eganon69

TFUEL LONG @ $0.356, SL $0.277, TP= $0.865, Risk Reward = 6.4

Long
BINANCE:TFUELUSD   Theta Fuel / US Dollar (calculated by TradingView)
Title says it all symmetrical wedge with compressed prices consolidating and now about to break out. Price is lagging behind the MACD breakout of the downtrendline on MACD . Bullish Divergence on MACD shows this is about to occur and price compressing like a spring should make this a very rapid move to the upside. Target Price = $0.865. This is a 6.44 R trade.
Trade active: Starting to work here. Will look to ADD to my position
Comment: ADDING to my Position. Now that price has popped a bit and shown some BUYING pressure I plan to ADD to my position by risking a total of 1% of my portfolio. 1st Entry was 0.356 with SL 0.277. Assuming I have a $100k account (for easy numbers) I bought 12658 TFUEL on 1st Entry. NOW 2nd Entry will be at 0.357 with raising my SL to 0.323. I decided to raise it to this level because we had a breakout and then a retest of support at 0.34. Look on the 4 hr chart and you will see we have a new break out above pivot low candle where 0.34 was tested. The break above high of that candle happens to be 0.357. Now new SL raised to 0.323. So, if I am RISKING 1% ($1000) then 0.357-0.323= 0.034 LOSS per TFUEL IF SL Hit. So, $1000/0.034= 29411 TFUEL that I can BUY. I had ALREADY bought 12658 on the 1st Entry. That means I place a BUY for 29411-12658 = 16753 MORE TFUEL yet I have kept my RISK at 1% MAX LOSS. As you can see I have increased my holding of TFUEL by more than 2x yet maintained my risk at a reasonable level. I will describe similar ADD to my position on my THETA trade.
Trade active: ADDING to my Position. Bouncing off support of recent Breakout and making a new high above pivot low candle high on 8HR chart. Added 0.5% more RISK (Another 15,151 TFUEL ADDED) Now have 44565 TFUEL. TOTAL RISK = 1.5% now with SL staying the same. I have SEVERAL trades that are somewhat cross correlated so I will have to watch charts closely next few days. As one turns against me ALL could turn against me resulting in big drawdown if each trade has 1%-1.5% at RISK. If this starts to happen I may trim some of my positions. Otheriwse I am PUSHING my WINNERS.

Trade active: With todays retracement in crypto this trade gave back some of my winnings so far on paper. Holding positions at current levels and SL will remain $0.277. Still fully expect a bounce and price to take off higher with next move. Will remain patient.
Trade active: TFUEL at some weak resistance here. Most signals still point to higher prices but crytpo had a good day today and TFUEL really didnt move much comparatively. Will keep things as they are including SL. Will allow a little more time for trade to mature.
Comment: Slow grind higher. Nothing changes.
Comment: Well so much for that breakout sticking. We seem to be testing TL support again. This one and the related THETA trade are both lagging behind other crypto opportunities. If this one gets hit harder than most crypto in the pullback that appears to have started then I will exit this trade and THETA trade and look for other opportunities to deploy my capital.

So far THETA and TFUEL trades are break even or slight losers. Most of my other current trades have siginficant profit so again these are lagging my own portfolio. Decision time soon for these.
Trade active: I just noticed that there was a LONG Wick lower yesterday on THETA/USD chart that I use to do my TA for THETA. As anyone who has bought THETA or TFUEL knows that you can only do BUY THETA and TFUEL on certain exchanges using USDT. However, I have always charted based off USD because there is usually more price history on that chart. Anyway, the long wicks shown on this chart for TFUEL do NOT necessarily agree with those on KuCoin where I hold my TFUEL and THETA. So TRADE IS STILL ACTIVE.

I will continue to chart based off this Tradingview chart because the TFUEL/USDT KuCoin chart is NOT available on Tradingview. You will just have to trust me that I will update this honestly.

No Changes today.
Trade active: YAWN,...NO changes. Would expect this to move by now.
Trade closed: stop reached: Well that was a crappy day. SL hit and trade closed. On to the next trade.

This trade did not move as quickly as I would have liked. Maybe in retrospect I should closed it out earlier when it was in small profit and THETA was just not moving as expected. THETA and TFUEL were 2 cross correlated trades that amplified my RISK even though I tried to keep RISK at 1.5% on each trade both trades usually followone another. So losing on both trades means 3% loss today.

THIS trade shows why trading with excess leverage is BAD. THIS trade shows that while I was pushing my WINNER a bit early to try and amplify my gain I NEVER RISKED more than 1.5% on this trade. So no big deal here. Just another trade. My winners in several other trades FAR outway the loss in this one and THETA.

Despite todays significant drops in my trades many of my other trades are well into profit and today I mostly gave back some profits.

On to next trade. Days like today are just part of trading.

Usually when I see days like today I take a step back and reevaluate to see if I should maintain my OVERALL Bullish Bias. Days like today tend to occur at turning points of the market. This suggests we MAY have another shakeout of weak LONGS or we are about to have a retracement. Will wait a bit to see what clarity evolves over next few days before reentering in either direction.