It made me a bit sad, tbh, seeing the doge spike because I like a lot of the doge people and I know it's the moves like this that people tend to lose in - it's not the falls. The rallies get them.
OP Doge spikes 25% in 76 fib : BeatTheBear (reddit.com)
But from an objective and detached point of view, it gives me the chance to explain so many concepts I've been going on about here. So let's roll through them.
1 - Stop losses. I heart them.
Get spammed a lot any time a stop loss hits. I assume by non-traders. But here if I was short on this my stop would hit in the blue and that's good as far as I am concerned. This is why I become much less bearish and even switch to bullish sometimes after the market has dropped too hard and too fast. I'd rather take 10 small stops than one of those.
2 - The 161 spike.
One early signal and then the 161 makes the topping swing. This is why you'll invariably see me shorting again into this level once the market goes parabolic and spikes out my last entry. This is the single thing that gets more jeers and sneers than anything else, but it's the sharpest tool in the box. These were the exact same signals into the doge high. I think the Doge high is being made. : BeatTheBear (reddit.com)
3 - True inflect trade.
It's a thing. Read about it. Understanding Market Tendencies: True Inflect : BeatTheBear (holeyprofit.com)
4 - If this happens on a daily or a weekly chart.
These strategies will have you on the wrong side for typically about 10 - 20 candles. This time of discomfort is actually when we're closest to the opportunity. This was why I persisted with the BTC short over 65K - regardless of what was being said about me. I know where I am actually wrong. It's not the 161 or 220 spike out.
5 - Now the cycle has reset
It's time to crack out the 161 break trade and follow the same pattern down for so long as it remains valid. Putting in stop losses so you're still in a good condition to take the next opportunities at better prices with higher odds of success in the times you're lucky enough for the market to go parabolic when you want to position short.
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