@kayla91 on BTCUSD | PriceONN Community

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kayla91 PRO newbie
BTCUSD Mar 6
Took a small short position on BTCUSD earlier at 71600, based on the Bollinger Band resistance. Initial SL was tight, just above the upper band. Unfortunately, it triggered my stop loss. Lost about 0.5%. Need to reassess my entry criteria, perhaps wait for confirmation before entering.
BTCUSD

Replies (2)

K
kayla91 PRO newbie Mar 6
Okay, further analysis. The 20 SMA is still trending above the 50 SMA, which suggests the overall trend is still bullish. My short entry was likely premature. I should have waited for a clearer breakdown of the SMAs or a more significant divergence on the RSI. I'm thinking about waiting for a retest of the 72000 level, and if it fails, then a short position would be more justified. Need to be patient and stick to the plan. Next time, I'll wait for the H4 candle to close before entering a position.
K
kayla91 PRO newbie Mar 6
Update: Looking at the RSI now, it's still below 50 even after the recent bounce. Might indicate further downside potential, despite the stop-out.
EURUSD 1.16205 -0.09%
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