If you can work out when it's going down or up then sure use that.
If you've worked out the current channel why not use that to your advantage. Place a buy £50 above the top and a sell £50 below the bottom and see if you can do anything with that... Typically speaking, it's likely to go one way but this isn't without its risks and I wouldn't try it because I'm just accumulating at the moment. In both bitcoin and lite coin.
Topic: I can't trade the channels. - page 2. (Read 345 times)
For a few years now, I've been a collector of Bitcoin ( well Satoshi really ). I started when it was £xx, and picked up a bit more when it was £xxx. I became a bit more serious when it was £x,xxx, and I haven't sold any. I guess I'm still showing a small profit, even after the big drop. Recently I decided to experiment with a bit of trading to see if I could boost my investment, and I decided to be ultra safe. This means no gearing, and no uncovered shorts. Any bad buys can go into a long term wallet to wait for the inevitable ( in my opinion ) price rise. Bitcoin seems to move sideways inside channels, and I thought I would try to trade within those channels. That is the background, now for the reality.
I don't seem to be able to recognise the channel boundaries, and I always seem to be outside them. This means that I execute a trade at the wrong end of a new channel, or a trade doesn't execute. So far I've bought at £2,998.98 and £2,751, and no sale has executed. I believe that we are now in a new channel within the range £2,825 and £2,650. My current purchases don't leave me with much room to exploit the bear market. I have opened a sale at £2,759, and I hope to replace that when the price drops again. Now my problem is deciding how to handle my current positions in my mind. The sale will give me a minute profit on one purchase, but a loss on the other. Should I treat it on a fifo basis, or try to match transactions? My instinct is to move the £3,000 purchase out of my coinbase account, and into a long term wallet, and this would remove my mental block. II can then deposit some more fiat, and use that to purchase some new speculative Bitcoin.
Am I being over-emotional here, and should I just consider my coinbase account to be similar to a water butt, and just sell when I think the price is going down, and buy when it is likely to go up. I try to take advantage of the wicks to do this.
I don't seem to be able to recognise the channel boundaries, and I always seem to be outside them. This means that I execute a trade at the wrong end of a new channel, or a trade doesn't execute. So far I've bought at £2,998.98 and £2,751, and no sale has executed. I believe that we are now in a new channel within the range £2,825 and £2,650. My current purchases don't leave me with much room to exploit the bear market. I have opened a sale at £2,759, and I hope to replace that when the price drops again. Now my problem is deciding how to handle my current positions in my mind. The sale will give me a minute profit on one purchase, but a loss on the other. Should I treat it on a fifo basis, or try to match transactions? My instinct is to move the £3,000 purchase out of my coinbase account, and into a long term wallet, and this would remove my mental block. II can then deposit some more fiat, and use that to purchase some new speculative Bitcoin.
Am I being over-emotional here, and should I just consider my coinbase account to be similar to a water butt, and just sell when I think the price is going down, and buy when it is likely to go up. I try to take advantage of the wicks to do this.
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