#tradejournal #BTC #scalping This is BTC 5min TF from yesterday
Tools : Smoothed moving averages (21,50, 200), Fibonacci retracement, RSI
Thread on how I planned this and how I could have done better! All comments and constructive ideas are appreciated :)
Tools : Smoothed moving averages (21,50, 200), Fibonacci retracement, RSI
Thread on how I planned this and how I could have done better! All comments and constructive ideas are appreciated :)
Reasons to enter the trade :
- Bearish on higher TF
- SMMA200 breakdown : first signal, waiting for an entry
- Fib retracement : looking for a pullback on 0,5
- SMMA200 and 21 rejection + 0,5 fib rejection + RSI below 50 = confluence needed for entry ✅
- Bearish on higher TF
- SMMA200 breakdown : first signal, waiting for an entry
- Fib retracement : looking for a pullback on 0,5
- SMMA200 and 21 rejection + 0,5 fib rejection + RSI below 50 = confluence needed for entry ✅
SL= Above the SMMA200 and 21, and above 0,618
Target= I drew levels on a higher TF (1H) and I thought the 1h bottom looked like the best
R/R 2.16
After 3 rejections on the SMMA21 and continuation of the downtrend, I moved the SL right above the 0,5 fib level (see next screenshot)
Target= I drew levels on a higher TF (1H) and I thought the 1h bottom looked like the best
R/R 2.16
After 3 rejections on the SMMA21 and continuation of the downtrend, I moved the SL right above the 0,5 fib level (see next screenshot)
Downtrend continued as excepted BUT it didn't hit the target.
I manually stopped the trade in profit after I saw reversal on lower TF.
LESSON FOR THE NEXT ONE : I should have target the fib bottom at 53800$, and maybe close 80% and let the rest run
I manually stopped the trade in profit after I saw reversal on lower TF.
LESSON FOR THE NEXT ONE : I should have target the fib bottom at 53800$, and maybe close 80% and let the rest run
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