One question for traders, not analysts.
Lets say you open a long position, buying at 1500, with a target at 1600 in 5 days and a stop loss at 1450. After 2 days, price is at 1550. Is it a good thing to move up your stop loss, e.g. at 1500, or you don't touch it until target is reached or the 5 days are done ?
Lets say you open a long position, buying at 1500, with a target at 1600 in 5 days and a stop loss at 1450. After 2 days, price is at 1550. Is it a good thing to move up your stop loss, e.g. at 1500, or you don't touch it until target is reached or the 5 days are done ?
Traders are analysts too
Ideally you'd move your stop to breakeven. In reality Bitcoin is such a choppy market that stops in obvious places will probably get hit unless the trend is super strong in one direction. Just pay attention as most stop-hunting takes place on relatively low volume and use discretion.
Once your target is hit you can move the stop up closer to the price and let it take you out (or use a trailing stop), that way you can take advantage of any additional price rises.
Thanks for this answer. I know traders are analysts, but i see more discussions about analysis, and a good analysis is not enough to earn money. I already lost some long trades due to stop loss placed too high, so i am carefull to set them below the support. I already played with trailing stop on kraken, and i think fine tuning is hard if you don't want to miss big moves.