Two fisherman were on a boat one a young fisherman Joe the other an older fisherman named Bob. The two set off on their boat for a day of fishing. Joe being young was anxious to just catch fish, so he baited his hook with a piece of shrimp threw it out there. Bob only wanted to catch BIG fish so he used a medium sized fish as bait and a big hook.
Bob threw his line out there sat back in his chair and drank a beer while he watched the younger guy pull up fish left and right. A few went in the cooler but most were not keepers so he just threw them back. Of course he bragged and bragged about all the fish he was catching and how good he was. Meanwhile the Bob sat back in his chair, popped another cold one or six, ate his sandwich and just patiently watched his line, enjoying the sunshine, water and fresh air. Meanwhile the younger fisherman was busy baiting and casting. A few hours went by and several six packs and suddenly Bob's rod started to scream! He quickly put down his beer grabbed his rod and after 45 minutes of an epic fight brought in a 30lb Mahi Mahi! Joe looked in awe as Bob quietly sat back down, put on some suntan lotion, sat back and pulled out another beer.
When they got back, Jim the dock-master asked, "how did you guys do out there?". Joe replied "I was catching them left and right all day long". So he opened his box and and showed Jim a few descent sized fish. Jim then turned to Bob and asked "How did you do Bob" to which he replied, "another beautiful day on the water, enjoyed the air, the sun, had a few beers and caught one fish". "Ohh yeah" said Frank". "I don't see it!". "That's because it didn't fit in the cooler" replied Bob.
We added bitcoin yesterday, if you follow on the other site, and we also added a position to OMG. I am not buying here for day trading I am buying for a positional longer term trade. I am not looking to make a few pips I'm looking to catch the broader move and I am willing to be patient. We move down, I am fine with that. I'm looking for a big fish! With all the recent short interest (at an all time high of bitfinex) bitcoin did not make a new low. This tells me that we likely MAY have found the bottom.
As Gillian pointed out on her trade, the pullback was a higher low, and it was at a critical level, where we normally look for reversals. I liked her trade setup and I added.
We mentioned 6427 was a critical level to hold and it did not even retest it. The upper 6615 support level held and we have since swung up from this level. I am looking to add other coins and will post elsewhere when I do. Actually there is one specific coin I am looking to pick up here and in quantity.
I am looking for broader market moves. I remember one trader posting at 6200 to go long target 7300 or thereabouts. He closed his position and everyone cheered, but then bitcoin continued up to 9500, then 14,500, then 19,000, and though he traded along the way, he did not outperform the broader market move.
In order to day trade effectively you MUST use margin. Using margin comes with risks and in this market I would NOT even think of it. Swing and positional trades with the longer term view in mind, should be the focus. Believe me I have seen it many times in my life, one bad trade wipes out 6 months or more of gains. I have seen two people go bankrupt trading on margin. Yes I too took a loss during those times, but I simply was able to ride them out and since I didn't sell I never really lost money. They never recovered. Now there is a time for margin but in risky volatile assets classes, your gambling period!
Many think that Tether is an issue for this market. I am more worried about these wild west exchanges and the margins they allow to be traded. A huge margin call and the clearing house may not be able to cover YOUR coins. You think you will get your coins before their buddies do? NOPE! This is the biggest risk to these markets not Tether.
Bob threw his line out there sat back in his chair and drank a beer while he watched the younger guy pull up fish left and right. A few went in the cooler but most were not keepers so he just threw them back. Of course he bragged and bragged about all the fish he was catching and how good he was. Meanwhile the Bob sat back in his chair, popped another cold one or six, ate his sandwich and just patiently watched his line, enjoying the sunshine, water and fresh air. Meanwhile the younger fisherman was busy baiting and casting. A few hours went by and several six packs and suddenly Bob's rod started to scream! He quickly put down his beer grabbed his rod and after 45 minutes of an epic fight brought in a 30lb Mahi Mahi! Joe looked in awe as Bob quietly sat back down, put on some suntan lotion, sat back and pulled out another beer.
When they got back, Jim the dock-master asked, "how did you guys do out there?". Joe replied "I was catching them left and right all day long". So he opened his box and and showed Jim a few descent sized fish. Jim then turned to Bob and asked "How did you do Bob" to which he replied, "another beautiful day on the water, enjoyed the air, the sun, had a few beers and caught one fish". "Ohh yeah" said Frank". "I don't see it!". "That's because it didn't fit in the cooler" replied Bob.
We added bitcoin yesterday, if you follow on the other site, and we also added a position to OMG. I am not buying here for day trading I am buying for a positional longer term trade. I am not looking to make a few pips I'm looking to catch the broader move and I am willing to be patient. We move down, I am fine with that. I'm looking for a big fish! With all the recent short interest (at an all time high of bitfinex) bitcoin did not make a new low. This tells me that we likely MAY have found the bottom.
As Gillian pointed out on her trade, the pullback was a higher low, and it was at a critical level, where we normally look for reversals. I liked her trade setup and I added.
We mentioned 6427 was a critical level to hold and it did not even retest it. The upper 6615 support level held and we have since swung up from this level. I am looking to add other coins and will post elsewhere when I do. Actually there is one specific coin I am looking to pick up here and in quantity.
I am looking for broader market moves. I remember one trader posting at 6200 to go long target 7300 or thereabouts. He closed his position and everyone cheered, but then bitcoin continued up to 9500, then 14,500, then 19,000, and though he traded along the way, he did not outperform the broader market move.
In order to day trade effectively you MUST use margin. Using margin comes with risks and in this market I would NOT even think of it. Swing and positional trades with the longer term view in mind, should be the focus. Believe me I have seen it many times in my life, one bad trade wipes out 6 months or more of gains. I have seen two people go bankrupt trading on margin. Yes I too took a loss during those times, but I simply was able to ride them out and since I didn't sell I never really lost money. They never recovered. Now there is a time for margin but in risky volatile assets classes, your gambling period!
Many think that Tether is an issue for this market. I am more worried about these wild west exchanges and the margins they allow to be traded. A huge margin call and the clearing house may not be able to cover YOUR coins. You think you will get your coins before their buddies do? NOPE! This is the biggest risk to these markets not Tether.
Comment:
Important zone to hold.
