BITCOIN
ORDI
Today, I decided to exit my add-on position in relation to ORDI, in light of the fact that the price action of ORDI has broken its bullish pattern on the 1 hour timeframe, and the price action structure of Bitcoin (on the 1 hour timeframe) has turned flat.
Learning Points
- The importance of continuing to remain emotionally detached when trading.
- The significance of just listening to what the price action is telling me, when trading, as opposed to what I want to hear.
- If the price action has risen steeply on the 1 hour timeframe, then it increases the odds that the price will move sideways or decline in due course. This would make it unsuitable to add-on additional risk capital.
Next Actions
- Continue to use the price action on the 1 hour timeframe to decide when, and when not, best to enter or exit your trading positions.
- Update new trading spreadsheet with latest ORDI trading loss.
- Continue to monitor the price action of ORDI and BTC every 4 hours or so.
