Trading Journal #11 - CLOAK/BTC (Day Trade)
Even though I sold for a tiny profit, I messed this trade up by doing the following:
I set my original sell order at the upper limit of the channel. (I didn't read that the 3 previous spikes past the upper limit were steadily decreasing, so I should've placed it a bit below the spike within the channel).
I moved my sell order 3 times after I saw that my original sell order was not reached. (Moving it the 1st time didn't bother me so much because I realized my mistake in real time, but moving it the 2nd and the 3rd time was a big No No....because by doing this I'm actually chasing the market instead of letting the market come to me)
Lesson Learned!
I know this is isn't the same coin but I have been keeping up with Magic Lucs blog and just wanted to get some refreshers here from someone who is very active in the community. I also don't want to bombard Luc with so many questions considering how annoying that must be.
Wanted you to check out this coin with me to see if I analyzed the charts correctly.
Notice that I set an alert at .00018132, what do you think?
https://www.coinigy.com/s/i/597a30bbcab13/
Looks good to me. Every drop of 10% or more gets a bounce to your base. On a side note, I don't really see the value of having the percents on your y-axis....it can make analyzing charts a little deceiving.
I usually don't keep the percentages on there, I just switched it to see what the percentage was since I'm so bad at figuring that out...
I understand...no problemo. Like what Rob said, your bases are good. Now that you have you alert set you should already have an idea of where to place your buy and sell orders based on previous bounces. Good luck!
Thanks, man! Trying to make sense of all of this so I may come around here and there to ask for some clarification. I appreciate your help guys!
I've done that PLENTY of times what you did. But I think your sell order was fine, just got a little unlucky that you reached the tail end of those limits on that day. I probably wouldn't have taken that first buy....on these low volume coins, I like to buy really LOW. However, these coins do get a little tricky
Yeah....I should've waited for price to drop lower on that first buy.