One More Short for the Road?

Maybe we can end this long, busy week with a win?

8ƀit

Apr 15, 2022

Hello degens!

I got one short in on Thursday, mid-day that gave me a good boost of confidence, especially after missing a huge bag on Thursday morning’s dumpfest. I saw a bearish Gartley on the 15min and decided that I should try to get in a fade:

I saw some downtrend confluence with some harmonics a little higher too which means that I could have a higher stop loss flexibility if I wanted:

8ƀit @8BIT

possible confluence with a butterfly on the 5, even farther north. we know that's a contested area anyways. $btc #bitcoin #btc

So, I put the order in and then it hit the target and we were in the trade:

I quickly put in a stop loss as well as a take profit order:

My hope is that we’d see a nice and quick fade for a short snipe into profit:

Then, it bounced, gave me a bit of a scare, but, no real reason since I had coverage with my stop loss, but, still… she always makes us earn it:

I decided to work on some more of the content for the first-ever “Bitcoin Week in Review” — title or theme tbd — as well as the larger content and resource library that I’m building for the community as bitcoin slid up and down for a bit.

I added my 1st take profit exit on Trading View and then checked volatility and volume:

Headed in the right direction — keep it up bitcoin!

I don’t feel bad about fading bitcoin as I’ll take whatever the market gives me. An hour or so later I was blown out on a large up-swing:

The question now, of course, was whether or not I wanted to re-enter at this point but I didn’t see any strong harmonics to the downside at these levels and volume seemed to be picking back up; it seems like the dips a few bars back were the times to exit this particular snipe but I didn’t exit in time to take advantage of the upside.

I ended up losing some cash on this and that’s how the game works.

Disappointed but trading is about a series of trades, not a singular event or single trade. You might lose 3 or 4 in a row but if you’re still up 12 out of 20 times then it’s all good. The math checks out. But, another opportunity a bit more north presented itself — a bearish White Swan on the 1hr:

These typically present good opportunities to short so perhaps I could get a bit back in a few hours as she attempts more upside? I’d have to wait and see! And a deep Crab on the 1hr could take us to $45k and then a dump? Wow!

Now that would be a pleasant surprise for a lot of folks! In fact, I think that this might just be where we’re headed. From here on out I’m going to be a bit more careful with my shorts and I’m going to watch for that long. In fact, I’ll start small and start laddering in:

Keep those stop losses tight! Don’t worry… tomorrow is another great day of trading possibilities and potential! The market never sleeps and we don’t have to either.

Update: I woke up and we had hit a nice bump — profit time:

🙂

To infinity & bitcoin,

— 8ɃIT