Taking Some Profit On This Trade - Up 20% Today.

One of my trade rules has triggered a profit taking instance. Let's learn why.

Traders,

With a target of nearly 3x the current price and the fact that we have just broken out of this extremely bullish triangle, why would I exit some of my allotment on this trade? The answer has to do with one of the rules I stick by when it comes to trading levels. I touched on this a bit in the last video sent out to my members. This is a rule that I may have gotten a way from a bit during the bear market but now that we are coming into the next leg of our bull run, it is definitely high time I re-focus and re-engage in those strategies that helped me do so well during the last bull run, 4x’ing what the bitcoin buy and hodl’ers did during the same time duration.

The rule is this: when a coin makes 20% plus profit in one day while hitting a significant overhead level or resistance point, I will always sell some of that trade for profit.

In the case of the above coin, our target is massive. And I truly believe we will get there. But the coin has broken out of its super bullish triangle and is now up against the 50-day SMA. I have a level drawn slightly above this making it a significant area of confluence. And so, I take profit. If the price comes back down, I’ll leverage my resources by re-entering the profit taken. We’ll go again. If the price doesn’t come back down, oh well, there are literally hundreds of other opportunities out there calling my name.

Over the next few weeks, months, and years, you will continually see me practice and preach this method of trading. It has worked so well for me in the past and I know it will work for all of us again in the future.

Now, for the trade…