Topic: Crypto Trading Diary (Read 8084 times)
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I am wondering what you are thinking now after so many weeks? Is this a long term trend you are describing?
Descending trend line which has been providing resistance to upwards price movement now pointing and providing pathway to where BTC price is headed??
Closed the trade as detailed in the chart. No point hoping it might go up, reasons for being in the trade no longer there. Small profit, watching again for any new set-up to emerge.
Trade comments updated in chart, seems to be consolidating the recent gains nicely at the moment. Translation = boring low volume low volatility price action following recent bullish price move is a good thing. Trading should actually be boring, that way you make decisions based on your rules and analysis as opposed to your emotions and the noise of the crowd.
Trade comments in the chart.
Allowing the trade to play out at this resistance area, volume following the low has been good, will need decent volume again to breakthrough the $400 area. Have set a trailing stop below ascending price movement and just below past 5 days $350 support. Not setting an exact exit yet trying to let the trade develop into a trend. Lets see.
Updating the trade.
OK, I am buying into this potential $275 bottom rejection set up. The bottom was on high volume and the daily candle of the low is a nice rejection with a long tail, so the pattern looks promising for a recovery back up to descending resistance which is currently around $400.
Allowing the trade to play out at this resistance area, volume following the low has been good, will need decent volume again to breakthrough the $400 area. Have set a trailing stop below ascending price movement and just below past 5 days $350 support. Not setting an exact exit yet trying to let the trade develop into a trend. Lets see.
I'm learning lots watching this. Thanks heaps 
Great, you are welcome. So far trade is shaping up nicely. I will edit this post with an update and new bit later.
I'm learning lots watching this. Thanks heaps
OK, I am buying into this potential $275 bottom rejection set up. The bottom was on high volume and the daily candle of the low is a nice rejection with a long tail, so the pattern looks promising for a recovery back up to descending resistance which is currently around $400.
Ok now time to seriously look at buying BTC following the price spike on the back of the PayPal Bitcoin news. A bottom of $378 has been put in with a spike top of $450 area. That now gives a good price bracket to operate within.
What I am watching for now is buying continuation following the news based spike, currently it is drifting downwards back towards low $400 zone, it needs to consolidate here rather than give back all the gains, otherwise no tradeable pattern will emerge.
Also good news from CEX that they are out of Beta on fiat markets, plus adding more fiat and crypto trading pairs. This will give a good liquidity shot as more traders go to the exchange.
http://www.coindesk.com/cex-io-us-dollar-deposits-trading-pairs/
What I am watching for now is buying continuation following the news based spike, currently it is drifting downwards back towards low $400 zone, it needs to consolidate here rather than give back all the gains, otherwise no tradeable pattern will emerge.
Also good news from CEX that they are out of Beta on fiat markets, plus adding more fiat and crypto trading pairs. This will give a good liquidity shot as more traders go to the exchange.
http://www.coindesk.com/cex-io-us-dollar-deposits-trading-pairs/
All that Paypal news inspired gain is given back. Most likely is further downside. Attached downwards channel is trade-able.
Ok now time to seriously look at buying BTC following the price spike on the back of the PayPal Bitcoin news. A bottom of $378 has been put in with a spike top of $450 area. That now gives a good price bracket to operate within.
What I am watching for now is buying continuation following the news based spike, currently it is drifting downwards back towards low $400 zone, it needs to consolidate here rather than give back all the gains, otherwise no tradeable pattern will emerge.
Also good news from CEX that they are out of Beta on fiat markets, plus adding more fiat and crypto trading pairs. This will give a good liquidity shot as more traders go to the exchange.
http://www.coindesk.com/cex-io-us-dollar-deposits-trading-pairs/
What I am watching for now is buying continuation following the news based spike, currently it is drifting downwards back towards low $400 zone, it needs to consolidate here rather than give back all the gains, otherwise no tradeable pattern will emerge.
