Nice work today Ryan. On the XST 1 day chart about 20 hours ago until 14 hours ago there was some big volume for an hour followed by about a half BTC vol every 10 minutes with not much of an increase or decrease in price can you explain what you think is happening there?
That sounds like accumulation to me.
so, I knew that LSD wouldn’t dump when the markets opened. I sat back and watched prices shoot up from 20K – to 60K without getting involved (due to the actual volume being so low).
I had picked up on this one I think via someones twitter so I checked it out on c-cex and it started out somewhere around 8k-10k and shot way up. So last night when it was added to Bittrex, it was over 30k already. Given it was new with no defined market, I let it slide as I felt it was waaaay over priced and all those that had bought in the opening range would dump like crazy at 4x-5x profit. So I had setup an alert on a low price and when it went off, I watched it get dumped way down to 10k or so just an hour or two ago. You got lucky on that one. lol
The funny thing is that is pure common sense lol. I know for a fact that dozens of people bought in at the top of the market, with no stop orders, and without doing their due diligence, only to watch the price tumble not too long after.
This just goes to show that when the entire community is promoting some flash in the pan coin, you want to be selling. If, in this kind of situation, you aren't in a position to be the seller - then you missed the boat. But this is Crypto.. there certainly isn't a shortage of flash in the pan coins.
Nice trade here. I don’t know what exactly is driving this market. But, it does look quite good. In fact I still have an open position in LTCD as sell resistance is quite thin.
Ok, So I was watching that one for hours yesterday and maybe you can shed some light on what I was watching. It made it up to about 1800 and after that there seemed to be orchestrated dumping going on. Some buy walls would go up, let the price rise and then they would come down and it would get dumped. Rinse and repeat. At one point it was down to around 884. This made me extremely skittish even though it seemed to sort of stabilize around 1100-1200 with builds to 1300-1400 and then dumps back down. So today I get up and see I could have doubled my money. What the heck was I watching and were there some signals I missed seeing?
Being patient always pays. I mean, today LSD fell to 3K and shot up to 8K.. which always happens when a coin has momentum.
When there is momentum in a market, prices don't just fall and become stagnant.. they tend to bounce upwards multiple times before withering away completely.
Just imagine if your local supermarket reduced the prices of apples, in error, from 40pence to 5pence. There will be a sharp and unavoidable increase in the sales of apples... Until they correct the price, at which point sales will stall out and return to average levels.
The implication for us traders is that, the smartest people will always buy into a coin when it becomes cheaper - knowing that a correction will occur. This is often the best opportunity to bag exponential gains because once prices return to a "safe level", the most unskilled traders pile in buying all they can (at the top of the market) providing you with substantial gains. Once they realise their mistake, they begin to dump out of the market, obliterating the price and causing this entire process to repeat itself.
Using the strategy you did with LSD will make you a lot of money, so long as you respect the market momentum enough to understand that a decline in price doesn't mean there isn't still room for profit.
I've been in and out of LTCD for the entire afternoon, and got good trades. After a losing streak that i was literally gambling like most traders do, i set back and stoped..
That's the key man, when you find yourself in a losing streak sometimes it's best to take a step back just to analyse where you've been going wrong.
You will benefit from reducing your trading size, using tight risk management controls and only taking the trades where the odds are tilted in your favor.
That way you begin to build up a string of small wins that will compound into larger gains over a period of time.
I hope you get back on track
