Today I was looking for coins which were moving a decent amount and who had a good chart setup. I stumbled upon MCO, or Monaco Coin. Didn't really know anything about it or care about it, but I was seeing some bullish activity in the chart while also hearing some positive news about it being listed on a Chinese exchange come August 23rd.
I decided to buy some in it's consolidation area around .00275, which was not the best entry point, but my Fear Of Missing Out was starting to itch. It ended up breaking out to the .003 area where there was a GIANT 40 bitcoin worth seller wall, therefore I sold my position for a nice 8% gain.
I then waited and kept watching the level 2 data on Bittrex, in order to see the moment the giant seller wall disappeared, in order to re-enter as the buyers were showing strength. And the moment I saw the seller wall vanish and not much size on the ask, I bought in again at the .00305 level in order to get my fill, as it started to fly. I then sold in my position in increments around the .00338 level as I felt the sellers were gaining the upper hand. I closed this position up 9%.
As of writing this, MCO has dropped back down to around its prior consolidation level and I am currently watching it in order to determine a good entry, if any.
I also have a twitter account where I post my trades, and some of my thoughts. I am quite new to crypto-trading and hope to get better and better as I get real world practice.
If you want more of these types of posts let me know.
My twitter handle: @CyrusSid.
Another trader who is killing it in the markets is quickfingersluc. He is a fellow Canadian day trader of stocks and crypto-currencies. He has a bunch of trading lessons on his Steemit/Youtube channel.
If you have any questions, do not hesitate to leave a comment, I will try my best to answer them.