BCH/BTC break out trade (short term)
Updated
I've notice people either like bch or hate it as a coin.
I don't have any preferences to be honest. But I've done some nice trades in the past so I guess I like it. And it learned me some costly lessons as well.
After very encouraging run this week I was expecting pull back or some longer period of consolidation. I like the expression Sideway fuckery.
After seeing this break out of smaller triangle with decent volume I decided to go for a ride.
EDIT: Looking at Volume again - it doesn't look good on this chart but it depends on time frame and exchange.
I expect some pull back now with possible retest of triangle. But it can also go back for a few more days or a week for some more sideway action and stop loss will get hit.
Almost 4% stop loss is much more than I like. I might go for tighter. But reward is big enough that we are getting 10:1 on this trade anyway.
I won't be surprised if this stop will be hit and it might break out later . But anyway - I can always reopen a trade when new opportunity arises.
____________________________________________________________________________________
If you've found something interesting here you can like this idea or smash the follow button!
Other ways to support my work - if you choose to:
--> Sign up on Binance with my Referral Link: binance.com/?ref=26255122
--> Sign up on BitMEX and get 10% discount on all fees for 6 months after you sign up using this Affiliate Link: bitmex.com/register/tnUzy4
The supporters will get all the help you need to learn how to use different trading platforms AND understand risk management in trading via Private Messages, Discord, Skype...
Never alow your position to be liquidated when trading on BitMEX. You will pay extra fees. Use stop loss. Always use Stop Limit and not Stop Market!
You can also choose to make a donation on one of my addresses:
BTC: 12qe5buhPQTAEnqmMYBNafymePd9BAgqJT
ETH: 0x134c60f13c48fe1ea48b10f980a2c68070f1bf82
LTC: LTuRNgXDU2ojj7DseX4GRhQcFyJzXo82mn
Never trade with more money that you can afford to lose. This is the golden rule.
The bigger picture
I don't have any preferences to be honest. But I've done some nice trades in the past so I guess I like it. And it learned me some costly lessons as well.
After very encouraging run this week I was expecting pull back or some longer period of consolidation. I like the expression Sideway fuckery.
After seeing this break out of smaller triangle with decent volume I decided to go for a ride.
EDIT: Looking at Volume again - it doesn't look good on this chart but it depends on time frame and exchange.
I expect some pull back now with possible retest of triangle. But it can also go back for a few more days or a week for some more sideway action and stop loss will get hit.
Almost 4% stop loss is much more than I like. I might go for tighter. But reward is big enough that we are getting 10:1 on this trade anyway.
I won't be surprised if this stop will be hit and it might break out later . But anyway - I can always reopen a trade when new opportunity arises.
____________________________________________________________________________________
If you've found something interesting here you can like this idea or smash the follow button!
Other ways to support my work - if you choose to:
--> Sign up on Binance with my Referral Link: binance.com/?ref=26255122
--> Sign up on BitMEX and get 10% discount on all fees for 6 months after you sign up using this Affiliate Link: bitmex.com/register/tnUzy4
The supporters will get all the help you need to learn how to use different trading platforms AND understand risk management in trading via Private Messages, Discord, Skype...
Never alow your position to be liquidated when trading on BitMEX. You will pay extra fees. Use stop loss. Always use Stop Limit and not Stop Market!
You can also choose to make a donation on one of my addresses:
BTC: 12qe5buhPQTAEnqmMYBNafymePd9BAgqJT
ETH: 0x134c60f13c48fe1ea48b10f980a2c68070f1bf82
LTC: LTuRNgXDU2ojj7DseX4GRhQcFyJzXo82mn
Never trade with more money that you can afford to lose. This is the golden rule.
The bigger picture
Note
Bitmex setup. You can lower the risk by buying small at higher areas an more on lower.
Note
Moving my stop up a bit. I'll move it again as soon as possible to guarantee myself a profitable trade out of it. Note
Moving stop up again as pull back seems more likely than not. Trade closed: stop reached
I'm out with small profit on BitMEX. But my initial stop loss was hit on Bittrex. So I'm calling this trade break even.
I'll enter a new again if I see any opportunity to go long or short.
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