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RE: The Coinigy Market Scanner will be a game changer
Luc - Can you please take a look at BAY/BTC on BITTRIX, and let me know your thoughts on this chart.
If I placed a buy after the first crack below the base at .00001000, I might have taken a 10-20% loss... or should I just patiently wait for the bounce?
Should I now consider .00000700 to be the new base?
here ill post my buys and sells for you... but yes your safety circles are spot on.. good work..
Im not taking a loss on those last entries, im waiting for a bounce.. but if it BTC takes a nose dive it may influence BAY to crack lower, those are the breaks.. Still your entry was good and was a very high percentage trade, so thats great trading.. as you will notice in the chart I have already made many profits on BAY.. so if the worse happens and it cracks lower, im not to hurt by that.. however it will likely bounce.. buyers are just nervous here because of BTC forking issue
Thanks for posting your chart @quickfingersluc, that was very helpful for me.
As a general rule of thumb, how deep does the crack need to be for you to consider a buy? I've been looking for situations where the crack goes for an 8% dive or deeper to assure my trades are restricted to only ones that have a high expected value of return. Would you consider that a good rule of thumb or is there a different metric I should use?
If you have the free time I hope you can discuss the current uncertainty in the market due to BTC forking on August 1st in an upcoming video, and how your approaching this highly political issue within your trades. I would have assumed the uncertainty in the market would be good for your trading style, but I'm beginning to realize that my assumption may have been wrong.
Keep up the GREAT work, you are hands down my favorite source of market knowledge at this stage!