Weekly Trades (19)

An overall situation in the BTCUSD market is a quite tricky right now. It is a long term range trading between a high of 260 USD and low at 50 USD. The price broke down into a medium-term bear market last week, but weekend recovery suggests we can see some small up move again before another downfall leg later. You know that saying ‘what can’t go up must come down’…

Here are my points for this week:

Buy   119.40   SL 114.00    PT1: 124.80  PT2: 135.00   PT3: 146.00
Sell  106.70   SL 115.30    PT1: 93.00   PT2:  81.00   PT3: 71.00  PT4: 60.00

 

Summing up the last week trading results: +22%

Buy PT1: +5%
Sell PT1: +4%, PT2: +12%,  PT3: +17%

If you let a profit run with the falling market and would close on Friday afternoon (which I would recommend for at latest), you could book even 33% return (supposing 85 USD target for example) only for that one sell off.
Also bear in mind that buy and sell points I give out must be clearly broken on the chart, a spike candle (I watch 15 min. or 200 tick chart for an entry) is not enough, market has to clearly close above (below) this point. That’s why setting up a pending orders and leave computer is comfortable, but not always leading to a successful entry.

It’s A War! Debt money against free money

AF Bitcoins: … “Imagine you could use the futures market to smash down precious metals, oh wait you can. But those dam pesky bitcoins how do you smash them down? You could try a big pump n dump, make it look like it peaked and hope enthusiasm will disappear, like described in my fake tops post. Damn and blast but the price is coming back already.

You could also orchestrate some Ddos attacks on the biggest exchanges. What about also Ddos’ing the largest market place that uses bitcoins too? Maybe that will cause the price to fall. Silk Road has been down for a few days now. Under attack. But by whom?

Its war! On one side we have debt money brought to you by our central planning politicians and bankers, and on the side of truth, liberty and freedom we have precious metals and bitcoins.”

You Have To Wear Your Big-boy Pants

Amazing words are amazing…

… “Don’t blame anybody but yourself if you lose money trading, or your coins are stolen because you were careless. Become your own financial advocate. Do your research, learn about the companies you choose to trust with your money, and when the trading bots start flittering around the Mt. Gox order book, or somebody sells a big chunk of coins, go for a walk. You’ve got your big-boy pants on, and big boys don’t panic.”

Weekly Trades (18)

It’s Sunday again and that means the time to look at the chart and plan possible trades for the coming week. The price has been sitting around the 30’s level for a few days, what’s more interesting there were three inside daily candles so a possible break out could bring a somewhat stronger move, especially when you realize it is a start of a new week.

mtgoxUSD 1 day #2 41392.8349

The market is currently at a quite significant point, which should imply some nice price action ahead. A break above could have attack at least the last week’s maximum. However there’s one thing worrying me: similar break above happened last week and it couldn’t reach even my first profit target. So I’m cautious now. On the other side after a possible failed break above 136 we could see a strong sell-off down to 105 at least.
With that said let’s set up the buy and sell points (Mt.Gox chart).
Buy  137.00, SL 130.90,  PT1 144.50   PT2 160   PT3 175
Sell 127.40, SL 134,  PT1 122.00   PT2 112   PT3 106

A look back at the last week’s trades:
The buy order was triggered, but hadn’t reached any of the targets. However, even when the market wasn’t being marching higher as steeply as in the previous weeks, you could book a nice profit of more than 20% when closing around the max. Of course, such a timely exit would had been not according to my strategy, but hey, taking profits is a more individual thing than opening a position. I personally like to leave the market some space for moving up or down even with a chance of ending at B/E or a loss. That was the last week’s case (BE).

Weekly trades (17)

My electronic devices are not working properly at this time and even writing these lines is driving me crazy so just a quick trading update without much unnecessary words. Let the numbers speak…

This week trading plan:

Sell point: 109.50  SL: 132.00   PT1: 101.00   PT2: 86.50  PT3: 72.00   PT4: 56.00
Buy point: 133.00   SL: 109.80   PT1: 175.00   PT2: 185.00  PT3: 194.00

Last week trading result:
Sell PT1= 5%, PT2= 22%,  PT3= 43%
Buy  PT1= 11%, PT2= 18%, PT3= 33%

Can you see those numbers?!! If you’d been ultra cautious, you could book 16% in a less than one week. If you’d let both trades run to the highest recommended profit take targets, you could gain 76%! Without even 1 lost satoshi. Guys, this market is a speculator’s heaven. I should probably really start to trade this baby!:)