Alright Kids, if you're interested, you can read on to get a feel for one of the ways I like to trade these markets. This is a very brief synopsis to get you to look at the market differently. On the sells I would not recommend going short unless you can watch the market full-time because even though you get stopped or filled you might miss a really strong move to the upside. It all comes down to momentum and time-frame. I'm not a big fan of getting all hyped up on technical analysis
, but it's necessary to fully understand because that's how and what the majority of day traders use and base their trading decisions on. It takes a while to learn and just like anything else. How dedicated are you? This chart is on 1 hour. That's what I use to pull the final trigger. Macro analysis first off the weekly, to 1 day, to 4 hr
, then 1 hr
. The first 10-12 hours after a big move is usually pretty telling. But like a race car, you've got to give it enough track to move. Starting with move #1, coming off a big pump, price hit .35¢. Price faded 12 hours later. RSI
pulled back lower. That was a sell at .345¢ with a stop just out of range above .35¢. Move #3 fell off the cliff
, 10 hours later #4 is moving sideways with RSI
rising. Long at .305¢, stop out of range at .30¢. Another factor was TA support at the .30¢ range. #5 pumped to .32¢ then after 4 hours continued parabolic to #6 at .345¢. After about 10 hours softened to .335¢ with a pull-back pretty hard below 70%. That's a sell at .335¢ with a stop above just out of range. #8, #9 & #10 continued lower lows with prominent lower RSI
valleys. Very strong downward trend-line from #6 to #9. Price rolled over and punched down to #10 at .305¢ with RSI
stabbing at 20%. #11 posted up a flat higher lower with RSI
substantially higher, long at .317¢. Also, look at the highs cupping to the horizontal. #12 and #13 is a classic double-top move with lowering RSI
. Selling at .33 or just below setting your stop at .335¢. That brings us to today. Cupping again to the upside, but very flat and low volume
. I'm long right now at .32¢ with a tight stop at .317¢. If you're still in fiat or short, I see an entry or cover just above .325¢. Talk about pulling the bow back! BTC
is pretty much in the same boat. Run the numbers on the trades and see what you come up with, with or without shorting, vs HODL'ing. But if you're a HODL'er this is the mindset that your up against from the day and swing traders. You can variant this method more aggressive or less. Bottom line is to take profit.
And... If your interested in another shot of late night inspiration, here's a little Scuzz Twittly: because ain't nobody like her! XRP, that is!!!
And, if your under thirty-five, I suggest you ask you mom... ; )
-- Get $ome!