What’s up legends!
It’s been a while! In case you weren’t aware, I was really sick for just over a week so I didn’t open any new trades during this time. If I can’t be fully focused, I’m not committing money, that’s my rule.
Before I get into this weeks trades, I just wanted to give you an update on where my long term leveraged swings currently are. I have a short position and a long position down below.
So let’s get to it!
Long-term Leveraged Swings
Trade One: BTCUSDT Sept Contract
I can hardly fit this trade on one screen anymore but I’ve covered my entry and partial TP’s in past newsletter so won’t go over it again. At its best point it was a 39:1 RR but I’ve taken profits on this many times. I can’t work out the final RR til the trade is completely closed.
I haven’t closed this trade because I’m not really convinced the bottom is in for crypto and the markets in general. My complete exit point will be if BTC recovers it’s entire daily vector candle and if it does and continue beyond that, I’ll close this. High doubtful but you never know.
Trade Two: BTCUSDT Dec Contract
I’ve covered this trade in previous newsletters so I wont go over the reasons again, just an update for you. Entry was at $19,882. I took 50% profit at $22,950 which was also covered in a previous newsletter but since then I’ve taken another 25% at $24,942 which was a 43:1 RR. For the remainder, I’m waiting to see how next week opens as I’m really in 2 minds about next weeks price action. S&P and NAS had a bit of a sell off on Friday but as almost fully recovered before the markets closed so I want to see what they do when the markets open on Monday before I can pick what crypto will do.
There’s still hope for my higher TF M formation into the area of interest so if we get back up there and it looks weak, that’s where I’ll close the rest of this long and open a short.
Trade Three: ETHUSDT Dec Contract
Again, I’ve also covered entry for this is past newsletters but I’ve taken profit twice on it. I was waiting for price to enter my area of interest for an M formation to close the rest of it and exit this but it happened only this weekend and I don’t really watch price on weekends so I may have missed the perfect entry. I also don’t trust weekend price action so I’ll wait until Monday and decide what to do. At best it was a 49:1 RR where I took profit the last time but need to wait until I close it to finalise that.
Those are all my swing trades, now let’s do this weeks trades.
TRADE ONE: BTCUSDT
I talked about this entry on my YouTube channel this week. It was a weekend when I took this trade but I noticed price had wicked up and then on the lower TF’s was unsuccessful in returning to that area after multiple attempts so I figured longs had been trapped and this was the peak formation high for the week. So I opened a short. My exit was after the stopping volume candle which was equal to the 22,4-22,6k region I had my eye on for support the whole week so once I saw the SVC there and a W forming right as I woke up that morning, that was my cue to exit. I bagged flipped there for a long day trade also, next trade.
I rarely opens trades on a weekend unless I think they’re going to turn into long term swings. If it’s just a day trade I don’t waste my time because trades take so long to play out on weekends and CBF, rather do other things. But even if I think I caught a juicy swing, I always reassess price action once the market reopens to see if MM has a different plan.
Final result: 10.7:1 RR
TRADE TWO: BTCUSDT
This was the bag flip that I had to take on Sept contract because my Dec contract already has a long. As I mentioned on YouTube, all week I was seeing buy orders at 22,600 but I knew there was major liquidity at 22.4k and it didn’t make sense to me that they would come that low and not grab it. So when I woke up and saw they did exactly what I had suspected then formed a W, even though it was in dead zone I didn’t care, it was my cue.
I exited this trade because I noticed the rises were really fast and sharp and it felt like too much of a weekend trap to me, being a Friday. It also attempted the HOD twice with big wicks which didn’t give me confidence it would go much higher before the weekend so I exited on the close of the inverted hammer. I think there was also a news event end of UK that I didn’t want to ruin my profits.
Final result: 7.4:1 RR
TRADE THREE: ETHUSDT
ETH had created an M to me around the same area I took the weekend BTC short but I messed up on this trade. I know my stop needs to go above the previous HOD but it was so far away it would’ve given me a shitty RR so I reduced it… dumb mistake. if the RR is going to be shitty, don’t take the trade. I made a rookie mistake here which lead to me not shorting ETH all week because even the next spot would’ve needed a huge stop so screw it.
Final Result: 1% loss
TRADE FOUR: ETHUSDT
Longed this for the same reason I longed BTC Friday morning – price had entered my target zone for the whole week and given me a W so I went in. I closed this end of session UK because of the news event that night plus, I didn’t trust the fast move into the weekend. Yes, price went higher in US but who cares, I was happy.
Final Result: 8.65:1 RR
Finally, there were 2 more trades, one BTC one ETH where I entered and then exited at basically breakeven because a new event was about to ruin the trades. I took them off my laptop and didn’t record them properly so I can’t remember where they were but I know the mistake – I took both trade 1 hour before a news event, dumb.
Have a great week legends!