Still Short Term Bearish for BTCUSD after being stopped out

19 апр. 2020 г.

Still believe that the head and shoulders pattern can still play out and am trying to get in early for the trade as I am willing to take the risk on my account but I am trading more weight on fundamentals rather than TA.

I have calculated correlations with DJI and BTCUSD with them being 0.846 from Jan 1st 2020 - Current
(Also calculated them for individual months: Jan - 0.492052; Feb - 0.79343; Mar - 0.887; Apr - 0.595) (Positively correlated)

From fundamentals my risk would be that the DJI just continues straight up and keeps the correlation with BTCUSD in this case I would be looking at level of 8000 with a short position. We have 2 weeks until the supposed US re-opening which IMO will pass and the stock market will lose the momentum it has and correct downwards.

I have got my stop loss just above the new local high 7317 and have entered in at 7262.5. With a risk of 2% of entire portfolio if I'm wrong.

Will be back for an update tomorrow :)

Maintain or gain...or lose 2%