Building a short position 410-440

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
276 4 4
Short term bullish .

Medium bearish .
Comment: Forgot to add exit around 460 with loss and probably go long.
Comment: Filled the rest of my shorts. Averaging 426. I feel I probably was a little too impatient. I could have done a little better, but I'm happy with my position. Always room for improvement.
Comment: Wish I had more money to short at 445 when everyone was screaming moon. I'll be holding this position for a while I suspect.
Comment: I'm in a decent position for this drop. The problem comes at 400 level. I will most likely cover shorts at this level unless the action completely shoots past and doesn't stop at all. Resistance at 400 will probably make me close all positions and wait patiently in cash. $80 moves are hard to trade. $40 moves are too risky for me.
Comment: I closed my 440 shorts @ 421 to decrease my leverage and to improve my overall short position to 429. All of the shorts I entered at 410-425 are now up to 429 and I have more to short around 435-440 if it gets that high on this correction. Also if it breaks 440 and just keeps blasting, I can close with less loss.
Comment: Opened some shorts as it retraced. Final position is short average @ 432.54 with a last ask @ 444.99 if it gets up that high.
Comment: I got my fill @ 444.99 and have finally averaged 433.67. I'm not sure how I am going to start closing shorts yet.
Comment: I'm placing some bids to close my shorts from 400-390.
Comment: Final Update. Position Closed. I made around 35% profit even though I butchered the long exit on this last bull pop to 450. This trend was so smooth that I think I can possibly trade a ~$50 move back to the top of the triangle. I'll make a new chart on that short term trade.
Any nice target to close shorts?
BrandonJ oldstout
BrandonJ BrandonJ
This triangle is what I am going with. As it narrows, I will get out of all positions and wait for a decisive break. Look for any walls on the order book around 390-395 at the exchange you use. Park your close right in front. Don't be too greedy. 400 is a very nice target.
+1 Reply
oldstout BrandonJ
Thank you for smart reply and good luck :-)
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