#daytrading #adabtc taking profit using a 60 min demand zone
Updated
Single small doji-like candle before an explosive rise in price? One of the classic examples of a demand zone.
I'm going for >20% profit, so once price gets to ~10% and there is a clear uptrend, I move my stop loss up higher than my current position. Now the stop loss is protecting 100% of my principle and a portion of profit.
The placement of the stop loss is 3/4 bullish because it is:
1/4 bearish because it doesn't give the price enough volatility to endanger any principle. I want to get something out of this trade, and there looks like there will be more potential left in this uptrend away the base.
Keeping the original stop loss below principle would be signaling a willingness to risk the all of the profit of the current price (and principle) for even higher levels of sick gainz.
I'm going for >20% profit, so once price gets to ~10% and there is a clear uptrend, I move my stop loss up higher than my current position. Now the stop loss is protecting 100% of my principle and a portion of profit.
The placement of the stop loss is 3/4 bullish because it is:
- below current price
- proportionately farther away from current price than position price
1/4 bearish because it doesn't give the price enough volatility to endanger any principle. I want to get something out of this trade, and there looks like there will be more potential left in this uptrend away the base.
Keeping the original stop loss below principle would be signaling a willingness to risk the all of the profit of the current price (and principle) for even higher levels of sick gainz.
Note
*in this uptrend to form another base.Note
We got a live one Cap'n!!Moved stop loss up to .00002924.
Trade active
(below a demand zone seen on the 15 min chart)Trade closed: stop reached
stopped out at 18% profit
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