Apr 16th 2019, Crypto Chartbook

Just as Planned

Last week’s chartbook (advising a pullback as the highest probability setup) occurred as planned. Markets retraced sharply on April, 11th. The reversal signal also manifested with a candlestick “hammer” (bullish reversal) formation the following day (April 12th). Just as planned.

The hammer signal, coupled with the prior day’s sharp downward momentum, which took out the five previous days’ lows, had positive action/reaction going for it. Another edge for a long entry.

Daily reversal pattern:

BTCUSDT daily chart as of April 12th, 2019

BTCUSDT daily chart as of April 12th, 2019

This low risk opportunity  provided for a nice long setup on the 12th at an entry level of 4,980 (posted live in our Midas Touch Telegram channel).

The entry was supported by the previous day’s support/resistance zone (green line). On the exit side, risk mitigation occurred at the financing level (quad strategy – half out) at 5,065.60 (red line). Stop levels were then adjusted to break even entry level.

60 min BTC/USDT long entry, followed by partial profit taking:

BTCUSDT 60 chart as of April 12th, 2019

BTCUSDT 60 chart as of April 12th, 2019

Our next target was hit on the 14th of April at a price level of 5,149. Here we took another 25% of position size off the table. At this point, stop levels were adjusted to 4,993.

60 min chart, further profit taking:

BTCUSDT 60 min chart as of April 14th, 2019

BTCUSDT 60 min chart as of April 14th, 2019

As can be reviewed on the following daily chart, aggressive daily entry placement followed by conservative profit taking leaves us with a small runner position (the last 25%). Now with risk mitigated, the participant is psychologically free for the weekly gap fill at best or will be stopped out with the remaining position for small profit at worse.

Just as planned, daily chart, price advancements with profits:

BTCUSDT daily chart as of April 15th, 2019

BTCUSDT daily chart as of April 15th, 2019

Can we predict the future? No, of course not. Even though it might seem like it at times… All that it really is, is making a plan and trading that plan.

All charts timely posted in our telegram channel.

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About the Author:

Outstanding abstract reasoning ability and ability to think creatively and originally has led over the last 25 years to extract new principles and a unique way to view the markets resulting in a multitude of various time frame systems, generating high hit rates and outstanding risk reward ratios. Over 20 years of coaching traders with heart & passion, assessing complex situations, troubleshoot and solve problems principle based has led to experience and a professional history of success. Skilled natural teacher and exceptional developer of talent.Avid learner guided by a plan with ability to suppress ego and empower students to share ideas and best practices and to apply principle-based technical/conceptual knowledge to maximize efficiency. 25+ year execution experience (50.000+ trades executed) Trading multiple personal accounts (long and short-and combinations of the two). Amazing market feel complementing mechanical systems discipline for precise and extreme low risk entries while objectively seeing the whole picture. Ability to notice and separate emotional responses from the decision-making process and to stand outside oneself and one’s concerns about images in order to function in terms of larger objectives. Developed exit strategies that compensate both for maximizing profits and psychological ease to allow for continuous flow throughout the whole trading day. In depth knowledge of money management strategies with the experience of multiple 6 sigma events in various markets (futures, stocks, commodities, currencies, bonds) embedded in extreme low risk statistical probability models with smooth equity curves and extensive risk management as well as extensive disaster risk allow for my natural capacity for risk-taking.

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