1. THETAUSDT
Continue to monitor THETA every 4 hours with the intention of moving the stop-loss upwards in order to lock in more profit.
2. BTC
Bitcoin’s weekly timeframe chart is showing a bearish divergence on its RSI, suggesting that it is only a question of time before BTC should start declining strongly.
Let’s see how this plays out!
3. BTC.D – analysed.
4. THETA
Take 50% profit out of the THETA long position immediately.
This is because the price action has a good likelihood of returning back to the 2nd entry level, and moving sideways, before it is ready for another strong rally to the upside.
If this were to happen, then there would be another opportunity to enter a good long position.
Therefore, exit the trade with half profits, and lets see what happens in the next 4 hours.
Learning Points
- Yesterday, I was able to anticipate correctly that THETA would continue rising (well done Tom).
. - I was able to also anticipate, moveover, that THETA would probably act in a very volatile manner during the early hours of the morning. Therefore, in order to not be stopped out unnecessarily, I correctly ensured that my stop-loss remained at a great distance (well done again Tom).
. - If I continue to trade and write everyday (as intended) then it is only a question of time before I become a master trader. This feels very reassuring so just keep going Tom.
. - Crypto allows me to build up my trading skill and experience 24 hours a day, 7 days a week; meaning there is nothing that can stop me, but me, which I am extremely happy about.
. - Re-acknowledged that monitoring a market every 4 hours seems to be the best trading approach for me as it prevents me from becoming anxious and addicted to the price action movements.
Next Action
- Continue to monitor THETA every 4 hours.
- Continue to monitor BTC.D every 4 hours.
- Continue to monitor BTC every 4 hours.
- Take 50% profits out of THETA trade as soon as possible.
