IREN Limited Stock Forum (NASDAQ:IREN)

yesterday

Wow, strategic reserve might be a thing. Risk on!

5 days ago

I bit here at the closing price of 8.78 and I'll get out at the first profitable daily close. Historically, at this level of discount, my W/L ratio is 68-0 with an average gain of 5.4% in 29 trading days. With the market as it is, I suspect this could be toward the longer end of that range, maybe even beyond if keeps soiling itself. but it could also pop tomorrow, too. You never know with BTC and its mining affiliates.

I'm not a diamond-hander here at all, though. This is ideally a smash and grab 1 day trade, if possible. There is real risk here, which is why I'm not posting this as an idea like I normally do. But I'm willing to wait, so here I am. Maybe a better price tomorrow, maybe not. If it is, I'll add to my position and if it's not, I'll be cashing out with a profit.

JJL_Capital

6 days ago

Under 8 will be tempting but need to see BTC put in a lower base.

JJL_Capital

This thing is still giving good intraday scalps. Not going long here, as I expect $8-9 if the S&P corrects given the current correlation.

redwingcoach

+23% since Jan 29th while is -7.5% in the same timeframe. that outperformance does tend to mean revert over time, though, just like underperformance does.

redwingcoach

Here's a public service announcement for everyone who complains every time and (or any other miner) don't move in lockstep: STOP FANTASIZING AND GIVE IT UP.

Stop expecting IREN to do what it simply doesn't do. The correlation coefficient between IREN and BTCUSD is only around 0.4 to 0.5 depending on the timeframe analyzed. The other miners have even lower correlations with BTCUSD, so they aren't gonna listen to you complain either.

For the noobs, a 1.0 correlation means the two always move in identical percentages and direction over the timeframe analyzed. IREN has greater correlation with (a telling statistic on its own) than it does BTCUSD. At best, the miners have moderate correlation with BTCUSD.

If you want something that moves more hand in hand with Bitcoin, buy a Bitcoin ETF (they don't even have perfect correlation - but they are as close as you're gonna get). Miners are not your trading vehicle if you want high Bitcoin correlation, though.

Side note - can we all PLEASE stop whining about a lack of correlation ONLY when IREN or some other miner goes down or not up as much as bitcoin? I have literally never seen someone complain when IREN or some other miner is up 5 or 10% when BTC is only up 1% (and that happens a lot). You just look like a crybaby (and an amateur) when you only decry lack of correlation only on days when IREN or another miner is down more than BTC or up less than BTC. That goes for you too, , , , , , , and even traders.

You need to be realists if you're gonna make any money trading over the long haul. ESPECIALLY with miners. You're welcome.

redwingcoach

too bad - woulda been a good buy with one more good down day, I think. barring a Bitcoin collapse today, I don't see us getting to buy levels today.

but good trading takes discipline and if it's not gonna meet me at the right price, I'll just wait until next time. there's ALWAYS a next time, because stocks don't move in straight lines.