This is my current live trade on the XBTEUR pair on the Kraken exchange. My reasons for trading this pair on Kraken instead of the XBTUSD pair is due to the fact that the XBTEUR pair has far greater liquidity on Kraken Vs. The XBTUSD pair.
After hitting Target 1 (TP1) in nice profit, price stopped trending up and was clamped down at 530 EUR right at the 0.382 fibonacci retracement. Once price hit this range it pulled back to the other 0.382 fib retracement at 508, this price action is completely normal and expected. As you can see on my chart the candles hit the fib retracements perfectly (I love Fibs)!!
So where are we now? Well now we are at a juncture where two things can happen, either the bulls are exhausted and can no longer push price up past the 530 mark at the 0.382 retracement, or they have recharged on the slight pullback to 508 and are now ready to make a bigger run and push price higher.
Since I have already hit my first target (TP 1) and closed 1/3 of my position I have moved my stop loss up on the other 2/3rds of my trade so I am guaranteed profit and basically have what traders call a "free trade".
Now I will wait patiently and see where price takes us. If the bulls win this battle and can push price higher my next target is 555 at the 0.618 retracement (TP 2) on my chart.
If price hits my second target at 555 I will close another 1/3 of my position and raise my stop loss like I did earlier and let the remaining 1/3 of my position ride. Where will I let it my trade ride and what is my third target you ask? Well that is my bonus target at the 1.272 extension! Here the price target is 687 and if this target is reached the final third of my position will be closed. If it doesn't reach my target it is quite fine because my stop has already been raised a second time to secure some very nice profits and I literally have nothing to loose.
I hope you all enjoyed my trade analysis and feel free to ask any questions and comment. Remember trade at your own risk and the number one rule of trading is to manage risk and protect your capital. Come find me at tradingview in the chat and feel free to look at my published charts here.
https://www.tradingview.com/u/domavila/#published-charts
Happy trading everyone!! Peace