Markets shrug off North Korea and get back to the data. Bitcoin smashes out a new high. Ethereum is not far behind.
Market view today
Bought
Commonwealth Bank of Australia (CBA.AX): Australian Bank. Commonwealth Bank got into a heap of trouble when it was revealed that their ATM Deposit machines had been used extensively over a long period of time for laundering money. The CEO will be retired early - only in 2018. Share price was hammered - in my view disproportionately to the likely penalties. The chart does not show signs of bottoming but in an up day for markets this could be the turning point.
Sold
Areva SA (AREVA.PA): French Uranium. Closing transactions completed as French Government completes the bailout of their uranium enrichment industry (reported in TIB129).
Cryptocurency
Bitcoin (BTCUSD): Bitcoin day traded in a wide range again between a low of $4336 and a high of $4,649 for a 7.14% variation on the open. The high was an all time high - above the bubbles.
https://cointelegraph.com/news/bitcoin-so-high-above-the-bubbles-they-cant-be-seen
I had trailed stop losses to a level below recent highs and these were all hit for 3 trades closed. Profits per contracts were $196.26 (4.51%), 198.45 (4.56%) and 236.09 (5.46%) - not bad for a few days work. I did enter new trades on the reversals at $4540 and confirmation at $4545. Would have been better to have taken profits on one trade and to let the other 2 run as one reversal trade was entered higher than the exit.
A quick tally for August trading shows a net profit of 3.96 BTC (at current prices) and trading activity was as profitable as buying 10 BTC and holding for the month. This return does not include Bitcoin Cash windfall.
Ethereum (ETHUSD): I continue to trail stop losses as price inches upwards to the all time high. I opened new trades on the intraday reversal price action and on confirmation. One of those trades reached a price target at 385 for $9.08 profit per contract (2.4% return)
Bitcoin Cash (BCHUSD): I continue to watch BCH prices. As I expected, price has continued to drift lower - it has now broken below the triangle that had formed. There are basically not a lot of buyers and a steady stream of sellers. Sellers are just trickle feeding the market with sell orders - not a paniced market. I will be staying way from this until price breaks the downtrend and then retests it.
Currency Trades
Forex Robot did not close trades and is trading at a negative equity level of 10.2% (lower than prior day's (10.8%). 10% negative equity might feel scary but overall profits remain greater than negative equity.
Cautions: This is not financial advice. You need to consider your own financial position and take your own advice before you follow any of my ideas
Images: I own the rights to use and edit the Buy Sell image. News headlines come from Bloomberg.com. Bitcoin Bubbles image comes from CoinTelegraph.com. All other images are created using my various trading and charting platforms. They are all my own work
Tickers: I monitor my portfolios using Yahoo Finance. The ticker symbols used are Yahoo Finance tickers
Bitcoin: If you want a low cost way to enter Bitcoin, you can buy a package for as low as €50 (in Bitcoin) and earn Bitcoin at a rate way better than your bank could offer - think weeks instead of months. http://mymark.mx/USIBitcoin
August 30, 2017