OMG, people go long, but I short. - New algorithm
Updated
Currently the market is unstable.
It's bullish at the moment, but there are some coins - such as BTC - which show a certain degree of resistance.
That resistance can either mean that they will EXPLODE in a super bull run, or that they are acting as brakes.
Given that in such a volatile context our sweet OMG has flown to +30% overnight, we should make sure to open a short position and prepare for a potential bearish return wave.
In case the short position is blown off and the other big players show a bullish movement, we'll just take a small loss and ride the bullish wave to interesting heights.
I am currently looking for an entry point after a small sculpting session from 9.9 to 9.5, in order to short and leave it there for a while.
Afterwards I'll be using 3x leverage to open a short position with 25% of the capital I am comfortable with holding there.
BE WARY: this is not a long time investment strategy. I am testing this algorithm in day trading sessions and so this suggestion holds, but for the medium-long term, this coin's prospects look green to me.
I'll update as soon as the situation changes: leave a comment if you found this information useful, and I'll post more.
It's bullish at the moment, but there are some coins - such as BTC - which show a certain degree of resistance.
That resistance can either mean that they will EXPLODE in a super bull run, or that they are acting as brakes.
Given that in such a volatile context our sweet OMG has flown to +30% overnight, we should make sure to open a short position and prepare for a potential bearish return wave.
In case the short position is blown off and the other big players show a bullish movement, we'll just take a small loss and ride the bullish wave to interesting heights.
I am currently looking for an entry point after a small sculpting session from 9.9 to 9.5, in order to short and leave it there for a while.
Afterwards I'll be using 3x leverage to open a short position with 25% of the capital I am comfortable with holding there.
BE WARY: this is not a long time investment strategy. I am testing this algorithm in day trading sessions and so this suggestion holds, but for the medium-long term, this coin's prospects look green to me.
I'll update as soon as the situation changes: leave a comment if you found this information useful, and I'll post more.
Trade active
Short started at 9.51. I'll keep monitoring the market every few hours to see whether it's good to take profit or to let it run until it touches $9.Hedging it with BTC, as mentioned in my following idea.
Note
Gained 15% as the price touched $9.1 and triggered my take profit, after I changed the short setting to 9.7 by investing more money.I opened a new one at 9.7808, this time with no take profit. I may be leaving this hedged trade open for a couple of days, as the algorithm suggests a plunge to $8.5
Note
It's currently at +11%, but I'll be leaving the trade open overnight and see what happens, taking advantage of the hedging.Trade closed manually
Manually closed 33% of the trade just little over $9.1, scoring a 6% profit over the whole invested capital.The rest will be left open overnight, as announced.
Will update in some hours.
Trade closed: target reached
Closed the entire trade at $9.1, for a total 18% profit over the investment.The coin is showing some downwards resistance and I don't find it profitable to leave a short open much longer.
Currently opened a long to profit from the volatility, but that's another story (which won't be told in this idea).
Stay tuned for more ideas, and let's keep making profits!
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