BITCOIN
In light of Bitcoin’s continued bullish price action structure on the 4 hour timeframe, I decided to add additional capital to my ORDI trade to practice mastering Rule 2 within Phantom of the Pits:
ORDI
Learning Points
Today, I am exploring the adjustment of my trading style to take into account Rule 2 within Phantom of the Pits.
I want to get to the point where I am regularly adding to my trades (at least once and ideally three times) to ensure that my trading account never results in a 50/50 or break even.
It is about making sure that my winning trades always provide me with far more capital, overall, than my trading losses.
In order to achieve this, I have noticed that once I establish a bullish or bearish price action structure on the 4 hour timeframe, then the 1 hour timeframe would enable me to make several entries every few hours or so along the relevant diagonal trendline.
Unfortunately, solely sticking to the 4 hour timeframe, currently, is not providing me with enough opportunity every week to practice Rule 2: the adding of additional capital to my correct trading positions.
It is hope that dropping down to the 1 hour timeframe will not only enable me to start mastering Rule 2, but it will also allow me to make the same amount of trading profits within a shorter period.
Next Action
- Continue to analyse the price action of assets on the 4 hour timeframe.
- Once a bullish or bearish price action structure has formed on the 4 hour timeframe, seek to add additional capital using the 1 hour timeframe.
