So today I had an interesting trade. I shorted Ethereum and went my way with about 4R unrealised profit only to miss the take profit by a bit. The trade retraced the whole way and got stopped out only to go back all the way down and go to my previous take profit level. I didn’t care that I lost but thought it was quite unlucky what had happened. Have you had an “unlucky” trade?
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This is a good example to place a selling waiting order, and perhaps a buying waiting order a few pips either way of current price action.
The ‘difficulty’ about coins is that they are subject to market sentiment which is defined at what price level traders will want to buy or sell. Which means placing your T/P at a level that price action could reach, usually by looking at where previous retracements started or finished.
And see if your 4R should have met the T/P price action instead of guessing where.
This sounds like you are just trading extreme volatility. Your short position fell more than 4r into profit and then rose more than 4r to be stopped out. This sounds like you are trading “noise” rather than a valid trade set-up - unless the subsequent price rise was down to some unexpected bullish event or news your trade sounds like a coin toss.