BTC
After watching Soloway’s “Weekly Wrap-Up”, I considered shorting BTC; but my own technical analysis suggests that it would not be a high probability swing trade.
This is because the price action seems to be consolidating for another rally on the 4 hour timeframe with the lagging span not close enough to the bullish Kumo Cloud to create a real possibility of a breakout to the downside.
In light of the above, I am going to sit on the sidelines for now.
Let’s see how it all plays out!
Learning Points
- Soloway’s “Weekly Wrap-up” confirmed my current view of the market.
Specifically, in agreement, he mentioned the following:
(1) he expects the USOIL to rally slightly before declining.
(2) he expects that the overall market will continue its bearish decline.
(3) he expected NATGAS to rally at the major support level, however, he also has not received enough confirmation to start entering in a NATGAS long.
(4) similarly, he thinks it is too early to enter any short position in regard to the broader market.
. - My completion of “The Disciplined Trader” revealed to me that I am not too far away now from my intended future of being able to take as much money out of the markets as I desire.
This is because it confirmed that, psychologically and physically, I have been doing everything (more or less) that I need to do to become a master trader.
In this respect, it is going to be very important for me to carry out a detailed review so that I can re-assess and strengthen my current trading development.
Next Action
- Continue watching “Verified Game Plan” and “Trading the Close” for trading ideas and opportunities, and to accelerate your trading education.
- Continue to intentionally reduce the number of times that you watch Soloway’s trading content to ensure that you are not be conditioned by any fundamental news.
- Complete a book review of “Trading Price Action Trends“.
- Complete a book review of “The Disciplined Trader“.
