There are quite a few good lessons in Friday’s trading. The charts were run intraday. WATT and CANN are updated thru Friday’s close, fills here. Almost everyone has a useless opinion about BTC. I could care less what the stupid comments are. I am treating BTC as being in reaccumulation, thus I’m buying into the reaction trade setups. And I’m exiting into the rallies. If it’s something much bigger to the downside, I will adjust.
I’m still long partial positions in TEUM and RIOT with scratch stops for now.
The trade setup anatomy today – WATT was the only daytrade, pretty happy with it, but should have sold the full position at 27.51 into the rally. Notice a few things, the 123 top, once that is recognized, the probability of the first support holding for a spring – that probability is much lower. Stay away. Let it break pretty good. Look at the next support area. Then wait for a 123 spring setup. It was a beauty – a 10%+ trade for me, and once I sold the 1/2 position, I then moved the stop (physical at first, then mental) to scratch – trade management. The rest of the position was a scratch, and you can see what happened after my stop point was hit.