IoTeX / TetherUSShort
My mistakes
In the below chart
In 1h timeframe I saw an uptrend at a very strong resistance level. I drew a Trendline and resistance level as well, and waited for a breakout.
As planned red candle breaked the Trendline and at the same time indicator also generated sell signal and rsi wasn't in oversold zone. So I enter for a short trade on this red candle.
I made three target lines (Target 1, Target 2, Target 3). My aim was target 3
But as price reached target 1 it got reversed.
Why ??
In the above chart I realised that which trend I caught on resistance level that was a short term uptrend. In big timeframe (4h) the price was actually consolidating in a ascending triangle.
I think it may be the reason of not reaching target three and the reversal.
This happened with me several times, in order to book big profit I loses as well, my winning trade suddenly turns into losing trade. And I am not able to book even small profit.
I've to work harder on targets and exit strategy.
In 1h timeframe I saw an uptrend at a very strong resistance level. I drew a Trendline and resistance level as well, and waited for a breakout.
As planned red candle breaked the Trendline and at the same time indicator also generated sell signal and rsi wasn't in oversold zone. So I enter for a short trade on this red candle.
I made three target lines (Target 1, Target 2, Target 3). My aim was target 3
But as price reached target 1 it got reversed.
Why ??
In the above chart I realised that which trend I caught on resistance level that was a short term uptrend. In big timeframe (4h) the price was actually consolidating in a ascending triangle.
I think it may be the reason of not reaching target three and the reversal.
This happened with me several times, in order to book big profit I loses as well, my winning trade suddenly turns into losing trade. And I am not able to book even small profit.
I've to work harder on targets and exit strategy.
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