Quick update on my risky BTC trade from yesterday 😁 - no risk anymore, just potential for more
What can I say... This BTC short already payed off big time and it will probably continue even more as I pointed out yesterday.
Read it again here:
https://steemit.com/bitcoin/@ew-and-patterns/btc-risky-trade-that-i-took-i-don-t-recommend-shorting-btc-instead-buy-low
This could be a correction, or the start of a bigger move down. We won't know until tomorrow. Anyhow I was able to lock in a daylie salary in profits already just by tightening my stop. And it could be much more tomorrow. My current Stoplevel is 4277$.
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If you don't understand why I can profit from BTC falling down, I will explain it to you:
I can buy BTC for longterm, or as I mostly do, trade the BTC CFD which depicts the rate of the real BTC, but is an over the counter deal. This is not permitted in every country, but for me this is insane, because I can open and close trades in a second whithout any delay and even on a bigger scale if I want to. If I use 2 CFD that means that for every dollar the real BTC moves I lose or win 2 Dollar. This is insane flexibility and scalabitily... And yes this is like a stock exchange where you can actually go short BTC and earn from the downfall. It is not selling the BTC that you bought....
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If you think this to be useful information:
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way i see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)
WOW !!!!!! IT'S GOING DOWN LIKE CRAZY lol love it
I agree with you. I hope the S.E.C. approves options trading in GBTC as soon as possible because I "prefer" to limit risk via an options trade. Did you make your sell call on BTC because of the chart of "actual" bitcoin prices..or by following the chart of that OTC bitcoin proxy you found? I think you are on to something but it still takes guts to go out on a limb and outright short shares. Make sure you use zero margin if you do that...trade only the cash market...but still. Let's get these exchange traded bitcoin proxies to market as quickly as possible. You can monitor sentiment via watching and tracking GBTC...I know that for a fact. I'm also tracking BTSC but haven't checked it in a while as I know it goes to a new 52 week low ...based on what it did during the selloff from my short at the .20+ high. I have a blog on BTSC too but I see they just ramped it again so I guess I still won't be watching it for awhile. Selloffs do come quickly though once the alarms start sounding. You have become your own bank...by shorting bitcoin! You "could" end up being a "legend" here if you aren't careful. :-)
I would love to become a legend here😎.
It is the thrill of making good trades and showing off what I learned, which makes the writing about it so exciting for me.
I am making all of my trades only based on the real BTC chart provided by bitstamp datafeed. But the CFD chart is very close to the real one which I think is unusual.
I can't track CFD via my charts so I will stick with tracking GBTC. I think your payoff on your short will get you so excited that you will forget to scream >>> "Buy the pullback!" as BTC trades sub $3500. For those who don't trade and just HODL. If you do actually HODL til you lose 50% from your buy at $4000+...here is a blog where you can voice your feelings about how long you would HODL in oreder to get even on your last buy.
https://steemit.com/hodl/@joejustjoe/meaning-of-hodl-on-7-30-17
Just store that link in case you need it...gulp! :O >>> :-)
@ew-and-patterns got you a $1.6 @minnowbooster upgoat, nice! (Image: pixabay.com)
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This is exactly what I needed.
This is world-class material.
@ew-and-patterns that is the stand now,falling down or up pls explain
Still falling but falling a little slow, so I am a bit hesitant to say it will drop big 100%. I don't really care what it does now as my position is in profit and safe. I think tomorrow it will be decided if up or more down.
I would not buy or sell right now, just wait it out. And don't ever short BTC if you are a new Trader.
But no risk without reward