GlenGoodman

BITCOIN - I'll BUY above this line

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
My buy orders are in!
I will use a tight stop-loss. Here's why.

Bitcoin is rising in a broadening triangle pattern . This is very unusual in any market, and does not give you a strong indication about which direction the price will choose, but it is still a regular repeating pattern, which gives us a good chance of getting a decent breakout on the upside or the downside of BTCUSD .

I'm not interested in the bearish side of BTC at the moment, but I am willing to buy Bitcoin on an upside breakout. The pink line is about the right distance away from the blue breakout line 1) to ensure we don't get sucked into too many false breakouts, but 2) to still give us decent profit potential. It's the GOLDILOCKS line - neither too hot nor too cold.

My stop-loss will be tight (close to my buy point) because this is not a particularly convincing pattern - it has no horizontal line and horizontal lines are generally a lot more reliable.

As with any trading possibility, if it works then great! (next stop - moon, lambo, or whatever), if it doesn't work I'll be out with a small profit or small loss. No problem.
Trade active: So, I bought BTC. I'm well into profit now.

Check out my latest Idea, which gives a long update on this one.

THE CRYPTO TRADER: How anyone can make money trading Bitcoin and other cryptocurrencies

Published by Harriman House.

This link should take you to your local Amazon site.

http://getbook.at/TheCryptoTrader
that is the mentality of an anti trader, you are buying when retail is buying. You want to sell into that not buy it. C'mon trading 101
Reply
GlenGoodman TheCryptAlpha
@TheCryptAlpha, Hi. It's a common misconception that buying breakouts and following established trends are "retail strategies". In fact, the entire $350 billion Managed Futures industry runs on these principles. I made enough to retire in my 30s using those techniques.

Strategies proven to work through backtesting are the only ones I consider worth using.
Reply
TheCryptAlpha GlenGoodman
@GlenGoodman, trend is your friend
+1 Reply
GlenGoodman TheCryptAlpha
@TheCryptAlpha, ...until the end when it bends. :-)
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That's a nice idea, but I think, we can open long lower. According to fractals, we'll have a retrace to $4000 levels:
Reply
@agent474, Yes, like you, I'm still assuming the most likely scenario is a repeat of 2015. But I can't rely on that possibility - the market has a habit of doing what we don't expect. ;-)
+1 Reply
Well said bro
+1 Reply
GlenGoodman Andrew_Kay
@Andrew_Kay, thanks. I'm keeping it simple. :-)
Reply
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