H&S failed. My chart still seems to follow in uncharted area.
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I want to make a very clear statement, holding margin positions is now dangerous. Have a read on this article, this happened on Ethereum on GDAX Exchange. The possibility that these sell offs of a mega whale can happen is present for all pairs that are being margin traded. I think this is bad news since the market is is kind of overbought/toppy and other longterm holders might decide to do the same or are scared that even their margin gets liquidated.
At this point in the market I won' t be opening any margin positions anymore. Gains are better but losing all is just terrifying.
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I made this Weekly chart to better understand what the larger time-frame and momentum could be doing. We did create the cup, but if it doesn't break up I'm afraid the Inverse H&S won't be strong enough. Double top could be possibility, but I wont be going for a new ATH this year.
A flash crash like that is absolutely devastating, I feel for those who had an open position or stop losses. I started with a small amount and built it to where I am (still a small amount but larger). I told myself if I loose it all I am done trading. I'm building this account for my mother who will never retire working in fast food. I would have kissed that goodbye if I happened to be margin trading ETH yesterday. I will defiantly be doing the same as you, I will not be margin trading on GDAX or any exchange for that matter until the margin trading system is revamped. Thanks for the link, PS. thank you for your work on the charts I love to learn different techniques and your charts have a lot of good detail.
TheTrex
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@Padwar354, Thank you Padwar! It would be such a waste to lose it all due some panic dump, even thinking that this can happen again fills me with terror. Good luck with trading! Hope your account for your mother can grow :)
Padwar354
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@TheTrex, Yes I really do not see how that benefited anyone, and for that person to not bat an eye at the lives they deeply impacted is sickening. Thank you again! Hopefully I can get one going for myself soon, will help with my ever loving college debt!
TheTrex
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@Padwar354, Maybe someone deliberately want the market to crash. I cannot see anyone reason why someone would sell this in one go except from creating panic and fear for any future dumps. Could force people to exit margins due to safety droping prices across many exchanges. It' s a little bit fishy, thats what I think..
etrade30
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so as per your latest chart btc coming down to 2100??
TheTrex
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@etrade30, No no its just an arrow it wont go there