Wait for Your Pitch in Crypto

There are no called strikes on Wall Street.

In other words, we’re not penalized for not swinging, like you are in baseball. We have the ability to be patient, to a certain extent at least, depending on your mandate. But most of us don’t have mandates! Even one of the best hitters of all time struggled when he swung at bad pitches.

This is my favorite reminder that in trading & investing, we want to wait for OUR perfect pitch, and then swing, vs just swinging at anything.

Here's a clip from our Charting School, walking through this exact idea.

https://youtu.be/10CARG4h7n4

We've brought this up today as a good reminder in the face of all this volatile action taking place in the crypto complex over the last few days.

Here's what we outlined in yesterday's crypto note:

The bottom line is that if Bitcoin’s below 46,000-47,000, things are likely to remain messy over more meaningful timeframes.

But for those with shorter-term approaches, there’s nothing wrong with taking a tactical bet while Bitcoin is at the lower end of its near-term range given its well-defined risk.

There is nothing wrong with waiting for a higher-conviction entry while things stabilize in the coming days and weeks. In fact, it'll probably end up saving both financial and emotional capital in the process.

Wait for your perfect pitch and be patient.

Crypto Members can go to our Trade Ideas page to see the names we're taking swinging at as well as the levels we're watching to manage our risk.

You can also download this week's Crypto Report below, which features over 170 crypto-related charts: