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CHART TIME!
You are sat on an exact 50% retrace of the downward move
The 0.5 to 0.618 zone (red) is the highest probability zone for another move down to start.
36.58 is the next target if I were shorting this.
Stop loss would be 53 dollars
R:R is 4.68:1 which is pretty good
To show I practice what I preach, here is my trade from yesterday on BTC (25x long). I entered on the green line at roughly where the red box is (in time).
Stop loss is the dashed orange line and my take profit levels are the dotted orange lines
R:R is 4.69:1
Remember how I said 'you lucky fecker you' as the trading day was ending on a Dragonfly? Well today is 'What's for you won't go by you', and it would seem the riches are certainly not for you
Today's candle is the 'Gravestone', strong selling pressure from above. Next stop $42.
"Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain
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