System has finally updated its position.
Has officially flipped long.
Entered with a market buy for 50% of desired position. (will update with adds or stop loss)
TPs marked (red)
Stop Marked (blue)
Waiting on the 6hr to show a long call for confirmation, Then watching for continued confirmations. Will close out if I see strong rejections developing or bearish divergence at a resistance.
Will update this thread as position develops.
There are plenty of reasons to expect a local bottom and bounce here. But I am in no way saying this is THE bottom. It could be sure. I still have spot orders lower as posted in Discord. This leveraged position covers any missed buys and then some. This is a mechanical system I tinkered with for some time. It is a simple system and it works, though does make losing calls during times of consolidation. And can make early entry calls on the daily.
A spike down to my original low idea of 2840-2900 is still possible and would stop me out of this leveraged position. I am following my own Risk system and I highly recommend you develop one for yourself before ever attempting to trade, and if you do not have a risk system trading with leverage is gambling with the odds against you.
Has officially flipped long.
Entered with a market buy for 50% of desired position. (will update with adds or stop loss)
TPs marked (red)
Stop Marked (blue)
Waiting on the 6hr to show a long call for confirmation, Then watching for continued confirmations. Will close out if I see strong rejections developing or bearish divergence at a resistance.
Will update this thread as position develops.
There are plenty of reasons to expect a local bottom and bounce here. But I am in no way saying this is THE bottom. It could be sure. I still have spot orders lower as posted in Discord. This leveraged position covers any missed buys and then some. This is a mechanical system I tinkered with for some time. It is a simple system and it works, though does make losing calls during times of consolidation. And can make early entry calls on the daily.
A spike down to my original low idea of 2840-2900 is still possible and would stop me out of this leveraged position. I am following my own Risk system and I highly recommend you develop one for yourself before ever attempting to trade, and if you do not have a risk system trading with leverage is gambling with the odds against you.
Comment:
The 12 call on this system was the signal to close the short call from the daily at 6247. I did not get that exact entry. You can see it flipped back and forth before the daily called a long. I generally use the 12hr for the exit calls on the daily positions and watch the 6hr for continuation/confirmations
Comment:
6hr made a continuation call, so I will be watching that TF and the 12hr for any reversal/exit long calls.
Will add to long on a break of 3275 Bitmex price.
Will add to long on a break of 3275 Bitmex price.
Comment:
This trade is going well so far. I posted in Discord when I stopped out of this trade at about 3760 for an 18% profit from the entry.
Now I am getting the first daily close call, so if you are following this trade and have not taken profit yet. This is a good place to collect. Total profit would be around 14% if exited here.
I am conflicted by this signal though, because there are long signals on lower time frames and this signal is only on the Mex chart at the moment. Stamp still has not closed/flipped. The way I handle these situations with the system is to either go into cash/1x short, or watch lower TF 3hr-6hr for an exit signal there to confirm the daily. Because this is not one Bitstamp I will be watching the close today on that exchange to see if it confirms Mex.
LTC and ETH USD pairs both posted a close long/1x short call within the past few days, so I will wait for a long call to reenter any longs on these. This could be a signal for a low retest, or just consolidation before new long calls are made.
Either way, congrats on a profitable trade.
Now I am getting the first daily close call, so if you are following this trade and have not taken profit yet. This is a good place to collect. Total profit would be around 14% if exited here.
I am conflicted by this signal though, because there are long signals on lower time frames and this signal is only on the Mex chart at the moment. Stamp still has not closed/flipped. The way I handle these situations with the system is to either go into cash/1x short, or watch lower TF 3hr-6hr for an exit signal there to confirm the daily. Because this is not one Bitstamp I will be watching the close today on that exchange to see if it confirms Mex.
LTC and ETH USD pairs both posted a close long/1x short call within the past few days, so I will wait for a long call to reenter any longs on these. This could be a signal for a low retest, or just consolidation before new long calls are made.
Either way, congrats on a profitable trade.
Comment:
That was a quick one.
System has flipped back long on mex. Other exchanges never had the short flip. Lower TF still show conflicting signals, so I am in the market, but lookin for other reasons for any leveraged trades.
System has flipped back long on mex. Other exchanges never had the short flip. Lower TF still show conflicting signals, so I am in the market, but lookin for other reasons for any leveraged trades.