Estagon

OMG, people go long, but I short. - New algorithm

Short
BINANCE:OMGUSDT   OmiseGO / TetherUS
Currently the market is unstable.
It's bullish at the moment, but there are some coins - such as BTC - which show a certain degree of resistance.
That resistance can either mean that they will EXPLODE in a super bull run, or that they are acting as brakes.

Given that in such a volatile context our sweet OMG has flown to +30% overnight, we should make sure to open a short position and prepare for a potential bearish return wave.
In case the short position is blown off and the other big players show a bullish movement, we'll just take a small loss and ride the bullish wave to interesting heights.

I am currently looking for an entry point after a small sculpting session from 9.9 to 9.5, in order to short and leave it there for a while.

Afterwards I'll be using 3x leverage to open a short position with 25% of the capital I am comfortable with holding there.

BE WARY: this is not a long time investment strategy. I am testing this algorithm in day trading sessions and so this suggestion holds, but for the medium-long term, this coin's prospects look green to me.

I'll update as soon as the situation changes: leave a comment if you found this information useful, and I'll post more.
Trade active: Short started at 9.51. I'll keep monitoring the market every few hours to see whether it's good to take profit or to let it run until it touches $9.

Hedging it with BTC, as mentioned in my following idea.
Comment: Gained 15% as the price touched $9.1 and triggered my take profit, after I changed the short setting to 9.7 by investing more money.

I opened a new one at 9.7808, this time with no take profit. I may be leaving this hedged trade open for a couple of days, as the algorithm suggests a plunge to $8.5
Comment: It's currently at +11%, but I'll be leaving the trade open overnight and see what happens, taking advantage of the hedging.
Trade closed manually: Manually closed 33% of the trade just little over $9.1, scoring a 6% profit over the whole invested capital.
The rest will be left open overnight, as announced.
Will update in some hours.
Trade closed: target reached: Closed the entire trade at $9.1, for a total 18% profit over the investment.
The coin is showing some downwards resistance and I don't find it profitable to leave a short open much longer.
Currently opened a long to profit from the volatility, but that's another story (which won't be told in this idea).

Stay tuned for more ideas, and let's keep making profits!