Update #3 on the anticipatory BTCUSD short

BITSTAMP:BTCUSD   Bitcoin / Dollar
1434 16 6
Most of my trades are REACTIVE,
meaning I buy after a panic or sell
after a strong upswing. However,
this short is ANTICIPATORY, meaning
I'm trading into support with lower highs
"probing" to see if support can crack, which
would lead to a big run down. It's lower
probability, but the reward is big enough to
take on the risk.
Hi Chris... could you explain better, im new... Ive been waiting for it to crack a 850 position on Btc-e...but one time, made it to 845...I didnt sell, I should have...went back down 815 area, then yesterday was prepared to sell at 840, but only reached 835 I beleive...again, missed, and went down to 815 or sure where it will go..BUT need to sell the BTC i have, incase it comes down..

So, im basically saying...Not sure if it will touch the support line, as twice it didnt, but dont want to be holding the bag, if it decides to drop back down in 800 range... This is the tricky part...dont know how high it will go, and if it will change directions.

chrisdunntv DeanGoncalves
Dean, register for this webinar that I'm gonna do in the near future, and I'll go through all your questions in detail -
Hi Chris, Just found out about you and am really inspired. I am new at this and am not doing well lately. Trying to get into good habits. So right now its down around 820. Is it still worth shorting? I wanted to short up on that top of the last hill but got scared out when it went against me - typical noob response. Also, what do you think about how Bitstamp isn't following the shape of Mt. Gox. At one point they were nearly 130 points different!
chrisdunntv bitferno
To be honest, if you have to ask if it's a good trade, then you should probably sit on the sidelines. The mental side of trading is much bigger than most people expect. I'd recommend reading "trading in the zone" by Mark Douglas to help you develop your psychology before risking money.

Ya, MtGox is a joke IMO. I have a feeling they're gonna have some big liquidity problems in the near future.
OdinNygard chrisdunntv
Only time I felt gox were worth for a newbie like me on were on the fee free week (were so easy to make cash that weekend). And after the Willy bot started buying and back to fees without a discount I found its not even worth it anymore.
I also just found the mental toll of trading. It was great when i was earning, but when i got my fist big loss i just kept losing until i took a break from trading.
Thanks for the book tip will defiantly take a look at it .
nicolaennio chrisdunntv
Yes but I always wondered if they are making much money by buying on bitstamp and selling on their own exchange.
bitferno chrisdunntv
Hey, thanks for the recommendation. I'll read the book asap. I also signed up for your webinar. I'm eager to learn as quick as I can and realize that i need objective strategy rather than subjective reactions and conjecture. Thing is I drew the same figures as you did a few days ago and anticipated exactly what it's doing. It seems I just don't have the confidence and clarity in my strategy to stick to my good ideas it seems. But I'm eager to learn... thanks Chris.
chrisdunntv bitferno
awesome... also, check out "the mental game of poker". That'll take the concepts from "trading in the zone" and give you practical exercises to improve your performance.
TheChasm chrisdunntv
Great book.
Hi your gonna start selling now at the $820 and buy back as it retreats? are you projecting a possible bottom of $770 range ?
I'm looking for a crack below $800. Targets are anywhere from $725 - $775 depending on price action. Follow me on twitter for live updates on what I'm thinking @chrisdunntv
Ok, a real question this time. Chris, how do you determine where to take profit? I see your blue band just above the absolute bottoms. Is this generally how you approach taking profit on a short position?
chrisdunntv bitferno
see above...
Hi Chris! Just getting started with you work. Would getting in on this short still be a good idea now? Perhaps on the current retrace? Thanks.
hello cam to know you today and found your webinar link in the comments sections and registered for it hope i will find some good guidance as i am new here . thank you .......ayush
i have also buyed a position in btc as its a cfd till monday it showed a 5% growth but now it roll down to 2.8% . why do you think should i wait to go . what are chances of not getting any down or vice versa ...
thank you ayush
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