chrisdunntv
Short

Update #3 on the anticipatory BTCUSD short

BITSTAMP:BTCUSD   Bitcoin / Dollar
1427 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.
DeanGoncalves
2 years ago
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 so...today...not 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.

Thanks
Reply
chrisdunntv DeanGoncalves
2 years ago
Dean, register for this webinar that I'm gonna do in the near future, and I'll go through all your questions in detail - http://www.chrisdunn.com/bitcoin-trading-webinar
Reply
bitferno
2 years ago
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!
Thanks
Reply
chrisdunntv bitferno
2 years ago
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.
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OdinNygard chrisdunntv
2 years ago
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 .
Reply
nicolaennio chrisdunntv
2 years ago
Yes but I always wondered if they are making much money by buying on bitstamp and selling on their own exchange.
Reply
bitferno chrisdunntv
2 years ago
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.
Reply
chrisdunntv bitferno
2 years ago
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.
Reply
TheChasm chrisdunntv
2 years ago
Great book.
Reply
drbooty
2 years ago
Hi Chris..so your gonna start selling now at the $820 and buy back as it retreats? are you projecting a possible bottom of $770 range ?
Reply
chrisdunntv drbooty
2 years ago
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
Reply
bitferno
2 years ago
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?
Reply
chrisdunntv bitferno
2 years ago
see above...
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DavidEcklund
2 years ago
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.
Reply
kumar4888
2 years ago
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
Reply
kumar4888
2 years ago
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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