Another day, another single trade, another small trade another win!
The Breakdown:
Current Balance:
No. of Trades: 1 (long)
Winning Trades (24 hr.): 1
Proof:
Winning Trades (Month of April): 2
Losing Trades (24 hr.): 0
Losing Trades (Month of April): 0
Percentage Increase/(decrease) in Past 24 Hours: 6.26%
BTC Increase/(decrease) in past 24 hours: 0.0034
Percentage Increase/(decrease) Since April 1, 2018: 14.03%
BTC Increase/(decrease) Since April 1, 2018: 0.0071
Slow and Steady Wins the Race
One thing is for certain: Nobody is going to accuse me of over-trading here. We are 5 days in and I've made a whopping 2 trades!
The real story here is the 14% in crease in the little account with those two trades. This morning I found my self wishing I had funded the account with more but I'm gonna stay with playing it safe for now.
Two Reasons for Taking the Trade in One Chart
This one was a little bit shaky. Although I turned a profit, it wasn't an ideal trade and I ended up (again) getting out before I hit my target area.
Anyone watching the price today knows that it is a little volatile today, swinging up and down between $6,600 and $6,900ish. You could say that is the third reason I took this trade this morning.
The Chart
In the chart above, you'll see the resistance area I was watching. First, the fact that there was a double bouce in the same area led me to believe that price was holding. Second, in the blue shaded rectangle, you'll see that price has held there 8 or 9 times (excluding the double bounce candles) on the one hour candles.
Since a triple bounce is rare I decided to go with the trade at $6,731 with the assumption that I could pick up a few pips at least on the way back up towards the local resistance. Well, I was right, just not as right as I would have like to be.
My aim was to take profit at $7,820 but Bitmex has issues with volatile times and closing at market doesn't happen instantly in times of large order volume on their exchange. So, at the end of the day, I ended up with a little less than I could have. The good thing is that a little less is better then nothing.
One thing I want to point out is the cancelled order to close the position above $6,900 which I'm sure you noticed in the order "Proof" above. Bitcoin moves furiously sometimes. That being the case, when I trade shorter-term I like to set orders to close the position with about $100 difference on my actual targets. This way, if something takes off in the direction of my trade I have an order ready to get out before any momentous retrace.
The Trade I Should Have Taken
A couple hours prior to the trade I made was the trade I should have taken. There were two very good reasons and one of which was my favorite reason of all: That's right, Bullish Divergence!
Check out the chart:
See the lower low on the RSI that corresponds with the higher low in price? Yeah, so did I....just as soon as I got back from taking my dog for jaunt.
It's great having a dog and we love our walks but damn it, I want it all!
Could Be Worse
Ok. I know, it could be worse. I could have had nothing to show for the game today. I could be down 14% instead of up. Blah, blah, blah.
Withing the next few days I promise there will be a day when I have more than one trade to talk about.
Until then, leave me a comment and let me know what you think. Have you made any good trades lately? Any bad trades lately? How bad or good? What was your reason/methodology? I'm curious if anyone is following along here.
As per usual, happy trading!