Trading Journal
“First Learn to trade then the money will follow!”
NAKA TRADE
Even though it appears that BTC has not rallied as expected:
As shown below, NAKA rallied to the next resistance level, then blew threw it:
As a result, I have decided to (1) take 33% profits, and (2) move my stop-loss to just above my entry level.
Because…
- the Stochastic RSI, on the daily, has not reached the overbought position;
- the price action has not reached the next resistance level;
- BTC Stochastic RSI, on the daily, is still moving upwards; and
- BTC price action could still potentially rally as it is currently at a key support level,
I think it is worth continuing to run my profits (66%) in regard to this trade.
In spite of this, I expect NAKA’s price to pull back to around 1.636 before it is likely to experience any possible continued rally to the next resistance level at 2.215.
Let’s see how this plays out!
Learning Point
The price action of an altcoin (NAKA) can still move (on a weekend) irrespective of whether Bitcoin actually makes it expected price movement or not. As a result, in the future, I will continue to place altcoin trades that make sense in relation their technicals. Especially, because of the fact that the crypto market is 24 hours.
Next Action
Continue to look at the daily and weekly timeframe of altcoins for lots of trading ideas.
IVG (Involgize)