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 the markets get trapped inside a range it can get exceedingly boring and/or frustrating to watch. Sometimes a no trade zone will last for weeks on end. Then when most traders and investors are sufficiently lulled to sleep a big move will occur.
That is the feeling that I am getting while I await the breakdown of longer term support. I am expecting it to happen in the blink of an eye and am doing my best to be ready. There will be multiple trade opportunities available to those who do not fall asleep behind the wheel
I am feeling very lucky that this didn’t happen yesterday while I was playing in a golf tournament or over the evening while I was sleeping!
Open Positions
To read more about this position refer to day 100 of the 4 hour chart DAILY UPDATE.
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 | Key areas of resistance
(2) BTC:USD | Dragonfly doji forming on daily
(3) Gold | Opening short if price pulls up and into death cross
Lifestyle
As mentioned above I took the day off yesterday to play in a golf tournament. It was a four man team event and we played well. We would have been in the top couple spots, maybe even tied for first, if we didn’t blow up on the 17th hole. We went 3 over par on a hole that is less than 300 yards and ended up losing to 1st place by 4 strokes and finishing 1 stroke out of the money.
I played really well and cannot blame myself too much. I had four natural birdies, made some big putts and hit some awesome drives. Sometimes there just isn’t much else that can be done!
Today is Sober Sunday and I must say that I am growing to love the mental cleanse that it provides on a weekly basis. Not to mention the self confidence I get from knowing I have control over my vices. Yesterday we started drinking at brunch, which started at 9:00. We found ourselves smoking and doing drugs a hour before the tournament even started.
Talk about coming in hot!
There may have been a couple teams that shot a better score than us, but there were certainly not any teams that had more fun! As far as I am concerned that is all that matters!
Tweet of the Day
Homework
Article about options and hedging is coming soon! Keep an eye out for it in the next couple days!
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After content like that, you know you want more!
Previous Post - Day 104
4 Hour Chart DAILY UPDATE - Day 119
Weekly Gold Update - Week 15
School - Intermediate Trading Strategy | Gold Weekly Update (week 13) | White Paper Cliff Notes: AION | Intro to Indicators: Stochastic | Bitcoin Market Cycle
Need a break? Read some Poetry! - I believe | Aliens | The Universe is a Hologram | Sunset