up. Might be worth waiting for confirmation there before jumping back in. Good luck on the next trade!