Toda was pretty slow. I'm not sure how it is in the other markets, but ETH was atypical. I think since Ethereum is sliding, people are a little spooked. I also noticed that whenever ETH tried to make a climb back up, the coins I was looking at took little dives . I don't know if people were cashing out to try and get out of ETH or what.
For my part, I've decided to just keep my account in ETH until it eventually makes it way back into the $1350 range. Hopefully making positive trades with what I have and then see a nice culmination of gains once ETH is reconstituted. I just now saw a news item saying that there would be NO north Korea ban on crypto trading. That should help some over tonight and tomorrow.
Most of my trades were, again, in APPC and as of this writing, I still have 1 open trade and 2 partials (72% and 90% filled). I was feeling more comfortable with position sizing and tried to make a few more moves today.
My first trade was at A and it has never flipped. I just missed it on the first peak, again, I need to remember to trim my exit targets. I keep just missing them. I also think I should start preparing to sell if my target is almost met, and then starts to decline. I could be out of my open trades right now if I would have taken a smaller profit at various times throughout the day. However, with the wide stop-levels, I felt that I could wait it out. However, now it's time to go to bed and I'm still in them with a sinking market. That's a shitty feeling.
My best trade of the day was at C. I have been reading a little on triangle patterns and I saw what looked like the essence of an upward pointing triangle. I know it looks more equilateral the way I drew it, but it feels more upward to me. So I put in an order right on the consolidation tip and it immediately when up nicely. With hindsight, I see that I should have cashed out all my trades right there, but I thought it would keep going up meeting my other targets. Sadly, I'm getting sacked.
Another trade I tried to make today was XRP. I saw the news about MoneyGram putting them on a trial partnership and this, of course, rocketed the price. I figured after a short rebound, it would continue going up at least twice as high once the news got around to more people. Instead, it ended up forming an equilateral triangle, making what I think is called a pendant pattern. From my reading, this typically continues in an aggressive bullish trend. With the MoneyGram news and no ban in South Korea, I think this could result in a nice boost in the next few days. I'm hoping to grab ~20% profit from two different entries.
You can see that it has started to make an upward turn after the tip of the consolidation. I am sure that I'm not reading these shapes correctly, but I'm encouraged by the fact that the general pattern I expected developed both times. I will be reading more about this type of analysis and perhaps incorporating more of it into my decisions.
If I can fine-tune my exit strategy, I think I will start to find some solid ground.
My experience with AAPC tells me that even if it tanks, it will make its way back up soon enough and it seems that it would be extremely out of character for it to blow past the supports that I've anchored my stop-losses on. I am considering going to bed and leaving my sell orders open on both APPC and XRP. I know if I sell for a loss now, I'll wake up in the morning and it will be 1000% up. But if I leave it overnight, somehow it will drop 2000% and then I'll be stuck waiting for it to come back up to at least my stop zone.
XRP seems more of a confident overnight sell to me. There are a few countries on the other side of the world that will wake up to the MoneyGram news and see the 30% spike and want to get in, at least pumping it long enough to get me out. I'm dropping my sell stops on both coins substantially just to make sure they get hit if either coin turns for the bulls.
Once again, A lot my account is in the market, so this balance is ephemeral. I believe in ETH, though. I see two things happening right now. On one hand there are a lot of people validating crypto as legitimate and acknowledging its real world usefulness. On the other hand, it seems BTC is taking a lot of heat and finally coming under the scrutiny it deserves. I believe that almost simultaneously people will realize what a meme BTC is and also suddenly see that ETH solves many of the problems that makes BTC unusable and such a shitcoin. Will that mean ETH ever sees $20k? Don't ask me. I'm an idiot. Good night.
| Balance | Today's Profit | % Today | Avg Daily % | Daily % for 1M |
|---|---|---|---|---|
| $6,531.51 | -$143.34 | -2.19% | 1.72% | 1.44% |