This is an update for previous idea linked below. Currently we are up around 80% and have broken through resistance of previous downtrend. 1W Bullish Cross on MACD.
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Forgot the disclaimer: I am not a professional. Trade at your own risk. I am just sharing my thoughts for my trades.
Do you see it as a sell target or a target to reach and then decide how to go further?
bwymore
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@UPITGOES, The original target was a target I thought we would "at least" reach. With people getting excited about "cheap" coins after DOGE pump we may see more of them excited about crypto and looking for more "cheap" coins. Personally I dislike everything about the DOGE pumping, but it is whatever. It is still exposing new people to crypto. I have a bag of Siacoin also currently for this reason. I put a chart the other day. Once it gets around the red resistance I'll personally start watching and looking at risk vs reward and taking profits. I'll probably just put a stop loss higher.
UPITGOES
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@bwymore, exactly. Hate dogecoin and the shit around it. But it is what is and profit is profit. Im holding dgb for years and aiming for one dollar but im also in this to earn something. Not making the same mistake as 2018 and not take profit. 1 dollar now is probably to ambitious so I want to take profit to buy more when the bears come. How far do you set your stop loss? Trailing? Always hard. Last week it got ticked and it was 20% below and in seconds back to high price. Luckily got them all back. Had to take some risk with surfing some of the waves.
bwymore
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@UPITGOES, yeah, that is the tricky part. The safer way to trade would probably be just take profits along the way vs just leaving it all in and hoping for the best. The stop losses have honestly screwed me in the past for the reason you just mentioned. I just keep watching coins I am vested in for the most part to guess where resistance will be hit and where little pullbacks will happen. Then I often pull out and wait for some form of confirmation of a reversal one way or the other before buying back in. The issue with this is you can miss out on profits, but at least you aren't losing profits per se
UPITGOES
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@bwymore, exactly. First world problems during a bull run, sell on time. :d
bwymore
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@UPITGOES, buy cheap enough and it is easier to not get stuck with the bag at the top
bwymore
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@UPITGOES, and to clarify, DGB IMO isn't just a DOGE. I have liked Digibyte for years and have always thought it was super undervalued. I blamed it on bad marketing.