Daily Journal - Day 1

Monday - 11:28 

Quote for the day - "I am not getting paid for guessing the markets right, I am getting paid for handling my anxiety, managing my patience and not allowing my emotions to hamper my decisions". 

BTC/USDT (Swing V2H3) 

1. The low for the week was created as early as 6:00 am on Monday (Oct 14) and high as late as 4:00 am on Monday (Oct 21) just before the new week. 

2. From low to high - ~6,800 points 

    From Open to Close - ~6,200 Points 

3. The median line was crossed in the first 2 trading days while the remainder of the week remained calm and in the consolidation phase with some volatility in the Ney York Sessions. 

Question - What is the Weekly Bias? 

                  Given all the Bullish Sentiments my weekly Bias is Bullish. But before a good close above                      69,400; 67,000 can become the weekly low before rallying towards the New ATH at                              74,000. 

                    BIAS - Bullish 

                    Low - 66,500 - 67,000

                    High - 73,000 - 75,000

                    Close - 73,000 - 73,800 

Trading Plan for the Week - 

For Swing Position I will wait until 67,500 or so and based on momentum will add Long Positions. Otherwise, no trade on swing at these current levels.    

BTC/USDT (Daily V2H3) 

1. The price maintained itself above the Friday Median throughout the weekend, rising above the high while approaching the Sunday Daily Close. 

2. ATW, the price is trying to establish support over the daily high but facing rejection from Swing high. 

3, Daily Bias - Sluggish Bearish 

Trading Plan for the today -- 

ATW, the price faced rejection from the weekly & have broken down the daily high (Friday). Median line is still ~ 650 points away. 

So, the two trading scenarios are: 

a. If the price continues to fall with momentum and finds itself at median trying to establish support, then going long in the range of 68,000 by looking at smaller timeframes. 

b. Price retraces slowly again towards the swing high/Daily high (Friday) & faces rejection.  

15:00 Update: 

1. The price is approaching the daily median. (68,000)

2. The Daily Bias of Sluggish Bearish is intact. 

3. The price has formed a good bearish momentum by creating lower highs and lower lows, which indicates that a 600-point trade from the median line will be a bit difficult.

 

4. My analysis has been by far pretty much up to the point. 

5. The price fell ~990 points in merely 175 minutes, averaging 5.65 points per minute. 

Trade Report: 

1. EUR/USD - 0.04 lots, OP - 1.08483, CP - 1.08540 --- Profit = 2.28 

2. BTC/USDT - 0.01 lot, OP - 68,093, CP - 67,910 ---- Loss = 1.83 

Net Profit = 0.45 - 0.44 = 0.01 

Hence, it was no profit no loss day but followed my rules and trading plan. 

I am out of markets now. 

Goodbye.