Expert Swing Trades

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BTCUSD Swing Trade Idea
Buy Stop 8450
Stop Loss (SL): 7890
Target (T1): 8800
Target 2 (T2): 9150   Target 3 (T3): 9550
Reward/Risk: 1.27

Reasoning

Consolidation resulting in breakout. A push through 8500 is likely to spike into the low 9000’s. We talked about this trade over the past couple days, we like the price action and bullish momentum.

If you are already in the previous trade and have reduced your risk it is up to you if you want to take this trade, I would just lower the risk to 1%.   This is an alternate trade but we are going to record it as we are taking the trade with 1% risk.

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6 Responses
  1. Fons Goudsmit

    Hi Andrew,
    I am in the previous trade, waiting for my sell order for target 3 of $9250 to be filled.
    Should I change the target into $9150 or $9550 or let it run?

    1. Andrew Gonci

      I would let it run as it is essentially a free trade. With the alternate trade the spread between the buy stop and stop loss is more narrow so the targets are adjusted accordingly.

  2. sajadm

    Hi Andrew,

    What size of the total position do you suggest to be closed at each target? 1/3 of the total at each?
    and now that the first target is hit, the stop loss should increase to Buy Stop?

    1. Andrew Gonci

      Hey Sajadm, Yes we take off 1/3 at each target and we do not do a trailing stop or raise the stop level.
      If we do not like the price action in the future we will just close the trade. Raising stops can lead
      to getting kicked out too early. Many do raise their stops, we prefer to monitor and if we see something
      we do not like we will just exit.
      Thanks Sajadm!

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