Tag: Trading

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!:)

Weekly trades (15)

Just a quick recapitulation of the last week trading result:
3,7% when you exited according to the plan
38% return when you exited at week’s high (the highest possible return)

The target was too much conservative and I can adjust it in the next plans because a daily returns are increasing so our weekly target also will. But remember, these trades are a short-term ones and our goal is to be profitable and generate some cash-flow in a long-term, whether the market is trending up, down or consolidating. That’s why I choose such a “conservative” targets. Of course the final cut is always on your decision.

Also, look at the profit difference of maximum potential (38%) and our target (3,7%). That’s why I keep saying you profit most in this market when sitting tight with your long-term buy position from the start of this rally. Be it 0,1$, 1$ or 10$. Well if you weren’t so lucky (smart) and have bought just recently the same applies. Because this market is heading higher, much higher. That doesn’t mean it can’t drop below 100 or 80$. But when you play a long-term game that potential sell off wouldn’t be much to bother with. Because from here it can go to 70$ and technically still perfectly stay in the bull market.

Now to the current outlook and trades.
It looks like our trading week should start on Sundays. Bitcoin is live 24/7 and doesn’t know weekends and sometimes even a banking holidays.

mtgoxUSD 1 day #4 41371.5557

The USD/BTC price on Mt.Gox broke through 147.05 today, that is going to be our buying point for the next week. You can place a stop-loss order just below 139.50. If the market wants to head higher, this level should have been safe. I was too much conservative last week as regards the profit target. So now let’s set the first one at 179.00, the 2nd at 199. In case of this buying frenzy will continue the same pace as in the previous days, we can easily see Max Keiser’s short-term target of 250 USD been hit.
What about a sell point? What? Do you really want to short this market? OK, then try to enter at 142.05 with the stop-loss at 145. First PT at 140.00, 2nd 135.20.
Hmm, now let’s hope the price is going to correct to the buy point or 150 at least.