Long

BCH Breakout

Updated

I had a plan to long when it broke $500 but I was overexposed in other trades and did not take it. Original plan was to take half profit at $750, which is where we are now, and the other half, god willing, at $1,300ish.

My other positions have had targets hit () or stops hit (, ) so capital is freed up. I am planning on entering on a dip or break and retest of $750.

If you look at my ideas you will notice a pattern. Drop, long accumulation, breakout, retest, off to the races (hypothetically.) If I wold have been monitoring at the time I probably would have entered when it broke out of that multimonth range around $365. I just wasn't watching closely at the time.

Note

ftx.us/ feel free to use this link if you want to get in on this idea

Note

Might get a second chance here. Markets are looking tough, could retest the original box, and if it does and bounces I'm taking a big position.

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Feb 22nd call was right, tough week in crypto. We might get our real second chance here.

Personally my macro crypto view is we stall out at around 50k, have one more retrace to a 42k with 36k being worst case, then that was your last chance to buy sub 40k for the rest of your life. I go into more detail into this on my twitter account (Ribsauce, follow me if you want to) Posted a thread that ended with my thoughts on Feb 28th and also retweeted a conversation with the King Stillman the same day.

Anyway, when this happens you want to be long first, and as soon as it cools fly into whatever alts you like, included.

If is not always the center of your portfolio, you're not gonna make it. Sorry anon

Trade active

Longed this, smaller size/risk than (I have an idea for it too). I will tell you why.

If you look at the historic charts and line them up with the overall markets, failed to pump at all during the 2019 pump where BTC hit 13.8k. pumped along with BTC then. It bothers me BCH did not.

I mean this chart is one of the cleanest charts to get a 3x you will find, but knowing it did not move at all in 2019 makes me hesitate a bit, so I sized down on it vs LTC

Note

So, like a donkey I messed up some other trades and shook myself out of this one for overall risk control, got out about 525ish, back in 550ish, so I left some on the table, but whatever. Back in, invalidation is closing back in that box, and I am not allowed to move up stops until we cross the first line, and shake myself out unless we reenter the box.

Trade closed manually

Hmm, hit T1, entire crypto market took a bump, I was out at 540ish, if BTC starts looking good I will monitor this.

BCH performed pretty well until today, outperformed LTC actually, to my shock.

Trade closed manually

Small update, if I post my brags I post my L's. This trade haunts me. I had a plan to get back in at $500, but I just straight up got busy and forgot, this darn thing hit $500, then rocketed to my moonshot target, leaving me in the dust on a 250% gain.

Even with this missed trade, Feb to May was my best run ever. I was long out of my mind the entire time and sold the EXACT top.

Exits
12.80 (my most profitable trade of the year)
$350 (you literally had a 45 minute window to sell here or higher)
$320
59k.

If would have hit this trade it would be even better.

I have not taken a crypto trade since closing that Litecoin position May 12th.

Ribsauce

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