Also good news from CEX that they are out of Beta on fiat markets, plus adding more fiat and crypto trading pairs. This will give a good liquidity shot as more traders go to the exchange.
http://www.coindesk.com/cex-io-us-dollar-deposits-trading-pairs/
Given your past predictions I am inclined to buy as much as I possibly can right now.
It could be a good place to consider buying ($400 ish) but then problem will be very high volatility here and therefore no logical points for using protective stops if the price keeps its downward bias. Putting a low ball buy price in and hoping it gets filled on a spike down is also worth looking at.
I am not buying yet, waiting for reversal signal rather than trying to catch a knife. Again will update more fully soon.
Good luck
As noted in an earlier thread the previous open trade closed out at the indicated stop of $504 with a very small loss $510 - $504.
Just putting up a new chart view (4 hours) showing the current momentum and possible direction. Currently there is no indication of upward price movement of any note (except for small gyrations that are not worth the risk of trading) So currently just watching.
Just putting up a new chart view (4 hours) showing the current momentum and possible direction. Currently there is no indication of upward price movement of any note (except for small gyrations that are not worth the risk of trading) So currently just watching.
I haven't posted since this chart from Sept 8th. The comments on that chart are exactly where BTC is now. There is nothing indicating anything other than more downwards pressure. The price area of low to mid $400s has been an area where rally's have sparked over the past few months, so a good reason to watch very closely now. I will provide a chart update shortly.
Given your past predictions I am inclined to buy as much as I possibly can right now.
As noted in an earlier thread the previous open trade closed out at the indicated stop of $504 with a very small loss $510 - $504.
Just putting up a new chart view (4 hours) showing the current momentum and possible direction. Currently there is no indication of upward price movement of any note (except for small gyrations that are not worth the risk of trading) So currently just watching.
Just putting up a new chart view (4 hours) showing the current momentum and possible direction. Currently there is no indication of upward price movement of any note (except for small gyrations that are not worth the risk of trading) So currently just watching.
I haven't posted since this chart from Sept 8th. The comments on that chart are exactly where BTC is now. There is nothing indicating anything other than more downwards pressure. The price area of low to mid $400s has been an area where rally's have sparked over the past few months, so a good reason to watch very closely now. I will provide a chart update shortly.
The stop level is NOT an arbitrary % below the price action, it is placed behind any obvious points of support that if broken would indicate further lower prices would occur.
OK, make sense, thanks!
As noted in an earlier thread the previous open trade closed out at the indicated stop of $504 with a very small loss $510 - $504.
Just putting up a new chart view (4 hours) showing the current momentum and possible direction. Currently there is no indication of upward price movement of any note (except for small gyrations that are not worth the risk of trading) So currently just watching.
Just putting up a new chart view (4 hours) showing the current momentum and possible direction. Currently there is no indication of upward price movement of any note (except for small gyrations that are not worth the risk of trading) So currently just watching.
Do you have any recommendations for good resources that I could study to better understand the basics of your decisions? I'm new to all this, seems very interesting.
draws the lines using previous tops and bottoms, its not that hard really. the way i learnt it was just by watching these types of threads, for a while, eventually you get it.Very interesting thread, definitely following this! Nice with some honesty for a change.
So I have been following crypto for a while, but is new to technical trading, so please forgive me for newbie questions.
So how do you decide the stop level? I saw in your excel sheet that you put the stop level 3 % under current value. Do you calculate that percentage in relation to market volatility or something? I guess I have the same question for the exit region.
Also, do the fact that the 515 level seems to have some resistance alter your current strategy?
he puts his stop were the triangle he draws is invalidated.So I have been following crypto for a while, but is new to technical trading, so please forgive me for newbie questions.
So how do you decide the stop level? I saw in your excel sheet that you put the stop level 3 % under current value. Do you calculate that percentage in relation to market volatility or something? I guess I have the same question for the exit region.
Also, do the fact that the 515 level seems to have some resistance alter your current strategy?
Essentially correct, thanks for watching.
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