Bought Bitcoin on my demo account! What do you think of this trade?

[Yervano]

So I know BTCUSD has been in a downtrend for a long time now
and we are still in a downtrend on the higher timeframes
BUT I saw this BUY opportunity on the Daily timeframe:

-We retested the daily support
-We broke out of the falling wedge in a downtrend (Indicating a reversal is possible)
-Musk and others bringing the light back onto BTCUSD

Based on all of this, I entered a buy after seeing that yesterday’s candle had closed a strong bullish and had broken the wedge to the upside
RRR (Risk Reward Ratio) 1:1
Entry: 33836.20
TP: 38300.00 (Height of the wedge)
SL: 29300.00 (Mid-Pattern)

Will probably tighten my SL with time!

[Mondeoman]

I support your strategy and plan. I am a BTC investor but have yet to trade it. Until my BTC leverage plan is completed. It’s taking longer than I thought. Got distracted with a mining pilot!

[Rasper]

You managed to move your SL to break even?

[Yervano]

No not yet as I don’t see a good level to move my stop loss to
At least waiting for a lower high (LH) to be created on the 4-H timeframe

Update: I moved my SL to 30700 price level

[AhsanMalik]

liked the plan and strategy that you have fixed already , have a good journey , keep going

[CraigForex2020]

Nice trade. Theres some liquidity to fill to the upside too

[forexedzw]

good setup
risk reward on the other hand you might need to work with 1:3+

[Yervano]

@forexedzw

reward on the other hand you might need to work with 1:

I don’t really look at RRR as long as it’s 1:1 it is good for me
If I fix my RRR 1:2 or 1:3 I would miss opportunities where I can make some pips
So I am flexible with my RRR

[Yervano]

Update: TP hit today

[ponponwei]

Aw congrats man. I need to follow you!!!