$DOGS not unprecedented, not quite unexpected, but definitely unfortunate for those in Long. $NOT took a dive like his before, as bad if not worse, and is now roaming around in limbo (sort of) ... seems all coins went down ... wonder what news caused this ... might be a while before anything comes back up ... or maybe not that long ... DYOR
Trading breakouts can be an effective strategy for capturing significant price moves, but it also comes with risks that can lead to substantial losses if not managed properly. Here are some common mistakes to avoid when trading breakouts, along with explanations for each:
1. Ignoring Confirmation Signals - Description: Traders often enter a breakout trade immediately as the price moves above a resistance level or below a support level without waiting for confirmation. - Explanation: Breakouts can be deceptive; price might temporarily breach a level only to reverse. Wait for confirmation, such as a close above the breakout level or additional bullish signals, to validate the breakout before entering a trade. 2. Overtrading Breakouts - Description: Traders frequently enter multiple trades on every breakout they see, regardless of the context. - Explanation: Not every breakout is a good opportunity. Overtrading can lead to increased transaction costs and emotional burns. Focus on quality setups that meet your criteria rather than trading every breakout indiscriminately. 3. Setting Inadequate Stop-Losses - Description: Many traders either set stop-loss orders too close to the breakout point, risking getting stopped out by normal market fluctuations, or fail to set stop-losses at all. - Explanation: Protecting your capital is crucial. Set stop-loss orders at strategic levels (e.g., just below the breakout point) to manage risk effectively. This allows for wiggle room while still protecting against larger losses. 4. Failing to Consider Volume - Description: Traders often overlook the importance of trading volume during a breakout. - Explanation: A strong breakout should ideally be accompanied by increased volume, as this indicates strong buyer or seller interest. Low volume can indicate a lack of conviction in the move and increases the risk of a false breakout. 5. Ignoring Market Conditions - Description: Entering breakout trades without considering broader market trends or economic conditions. - Explanation: Market sentiment and external factors can influence the effectiveness of breakouts. For instance, trading in a trending market may yield different results than during a period of high volatility or uncertainty. Always assess the market environment before executing breakout trades. 6. Chasing Price - Description: Entering trades after a breakout has already occurred and the price has moved significantly in one direction. - Explanation: Chasing price might lead to entering at significantly unfavorable levels. It’s often better to wait for a pullback or a retest of the breakout level for a more manageable entry point. 7. Ignoring Risk-Reward Ratios - Description: Some traders enter breakout trades without evaluating potential risk versus reward. - Explanation: A favorable risk-reward ratio is essential for long-term profitability. Before entering a trade, assess how much you are willing to risk relative to your target profit. A common guideline is aiming for a minimum of a 1:2 or 1:3 risk-reward ratio. 8. Not Having a Trading Plan - Description: Trading breakouts without a clear plan or strategy in place. - Explanation: Traders should have well-defined criteria for entry, exit, and risk management. A solid trading plan helps maintain discipline and reduces emotional trading decisions based on market fluctuations. 9. Failure to Adapt - Description: Sticking to a single breakout strategy without adapting to changing market conditions. - Explanation: Markets constantly change. Be willing to adapt your strategies based on new information, changed trends, or evolving market dynamics. Flexibility can help improve trading outcomes. 10. Neglecting Emotional Control - Description: Allowing emotions like fear or greed to drive trading decisions. - Explanation: Emotional trading can lead to impulsive decisions, such as exiting trades too early or holding onto losing positions. Maintaining discipline and adhering to your trading plan is crucial for long-term success. By being aware of these common mistakes when trading breakouts, traders can enhance their strategies, practice proper risk management, and ultimately improve their trading success.
$DOGS and then there was the breakout ... considering the price point is so low right now it's possible the ride up shouldn't be a short one ... regardless, it's advisable to keep an eye out for it to end too quick ..
$DOGS regardless of the positive and negative noise, it looks like the fate of DOGS will be similar to $NOT . A huge pump is probably still due for this the same as NOT experienced in its start and then a slow descent into disinterest. That's the fate of all MEMEcoins isn't it.
$BTC cycles begin 170 days after halving and peak 310 days later.
In 2020, I made over 150x on $MATIC and $SOL by following this pattern. Today, I'm buying other alts with 100x potential The crypto market consistently moves in cycles, and identifying these cycles is crucial for making a profit.
These cycles reveal distinct trends, often influenced by factors such as investor sentiment, global adoption, regulatory changes, and more.
Historically, the average BTC cycle begins 170 days after halving and peaks 480 days later.
We are currently 150 days past the 2024 BTC halving and just 20 days away from the projected bull run.
October-November has consistently been the best period for crypto, and this time will be no different.
Here are the most viral tokens with 100x potential for the 2024-2025 bull run
$ONDO
OndoFoundation is building the on-chain financial software to manage tokenized RWA and traditional crypto products.
AethirCloud is a decentralized real-time rendering network that builds scalable cloud infrastructure to enhance content accessibility in the Metaverse.
@Numerai is an Ethereum-based platform allowing developers and data scientists to experiment and create machine learning models with improved reliability.
realio_network is an end-to-end, blockchain-based SaaS platform for the issuance, investment, and life-cycle management of digital securities and crypto assets.
@Project Raven 🦅/ RVN / Ravencoin is a peer-to-peer blockchain designed to handle the efficient creation and transfer of assets from one party to another.
$DOGS frustrating you with it's uncertainty? What coin is there that won't do that? 😅 Probably a good idea to step away and look elsewhere for a while. There's some new puppies in town.
$DOGS two days left till listing on Coinbase (19 Sept) ... in a nutshell, Binance is bigger than Coinbase in terms of reach ... users in 180 countries versus 32 ...although the active users gap isn't so wide with 128 million versus 108 million.
The coin saw an appreciable 124% price surge when it listed on Binance although its new low of .00092 must've been quite disappointing for those in a long position. It seems to have started a turtle pace climb since then.
It's quite likely there are those taking advantage of this price to stock up on DOGS to profit from the expected surge when it lists on Coinbase. One prediction stands at about a 10% jump for the coin upon its listing ... $DOGE saw a 25% jump when it was listed on COINBASE.
DYOR ... the short term looks to be quite possibly quite lucrative ... but is there a long term incentive for buying DOGS ... ... ?
$DOGS I'm guessing another two hours or maybe less of this blood bath to continue ... down to 0.00937 ... sure hope it doesn't form a new low range ... if it doesn't go back up beyond .0010 it's probably going to meet the same lack of interest now seen in $NOT