Not great to reject here. Just exiting for now (reasons below).
Alright not a great reaction here locally. The long was valid and a play worth making in my opinion, that's why I went for it. But seeing early rejection and whales trying to push for a red Monday to recover later is just not ideal.
Doesn't seem much yet and seems like Im calling it off early. But given that we had 65k expectations last week (still valid), because Mondays can trend and as going to 65k is just not worth nor acceptable holding a trade through especially since we have been aiming to be bearish for a while after FOMC reversal, and because this still is a countertrend long, I'm just getting out.
So analysis certainly helping to limit losses here, hence we're getting out reasonably early only relatively small amounts below entry.
Bit of a frustrating environment though for me. CME gap above, 71.5k magnet, and lower high retest all open. But our 65k level below for a while now and activating post FOMC reversal, just acting too strong.
In tough environments, the most logical step is to trade outside of it.
So even while the trade is barely at loss here, I'm getting out for now, not comfortable staying in and taking the loss face value.
Had a six win streak, now taking two losses in a row. Going to sit back for a bit longer. Even with a lot of edge on the table still, the edge is divided above and below so it's better to wait for a better long opportunity (65k), given that we still have two long runners from 62.9k and 63.9k in case it's missed.
You know my standards, I don't like to take too many losses in a row nor let losses run too large generally (tight manual inval). So going to sit back for a bit. 65k for longs. Or if 72k/73k still comes first, use that as a short entry to 65k.
Simplifying the plan and getting out of the mid term error here.
Apologies for those actions and confusion they caused. Back to the main plan, wait out Monday and my original levels given. #CZCallsBitcoinAHardAsset #Trump's48HourUltimatumNearsEnd