Short

Shorting a pump and dump. The dream trade.

Updated

Clear Pump and Dump, Chinese Broker pumping the price while BFX is arbitraging. We have what seems to be a Pivot. Risk/Reward is GODLIKE, probability of success is great. i take the trade with SL one pip above ATH.
The best trade would be when we break the 2.15$ but i doubt BFX will have enough liquidity to allow that.

TP1 is 1.35$ probably 75% of the position, TP2 is 0.25$ and i'm not kiding.
I'll probably add a big position if BFX allow me to do so when we break the 1.15-1$.

Good luck and Good Trades

Trade active

Entry 2.55 SL 2.72

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Big red candle as expected, i added 2x my position at the break of the 2.15 support.
SL is now at entry of average price : 2.225.
I'm a bit concern the sell off should be with more volume. But that could be a sign the sell off could be more bloody that i expected

Note

If you were long, don't worry there's a big support at 0.10$

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i don't really worry if it goes up short term, it's just algos and whales taking profit

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Got stop out, Looking for re-entry when price go back to bear trend line

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Back in with Stop at 2.30

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Back in : Entry 2.24 SL 2.30

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active

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Stopped for a very small loss.
Re-Entry 2.62 SL 2.73

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This "pump" is just 600 000 shorts contracts taking their profits. not worried yet. but i stay open for giving up, if i see a healthy move upward.

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Sorry if i am not clear :
I still think this is going to 0.5$ soon, BUT i am not stubborn and if the market show me i am wrong i will give up. Hope this clarify
Entry is still 2.62 and Stop is still 2.73

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All right, Stop is now Entry price = 2.62

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Stopped at 2.62 for Breakeven. That pump is a joke lol, divergence is huge, volume is weak etc.
Re-Entry now at 2.70, SL at 2.79

Note

Stopped out for a small loss. Looks like we're going for 3.05 or 3.8. i'll post later.

Resume : I got stopped twice in loss for -1,5% total . When this trade gonna succeed i'll make something from +80% to +240% with my scaling strategy. So i have a lots of bullets left.
You can be right on your read but wrong in timing, the main goal of trading is losing the minimum of the minimum when you're wrong and increasing your capital by a lot when you're right.

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Ok now is a good timing i believe. We are facing a good resistance and the fibonacci level of 3.05.
Entry : 2.925 STOP is : 3.06.
My entry is 50% of my position
I'll add when we break uptrend 25% and 25% when we break the manipulated level of 2.05-2.15

Good Luck !

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Stopped for 1.05%. Total loss is 2.55% of 25 basis points. The maximum i allow myself in an idea is 1% of 100 Basis points, i'm at 0.6375% now.

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Parabolic move is broke now, it's my last entry :
Entry 3.19, SL is 3.42, exposure is 35 Basis points.
Gonna update when i scale.

Good luck

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So far so good, the polarity of previous support have been successfuly tested.
I now reduce my SL to my entry point = 3.19

Good luck everyone, i believe this gonna be extremly profitable.

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i did TP 50% of my position at 2.76, because BTC is up to a bear market rally. That will allow me to hold on to my position and add more if ETP try to move up

Trade closed: target reached

Trade was closed with medium profit

JJFF21

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