Do you know the Murphy’s Law No.1 in trading? “When you close the trade because of a nervous choppy price action, the price starts to move nicely according to your expectation just the next moment.” That’s what happened exactly last week. After three unsuccessful (the daily closing price didn’t hold under $119) breaks down I called off the trade and the decisive move came on two days later with a huge potential profit. Well, (sh) it happens in this speculator’s world quite often.
Now there’s a down trend established and I want to short this baby again. The two previous days were big movers and not suitable for opening a position, but today’s candle looks fine so far. I probably wouldn’t go long if a buy signal appears here and wait for a short – ideally near $115-120 (Bitstamp). But if someone wants to take the long, then enter above 108 with stop-loss at 103. Targets: 110, 112, 115.
I’m waiting for the short trade either below 102.80 (SL 108) or higher according to price action in the following days. Potential targets: 93.50, 90.50, 85.00.