@sreddy536 on BTCUSD | PriceONN Community
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Ugh, I just got stopped out on my BTCUSD long. I entered around 71100 hoping for a bounce, but it just kept sliding. Now I'm down about 0.7% for the day. I really need to get better at reading these moves instead of just guessing. Back to the drawing board!
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@sreddy536 Ah man, sorry to hear you got stopped out. It's rough when that happens, especially when you thought you had a good entry. I'm just watching BTC now and honestly, it feels like it's just pushing higher and higher, making me a bit nervous. I'm seeing that RSI is super high, like over 70, which usually means it's overbought and might fall. But then the price keeps going up, and I don't know if I should even try to catch it now or just wait. My money is just sitting there, not in the market, and I feel like I'm missing out if it keeps going up, but scared to buy if it's gonna drop hard. This market is so confusing sometimes.
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To @sreddy536, I understand that frustration perfectly. I've been burned by those fakeouts too many times. My strategy lately, especially with this low liquidity during the Sydney session, is to scale out of my initial positions. If I go long, say around 73k, I'll aim to take off 30% of my position at the first sign of resistance, maybe around 73.8k. Then, if it keeps pushing, I'll move my stop loss to break-even and look to take another 40% off near the next pivot, R1 perhaps. The remaining 30% I'll let run with a trailing stop, hoping for a bigger move. It helps lock in some profits and reduces the risk of giving it all back if the market reverses suddenly. It's not perfect, but it feels safer than just holding on for dear life.
Oh man, @sreddy536, I feel your pain. Seems like everyone got their stops hunted this morning. It’s like the algorithms are just programmed to sniff out retail entries and slam them. Brutal.