Trading Watchlist:
1. THETAUSDT
BTC has started to rally, so I decided to start scaling into THETA, as it has revealed that it will also move to the upside when Bictoin rises:
Currently, I have only enter 50% of my intended position on the basis that I may be wrong. If the price drops, then I will scale in with my remaining 50%.
Let’s see how this plays out.
2. BTC
As anticipated BTC has rallied to the upside (as shown above), dragging THETA along also (well done Tom):
3. THETAUSDT
I am now expecting BTC’s price action to retrace back to the resistance level (which has now become major support) before it continues any possible rally to the upside.
If this happens, then I will consider adding additional capital to my THETA trade.
Let’s see how this plays out.
4. SOXX – analysed.
5. QQQ – analysed.
6. SPY – analysed.
7. RUT – analysed.
8. CMG – analysed.
9. GFI – analysed.
10. US10Y – analysed.
11. TLT
Move TLT stop-loss immediately to slightly above the entry level in order to avoid any unnecessary capital loss.
12. BIDU – analysed:
There is no clear upward trend on the 4 hour or 1 hour timeframe concerning the Kumo Clouds.
As a result, I am going to intentionally reduce my risk by not adding additional capital to the active long trade.
This assessment of the Kumo Clouds, moreover, is going to become one of my main trading rules when trading in accordance with parallel channels.
13. TIGR – analysed.
14. 000001 – analysed.
15. AMD – analysed.
16. NFLX – analysed.
17. DG – analysed.
18. SFM – analysed: keep a close eye on SFM every 4 hours for a possible long entry.
19. NATGAS – analysed.
20. UNG
Start scaling into a UNG long trade as soon as possible in light of the fact that NATGAS looks like it is ready to rally in due course.
21. PLTR
Exit PLTR short trade immediately as broader market is expected to move up or sideways, increasing the likelihood that PLTR’s price action will return back to the entry level (as it is a very volatile stock).
22. THETAUSDT
Take 50% profit out of THETA because BTC looks likely (parallel channel) to pull back before continuing to rise to its next resistance level:
In theory, this is likely to also provide an opportunity to add additional capital to the THETA long trade.
Let’s see how this plays out.
Learning Point
- BTC / THETA – trade THETA only in light of the price action movement of BTC. Therefore, if BTC looks like it is stalling or reversing direction, then this will be an indication what to do next in regard to THETA.
. - THETA – this trade reminded me that I can move my stop-loss to a riskless level when trading volatile assets that move quickly.
. - BTC – the major point has not be lost on me that it was only because I was aware of the most probable price action movement of the SOXX that I was able to anticipate BTC rise.
Therefore, this reminds me of the importance of making sure that I assess the most probable direction of the broader US market before I carry out any individual trades.
. - THETA – instead of taking 50% profit immediately around a key resistance level, it may have been best to have used a trailing stop-loss.
Next Action
- Start scaling into a THETA long trade immediately.
- Keep a close eye on BTC every 4 hours.
- Move TLT stop-loss to slightly above the entry level to avoid any unnecessary loss of capital.
- Keep a close eye on SFM.
- Start scaling into UNG long position as soon as possible.
- Exit PLTR short trade as soon as possible.
- Take 50% of profits out of THETA long trade immediately.
