Hello!
Every time when my analysis go wrong I am trying to analyse what I did wrong. There were 2 mistakes:
- I was right too often last 3 months about the market and I decided that I cannot be wrong. Thank you market for the cold shower which expalined me this mistake. I should cancel my trade when it went wrong.
- I placed limit order instead of observing the market because it filled during the night. I was scared that will not enter at the best entry point.
As the same time I can praise myself for the excellent money management. This is the reason why this trade is not a disaster for me. Now I am going show you my new scenario, it’s always the same, but something was changed.
Let’s take a look at the 1D time frame BTCUSDT chart of the WhiteBit exchange. I changed the wave 4 top to the $21500 level when the FTX collapse crash started. I decided to do it because the previous movement was too ugly to be the impulsive wave. $15600 was the end of the beautiful wave 1 inside wave 5. Now I consider the wave 2 end, which was represented as a zigzag correction. If you are not still in short trade you can use the setup from the chart. The Bitcoin now is testing the 0.61 Fibonacci retracement level. The majority of second waves reach this level before the reversal into wave 3. If the price will clearly break $20000 I am going to become the bull, because the bearish formation will be broken there. Promise you to become better. Please don’t hate me too much 🙂
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