*THREAD*
There will be a lot of FOMO today. You'll be panicked about not having a position and if you look at doing so now with poor risk management, you will get stopped out multiple times.
Let me explain the situation and hopefully settle some fear/panic/anxiety.
There will be a lot of FOMO today. You'll be panicked about not having a position and if you look at doing so now with poor risk management, you will get stopped out multiple times.
Let me explain the situation and hopefully settle some fear/panic/anxiety.
After large moves we tend to see a period of consolidation.
Typically we do this in two legs. The first leg you say "I'll wait for a pullback" then the second leg hits and you think "fuck I have to enter now"
Typically we do this in two legs. The first leg you say "I'll wait for a pullback" then the second leg hits and you think "fuck I have to enter now"
A lot of you will now be caught in exposed positions probably running at a position size that isn't suitable for your account because the vibe on Twitter has been popping bull all day.
You'll have acted on the information you've absorbed throughout the day.
You'll have acted on the information you've absorbed throughout the day.
The market understands and will make sure that you're punished for the position sizing you take and your entry. We chop to allow repositioning, taking profit and removing you from the market before we do anything of note again.
I've been referencing this chart all week. And it contains the level to be bullish above (from my perspective)
If you look at it this way, you're really at the first day you should be interested in longing/getting exposure to the market.
If you look at it this way, you're really at the first day you should be interested in longing/getting exposure to the market.
Some people will be long from lower, that's fine. Some people (like me) will be waiting until the closes today to think about the way they'd like to structure having exposure to crypto again.
The plan is yours alone. It's not to be lead by the entries and trades you see here.
The plan is yours alone. It's not to be lead by the entries and trades you see here.
I've been waiting to buy strength, and strength is what we're seeing.
A week ago I tweeted this.
A week ago I tweeted this.
Today is the first day that 2 of the 3 of these will complete the actions I was looking for.
Am I late? No.
Will I hold these positions far longer once in them than most people who are trading/have lower entries? Yes.
Am I able to survive chop/consolidation? Yes.
Am I late? No.
Will I hold these positions far longer once in them than most people who are trading/have lower entries? Yes.
Am I able to survive chop/consolidation? Yes.
Now the plan is to position into the consolidation (or retests of the levels of interest) in a relaxed and controlled manner that takes into account my personal risk exposure that I'm comfortable with.
No panic, no fomo, acceptance that these are the conditions I wanted to buy.
No panic, no fomo, acceptance that these are the conditions I wanted to buy.
Do not micro manage your positions.
I can assure you at times like these reducing your position sizes, buying spot and scaling into positions now we've seen strength will be the best approach you can take.
I can assure you at times like these reducing your position sizes, buying spot and scaling into positions now we've seen strength will be the best approach you can take.
If today is the first day of strength and that strength continues you've not missed anything. In fact you're actually at Day 1. You're looking and interested in positioning at the first true sign of strength we've seen in a while.
Stop worrying, start planning, control risk.
Stop worrying, start planning, control risk.
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