Coin: Parkbyte
Exchange: Bittrex
Bought at: 0.00007309 (1st), 0.00009169 (2nd)
Sold at: 0.00007997 (1st), 0.00010764 (2nd)
Profit: 9.4% (1st), 17.4% (2nd)
Duration: 95 minutes (1st), 2 hours 50 minutes (2nd)
1 hour chart
5 min chart
Thoughts:
Most alerts received from the cryptoscanners today were based off altcoins that had significant bull runs followed up by pullbacks. On some coins you will see significant volume and gains that go as high as 100% and then a major sell off will happen. During these major sell offs, most coins respond with a pullback (bounces) that sometimes reaches the original peak of the 1st run.
Today’s trade of the day I decided to take advantage of buying and selling off of these pullbacks. My strategy was to buy somewhere between 30-40% of the run and sell off at about 75%. Fortunately I was able to complete two trades from two runs on today’s coin PKB.
The first trade went through successful with no problems. On the second trade however, I missed the quick price jumps which could have been upwards of 40% gains if I completed off of my strategy. Instead I settled for the next bounce trade where I bought at 0-5% of the run and sold at close to 50% which still netted me over 17%! The misses can be seen in the 5 minute chart (2nd image).
Thanks for visiting my blog and HAPPY TRADING!
Rob