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BTCCNY: Daily view update

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The weekly BTC chart has failed to reach a 'momentum validation target' in time at the close of last week, but the chart remains bullish, showing the uptrend is in progress still. We have added back to our long position at 5350 give or take, and we aim for 6530 to 7390 to bank some of our trades.

There is time to hit these targets until January 15th, but in the short term, we don't want to see price go lower than 5369.53, if we do, we should keep a hard stop at 5145.08. If you have buys from way lower prices, keeping a 15% account sized position will be a good idea in the long term.

Good luck,

Ivan Labrie.

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The market is proving us right.
This bodes well for uptrend continuation.

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The 'outside' bar today warns us of potential sideways action coming, unless we break up decisively soon.

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On track, holding 15% account long for now.

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Sideways action materialized, we'll have to be patient.

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I didn't get to update here, but I did buy more before this ramp up, and trailed my stop higher. I'm using a 2.5% trailing stop now, and have a 60% long position in profit.

From 'Key hidden levels' chatroom:

I'm trimming my long exposure here, not sure if it'll break out. I'll place a trailing stop and double the longs, but leaving 15% with no stop.
s3.amazonaws.com/tradingview/snapshots/c/Cbl2jMu6.png

I was a bit scared, but in profit, so I tightened stops and increased my long from 30% to 60%.

Usually, being scared, in profit means continuation, so I always do this and fade my emotions, like I'm bipolar xD

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Reduced longs to 15% again, and managed to score a 1% gain after buying dips and selling here near today's high.

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Strong action here in , let's hold and wait for a retracement to add to longs again

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Today's bar sets the stage for a dip buying operation, if we happen to get a dip.

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2-month validation target: 6770.19

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Looking to add on dips, any new daily low, or new weekly low warrants looking for buys. It's critical to time the entry correctly after the signal appears, that's when the proprietary trading strategy shines really.

I'd reccomend waiting for the week's close to confirm the entry zone. The stop loss is fine, but I won't place a stop at all, simply size trades correctly.

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Some examples of short term entries to rejoin the long term uptrend. The red crosses are the ones that dropped lower before resuming the upside. This is not a problem overall, if we enter into positions gradually, and use the long term stop losses, instead of tight intraday stops (or simply use no stops at all).

The key is figuring out the position size to benefit from the entries, without being in too big a risk if price drops a tad lower before turning up.

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Key level at 6555, hit. If we close above we might see weekly target this week, it's at 7047 give or take. If not hit before Monday, we can expect a retracement or sideways action.

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Added 15% here: 6375

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The close was very good, and we had a nice dip. Our add on 15% long from 6375 is in slight profit. I'll post a new intraday chart. It's time to add more to longs.

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I'm long 20% BTC and 20% ETH for now. Both BTC targets here hit.