Sean Vengan 10+ Years Professional Trader and Trading Educator
REALITIES IN TRADING: In trading, there are Winners and Losers. Accept it. If you can't you shouldn't be trading. We protect our capital with stop losses. Our winning trades eat up our losing trades, with the goal, over a series of trades, to be NET POSITIVE. Ignore newbies who are uneducated in trading & investing and say "You were so wrong" (we as traders know, a loss is insignificant over a number of trades). Each trade posted is YOUR FREE CHOICE, YOUR RISK MANAGEMENT and YOUR RESPONSIBILITY. Always factor in "WHAT IF I LOSE MONEY ????"
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do you think we will see a small dip to about 7.20 before going up? 4H chart bollinger bands and RSI shows we may go down a bit more before up
UnknownUnicorn1063189
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@KFedTrading, I dont know I have declared my trade zone for entry if you wish to follow but of course, you must do as you feel fit...
KFedTrading
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@SEAN_VENGAN, Ya my analysis was right on target i got in at 7.20 and will hold for long now. Im guessing your stoploss was hit. Whats your take on OMG for the next few weeks to a month now? I think we should finally see it turn around.
kaos623
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Hi @SEAN_VENGAN
Firstly thankyou for the analysis. I have been watching your videos on youtube and they give great insights. My question on this trade ( I can see its still open) is whether the chart looks like a bearish pennant? Which could mean it continues the downtrend? I agree the market didnt like the roadmap, however there as we get closer to the divergence I tend to think it may look like it could continue its downtrend. Would you move your stops accordingly in this case?
You make some great analyses and some great trades, respect! But even more your advice on HOW to trade and the dangers.
I do have something to add to coming analyses, Does it realy have any use to go long on any coin accept the Bitcoin self? Is it nor almost a certainty that because of the coming fork in november, that the same thing will happen as the last few weeks, that people will see all other coins, to have cash and but the Bitcoin to get (what gets assumed) free money from the hard fork split?
In trading, anything ca happen and there are always some news events. We do not ignore these news events but to keep 2nd guessing the Markets will lead to great indecision.
I trade according to a System and for this trade my System says there is a Long setup and trigger.
I hope that makes sense.
botje11
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@SEAN_VENGAN,
I know exactley what you mean, i dont want to second guess you or correct you in any way. I also have almost 20 years of experience (not intensively like you). News is for me also not relevant for my chart reading, even most big events fall right into place in what the charts are predicting (in a mystical kind of way). However, my opinion in this is that these things have to have a natural form of some sort. I hate to say it, but even something like a war. Even the tensions from North Korea probably.
But extreme events like 9/11 for example, immediateley after it happend the charts would predict themselfs again (i was trading live when it happand, i turned from short to long a few hours before it happend).
How i see this now, for the Bitcoin it still stays the same, people are buying or selling for whatever reason, but for all the other coins, people are not selling because they want to sell them, but purely to free up some cash to but Bitcoins. So i dont think the charts of all other coins are telling the 'truth'
Anyway, i just wanted to share my opinion, because i think it's something that actually has never happend like this.