Catching the Bitcoin Wave
Let’s talk about that glorious moment when Bitcoin surprised everyone with a spectacular 40% surge. If you thought Bitcoin was hibernating, think again! My trade journal chronicles this swing trade that even Frodo would consider epic, catching waves like a surfer chasing the perfect swell.
The Setup: Strategizing Triumph
Here’s how I set the stage for capturing the movement:
- Entries: $7,390 and $7,450 (average entry at $7,420)
- Targets: $7,712, $8,535, and the mystical $10,000
- Stop loss: $7,240 (below the fib, in case things go South)
You see, a well-thought-out plan is crucial, like knowing whether to wear a raincoat or sunglasses in unpredictable weather. The risk-to-reward ratio was screaming potential: Target 1 at 1.62, Target 2 at 6.19, and Target 3 at a jaw-dropping 14.33. What could go wrong, right?
Part 1: Riding the Bitcoin Rocket
The show began on October 23. After a bearish slump, Bitcoin tumbled into my buy zone, where I had set cruise control for filling orders back in June 2019. It felt like a movie where the hero makes a dramatic comeback—cue epic music!
As I entered at $7,390, I felt the thrill of achieving the 61.8% retrace of the current cycle. It’s like hitting the jackpot at the slot machine! A bullish divergence was flashing its green light across different time frames, shouting, “Time to get on board!”
Success! Cashing in Those Sweet Targets
Fast forward to October 25th, when Bitcoin pulled a massive stunt—a 40% pump. Talk about setting off fireworks! I secured profits by hitting all my target prices:
- First target: Just below the prior trading range—it was a sensible spot to take some profit, locking in gains.
- Second target: $8,500—a sweet addition to my trading paycheck.
- Finale: Crashed through $10,000 while I was blissfully asleep, only to wake up the next morning being stopped out. It was a wild rollercoaster ride!
Combining this trade with another thrill ride on a leading electric car company made it all worthwhile, hitting my profit quota for 2019. A simple speck of wisdom: sometimes, the quietest trader makes the loudest gains!
Part 2: The Sequel—New Horizons in Bitcoin Trading
Just when you thought it was over, I decided to plunge back into the Bitcoin pool:
- Entry: $8,995
- Targets: $9,600, $9,809, $10,379, $10,943, and dare I say, higher!
- Stop loss: $8,775
This time, I was looking for a potential 50% retracement entry. Bitcoin’s previous move screamed that it wasn’t headed for the grave—there was life yet! As I set my bids at key swing levels, I recalled the song by the end of our first adventure: “Take me home, country roads, to the place I belong.”
Final Thoughts: The Game Keeps Changing
In this chaotic world of trading, one must adapt, interpret, and act with precision. Remember, while markets are volatile, a solid strategy and a cool head are your best allies. And just like in life, make sure to enjoy the ride!
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