BTC Trading Challenge - Day 115 (0.18131 BTC)

sawcruhteez (55)in #trading • 6 years ago

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Disclaimer: I do not have a lengthy track record as a successful trader. This is a personal challenge and meant for entertainment purposes only. If you do decide to actively trade in cryptocurrency then never use more than 1/10 of your overall stack. You will make mistakes and you will get hurt. However, if you can learn a profitable strategy before getting completely rekt then the initial investment will be irrelevant.

When I started trading I quickly noticed that I was addicted to being in a position. It got the gambling juices going in my brain and made it much more exciting to watch the charts. As the matter of fact I noticed that I couldn’t pay very close attention to the intraday price movements of an asset unless I had an open position.

I recognized that as a potentially fatal problem that needed to be fixed asap. I started with taking some time away from the charts completely. I didn’t trade for over a month and I barely looked at a price chart.

After returning I noticed that I needed to focus more on indicators that tell me to stay out of the market than trying to find one that is flashing a buy signal. That is one of the main reasons I started the BTC:USD 4 hour chart DAILY UPDATE. That has forced me to stay engaged with the daily price movements even when there aren’t any trades on the table.

Making money is the easy part, keeping it is the hard part. Learning technical analysis is the easy part, staying engaged and unemotional when the market is turning against you is the hard part.

Closed Positions

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Refer to day 100 of the 4 hour chart DAILY UPDATE to read more about the entry and day 125 to read about the exit.

Watchtower

These are trade ideas and/or open positions that I am keeping my eye on. They may or may not pan out the way I see. These are just ideas, I am not recommending them to anyone else.

(1) BTC:USD daily chart | Broken Bill Williams fractal, broken trendline and EMA crossovers

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(2) ETH:USD daily chart | Unable to breakout of downtrend, has not broken a Bill Williams Fractal

$ethusd fractal and trend.png$

(3) LTC:USD daily chart | Broken out of downtrend (bullish) | 50 & 200 day MA’s posturing downward (bearish) | Expect bounce to $100 where resistance cluster will dump it to $50.

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(4) WTI:USD daily chart | Healthy pullback to $68.30 off hanging man and spinning top. Planning to long support from trendline and cloud.

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(5) S&P 500 daily chart | Potential head and shoulders pattern forming

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(6) Gold daily chart | Looking to short bounce | Resistance at $1,265 and $1,288 look like good entries

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Lifestyle

This past week has been really hard on me. My grandmother was put into hospice care, my brother had emergency surgery to put a stint in his kidney and Sunday evening I found out that my uncle has small cell lung cancer. Those that have been following this blog for a while know that my dad passed away in February of 2017 and my dog followed that November. I have been battling depression ever since and yesterday was the first time I have lost in 5+ months.

It all felt like too much to take and everything kind of came crashing down. I stayed in bed all day crying, sleeping and feeling depressed. I didn't eat anything for over 24 hours, and have never wanted to talk to my dad so badly in my entire life.

The weight of the world can be backbreaking. That is certainly how I felt over the past 36 hours. I am not ashamed to admit that the depression won a battle yesterday because I know that it will not win the war!

Tweet of the Day

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Homework

I decided to separate the articles about options and hedging into two posts.

Options 101: Limited Risk with Unlimited Rewards is now available!

Article about hedging is coming soon!

Thank you for your time! Have something to say? Leave a comment! Click follow so that you don't miss out on future updates. Remember that smashing the like and resteem are good karma!

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