Disclaimer:If you are primarily interested in copying other people’s trades then this is not for you. However, if you are willing to put in the work that it takes to learn how to trade for yourself then you have found the right place! Nevertheless please be advised that you can give 10 people a profitable trading strategy and only 1-2 of them will be able to succeed long term. If you fall into the majority that tries and fails then I assume no responsibility for your losses. What you do with your $ is your business, what I do with my $ is my business.
for my Comprehensive Trading Strategy | for my Comprehensive Trading Process | to learn about the 2 BTC' to 20 BTC' Trading Challenge
It has been a while since the last update to the trading challenge and that is for good reason. It is not because I am losing motivation or getting discouraged, it is because these markets have been locked in ranges and I have been patiently waiting for a trend.
With very little entering / exiting being done I did not see the need for a daily post. My intention is to record my trading results in real time, and I have realized that daily updates are not needed to accomplish that goal.
The challenge did not start how I wanted and I was beating myself in the moment. However in hindsight I do not feel back about my performance at all. I have been trading crypto, FOREX and SPXUSD primarily and I would be highly impressed by anyone who made money in those markets thus far in 2019.
Crypto was sideways, FOREX was very chopping and provided many false signals / whipsaws (at least for USD pairs). The S&P slicing right through $2,650 on tiny volume still makes 0 sense to me.
Now that I have some positions moving in my favor I am hopeful that we can get this challenge out of the gutter. I am expecting a big rally in crypto due to alts bouncing from major horizontal support and total market cap supporting above 100B.
I have built a good amount of long exposure, relative to remaining bankroll, and I still have ~33% on the sidelines waiting to add if the positions continue to move in my favor.
Order to add to XRPUSD Long Stop Entry: $0.32267 Stop Loss: $0.2839 Risk: 11.8% Exposure: 0.29 lots / 2,929 XRP / 0.2548 BTC
Order Entered to long ETHUSD Stop Entry: $125.9 Stop Loss:$108.9 Risk: 13.6% Exposure: 4.8 ETH / 0.1538 BTC
Order to open long on BCHUSD Stop Entry: $131.26 Stop Loss; $112.95 Risk: 13.94% Exposure: 3.05 lots / 3.05 BCH / 0.107 BTC
Watchtower
XAU
Notes: Weekly green 9. Bear div in daily RSI, as well as ADX, while price tests major resistance. Massive resistance from $1,305 to $1,355. If breakthrough $1,355 then retesting ATH’s seems very likely. If not then this could pullback sharply to the $1,200 area. Pumping to $1,350 and then forming a c&h would be ideal.
Gameplan: Watching for 1-4 week correction after the 9, thinking it could form c&h. Weekly close > $1,355 is my signal to fully enter.
XAG
Alerts: Symmetrical Triangle
Notes: Testing cluster or resistance from horizontals & TL’s. On weekly green 9. Daily RSI bear div.
Gameplan: Watching for 1-4 week correction after the 9, thinking it could form Big W. Throwback to TL is another ideal entry.
ETHBTC
Patterns: Looks like 5 waves + ABC correction
Notes: Watching 3D Consensio + Stochastic. Love seeing spike and then retrace to bullish L MA. BTC market cap dominance at crucial area, could be forming descending triangle. Watching W S MA & bearish D L MA. Weekly golden cross at support.
Target: 0.065 if break triangle to upside
Gameplan: Watch D M MA + 2.5 week bear TL. Should be plenty of resistance from 0.032 - 0.034 to provide favorable entry.
BCHUSD
Notes: Breaking through ~ 6 week TL, like how daily MA’s are coming together in Consensio. $400 is obvious target, however looking at W SAR & 24 W MA in $300 neighborhood as area to scale out. Can get back in if break W SAR.
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Long on XBTUSD was squeezed out near the bottom of a wick. Exposure: $5,000 / 1.384 BTC Enter: $3,612.5 Exit: $3,584 PnL: -0.0143 BTC ROI: -1.03%
Opened long on ETHUSD Exposure: 12 ETH / 0.4 BTC Enter: $120.70 Stop: $114.49 Risk: 5.14%
Opened another long on XBTUSD Exposure: $4,500 / 1.244 BTC Enter: $3,616 Stop: $3,574 Risk: 1.16%
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Took partial profit on LTCH19 long and moved stop into profit.