Yesterday I thought I worked out a pretty good paper trade for THETA. My wife and I needed to go run some errands and shop so I activated the trade (yellow arrow), then I went shopping.
Ya I probably got stopped out while I was choosing radishes and cucumbers for the dinner salad. Anyway, theres something to learn here and I thought I’d share.
The set up;
Here’s part of my journal entry for yesterday morning prior to trade:
Thu 20Jan22 - 1130 - $4.569
* 1m - RSI@51, Lowest Ever, no DV, LVLG - sRSI@40, sml data, DSC RG - EFI +0 sml DSC
* 1w - RSI@43, hasn’t been this Low since Mar, lwr C DV 03Jan TCUP - sRSI@39, sml DSC RG LNS CNV - EFI -0 ASC - MacD - SD 29Nov on SL, LNS DSC PRT CNV, DCR RB
* 1d - RSI@ 52, BTM “V” 13Dec, upr C ONG DBL DV TCUP, lwr C DV 17Jan cont TUP - sRSI@46, LRG ASC GR - EFI +0 STR ASC since 07Jan - MacD - BD 16Jan BLW SL, sml LNS ASC, INC GB - MA - ABV 20ma, @ 50ma, W BLW 200ma - VOL - 3 nice GB
* 12h - RSI@60, upr ONG C DV TCUP, lwr cont UPTR - sRSI@76, XX 19Jan ASC GR - RFI +0 sml ASC - MacD - BD 11Jan BLW SL, LNS ASC to SL, INC GB
* PA - MSW inout RM since 03Dec, PRT B ABV RM & sml TL to sml SA @4.58
- PA BO new SA sitting on 20ma ASC
Jibersish right? Well long term RSI seemed to be levelling but the sRSI and EFI’s were somewhat inconclusive showing signs of an uptrend. Shorter time frames showing uptrendish indications.
As you see in the 30 min chart, PA ascended to a support area and bounced creating resistance support range which are indicated by the 2 small blue trend lines.
The Trade;
Having now identified a possible trade entry happening, to confirm the uptrend, I was waiting for the PA to touch the lower trend line as a retest and bounce up to and past the upper trend line. It did bounce off the lower trend line ascending as hoped, now just wait for it to break above upper trend line and we’re good to enter, but I have to go shopping. So I entered prior to my second confirmation.
Learn;
- Nothing in the indications could have predicted BTC’s drop so … it might have worked if bit didn’t ….
- Could have just waited till I return from errands and see if I have second confirmation.
- Could have set a market buy order at or just above the upper trend line and gone shopping.
- deeper - while BTC and the market are in a downtrend, looking for uptrend trades is a crap shoot
So there we have it. If you see anything I missed or have constructive input by all means add a comment. cheers
My thoughts, not advice Oklah. Cheers
Ya I probably got stopped out while I was choosing radishes and cucumbers for the dinner salad. Anyway, theres something to learn here and I thought I’d share.
The set up;
Here’s part of my journal entry for yesterday morning prior to trade:
Thu 20Jan22 - 1130 - $4.569
* 1m - RSI@51, Lowest Ever, no DV, LVLG - sRSI@40, sml data, DSC RG - EFI +0 sml DSC
* 1w - RSI@43, hasn’t been this Low since Mar, lwr C DV 03Jan TCUP - sRSI@39, sml DSC RG LNS CNV - EFI -0 ASC - MacD - SD 29Nov on SL, LNS DSC PRT CNV, DCR RB
* 1d - RSI@ 52, BTM “V” 13Dec, upr C ONG DBL DV TCUP, lwr C DV 17Jan cont TUP - sRSI@46, LRG ASC GR - EFI +0 STR ASC since 07Jan - MacD - BD 16Jan BLW SL, sml LNS ASC, INC GB - MA - ABV 20ma, @ 50ma, W BLW 200ma - VOL - 3 nice GB
* 12h - RSI@60, upr ONG C DV TCUP, lwr cont UPTR - sRSI@76, XX 19Jan ASC GR - RFI +0 sml ASC - MacD - BD 11Jan BLW SL, LNS ASC to SL, INC GB
* PA - MSW inout RM since 03Dec, PRT B ABV RM & sml TL to sml SA @4.58
- PA BO new SA sitting on 20ma ASC
Jibersish right? Well long term RSI seemed to be levelling but the sRSI and EFI’s were somewhat inconclusive showing signs of an uptrend. Shorter time frames showing uptrendish indications.
As you see in the 30 min chart, PA ascended to a support area and bounced creating resistance support range which are indicated by the 2 small blue trend lines.
The Trade;
Having now identified a possible trade entry happening, to confirm the uptrend, I was waiting for the PA to touch the lower trend line as a retest and bounce up to and past the upper trend line. It did bounce off the lower trend line ascending as hoped, now just wait for it to break above upper trend line and we’re good to enter, but I have to go shopping. So I entered prior to my second confirmation.
Learn;
- Nothing in the indications could have predicted BTC’s drop so … it might have worked if bit didn’t ….
- Could have just waited till I return from errands and see if I have second confirmation.
- Could have set a market buy order at or just above the upper trend line and gone shopping.
- deeper - while BTC and the market are in a downtrend, looking for uptrend trades is a crap shoot
So there we have it. If you see anything I missed or have constructive input by all means add a comment. cheers
My thoughts, not advice Oklah. Cheers