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.
The price of Bitcoin has been ranging between $6,300 - $6,750 over the past nine days. These are the times when it is best to set price alerts/stop loss orders so that you can get away from the charts and social media. Go outside, socialize, read, write, learn...anything has to be better than watching a stagnate price!
Keep in mind the storm always follows the calm. Taking a breather right now will allow you to be refreshed and focused for what lies ahead! Refer to #1 under the Watchtower to see what I am expecting in the short term.
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 | Resistance cluster from trend (red), horizontal (white), and 12 day EMA (teal) | Daily Shooting Star & Hanging Man | Double Top on 4 hour chart
(2) SPX:USD | Dragonfly doji vs trend (red) & horizontal resistance (white)
(3) XAU:USD | Watching for price to pull up and into death cross. Want to open short at resistance cluster (red circle)
Lifestyle
I've been taking my own advice over the past couple days and have been living a very balanced lifestyle. I played disc golf on Monday, softball on Tuesday, ball golf on Wednesday and I am contemplating going to the new Jurassic World this evening.
I am also playing in a big golf tournament this Saturday. There will be a calcutta tomorrow night along with dinner and music. It is a 4 man team event and in the last three years my team has finished 1st and 2nd. If I am remembering correctly, first place paid out over $1,500 per person in cash!
Living life >>> watching charts 24/7.
Tweet of the Day
Great read indeed, would recommend! Link for convenience.
Homework
I am very excited about the upcoming article which will cover Options, Futures and Hedging! Imagine buying an insurance policy which would pay out when your crypto portfolio loses USD value...If you have a significant portion of your net worth invested in crypto then why wouldn’t you buy that policy? That is a put option and the premiums can be very reasonable!
Thank you for your time! Have a question? Leave a comment! Click follow so that you don't miss out on future updates. Remember that smashing the like and resteem are good karma!
After content like that, who wouldn't want more?
Yesterday's Post - Day 102
BTC 4 Hour Chart DAILY UPDATE - Day 116
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