Bitcoin Daily Update - Day 49 (0.3816 BTC)
Updated
Disclaimer: If you are primarily interested in copying other people’s trades then this is not for you. However, if you are willing to put in the work that it takes to learn how to trade for yourself then you have found the right place! Nevertheless please be advised that you can give 10 people a profitable trading strategy and only 1-2 of them will be able to succeed long term. If you fall into the majority that tries and fails then I assume no responsibility for your losses. What you do with your $ is your business, what I do with my $ is my business.
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When there is a nice pump in the crypto markets I like to look for laggards. The best one that I am seeing right now is Bitcoin Cash. Many will be thinking that it simply will not bounce because it is such a piece of shit fundamentally, however that is not my perception. I do think it is a complete piece of shit, but I also think it will bounce with the market. It is one of the most emotional coins out there - meaning the holders are doing so out of emotion and the stayers away are doing so because of emotion.
Where there is emotion there is an opportunity to profit imo. Bitcoin Cash is a prime example of this. I really like the idea of taking profit on the positions that are moving in my favor and reallocating that into coins that appear to be lagging behind. That was essentially what I was able to do with LTC and then ETH. Hopefully the third time is also a charm!
This brings up an important topic for me. I believe in technical analysis so much that I am comfortable disregarding the ticker. Who cares what the ticker is if the chart looks bullish af? I certainly don't. There is limitations once the market becomes too illiquid but I do not feel like that is the case with BCH. Hopefully I will change my mind sometime later this year due to a mass exodus.
The overall bankroll is still not looking pretty but the unrealized profit currently sits at +0.333 BTC. I am very hopeful that this run can bring me back above 1 BTC for my trading challenge. If that happens then I will be in a very good position to get back into the green by shorting the bounce once it becomes exhausted. All we need is a little momentum and completing this challenge is still very well within reason!
Open Positions
Short XRPUSD
Exposure: 6,300 XRP / 0.522 BTC
Price: $0.307
Stop: $0.2959
Risk: 3.61%
Partial Take Profit Order: $0.35
Unrealized Profit: +0.02911 BTC
Long LTCH19
Exposure: 12 LTC / 0.113 BTC
Price: 0.00946
Stop: 0.0111
Realized PnL: +0.0607 BTC
Unrealized PnL: +0.0177 BTC
*Entered stop order to add 23 LTC at 0.01291 with 0.01164 stop loss
Long XBTM19
Exposure: $4,232 / 1.07 BTC
Enter: $3,586
Stop: $3,586
Realized PnL: +0.0085 BTC
Unrealized PnL: +0.1009 BTC
Long ETHUSD #1
Exposure: 11.64 ETH / 0.43 BTC
Enter: $122
Stop: $128
Realized PnL: +0.0374 BTC
Unrealized PnL: +0.071 BTC
Long ETHUSD #2
Exposure: 12 ETH / 0.444 BTC
Enter: $116.63
Stop: $128
Unrealized PnL: +0.0888 BTC
Long BCHUSD
Exposure: 3.5 BCH / 0.1302 BTC
Enter: $125.55
Stop: $125.55
Unrealized PnL: +0.018 BTC
Open Order
Stop Order to Long BCHH19
Exposure: 11 BCH / 0.4366 BTC
Enter: 0.0384
Stop: 0.0399
Risk: 11.4%
Click here for my Comprehensive Trading Strategy | Click here for my Comprehensive Trading Process | Click here to learn about the 2 BTC' to 20 BTC' Trading Challenge
When there is a nice pump in the crypto markets I like to look for laggards. The best one that I am seeing right now is Bitcoin Cash. Many will be thinking that it simply will not bounce because it is such a piece of shit fundamentally, however that is not my perception. I do think it is a complete piece of shit, but I also think it will bounce with the market. It is one of the most emotional coins out there - meaning the holders are doing so out of emotion and the stayers away are doing so because of emotion.
Where there is emotion there is an opportunity to profit imo. Bitcoin Cash is a prime example of this. I really like the idea of taking profit on the positions that are moving in my favor and reallocating that into coins that appear to be lagging behind. That was essentially what I was able to do with LTC and then ETH. Hopefully the third time is also a charm!
This brings up an important topic for me. I believe in technical analysis so much that I am comfortable disregarding the ticker. Who cares what the ticker is if the chart looks bullish af? I certainly don't. There is limitations once the market becomes too illiquid but I do not feel like that is the case with BCH. Hopefully I will change my mind sometime later this year due to a mass exodus.
The overall bankroll is still not looking pretty but the unrealized profit currently sits at +0.333 BTC. I am very hopeful that this run can bring me back above 1 BTC for my trading challenge. If that happens then I will be in a very good position to get back into the green by shorting the bounce once it becomes exhausted. All we need is a little momentum and completing this challenge is still very well within reason!
Open Positions
Short XRPUSD
Exposure: 6,300 XRP / 0.522 BTC
Price: $0.307
Stop: $0.2959
Risk: 3.61%
Partial Take Profit Order: $0.35
Unrealized Profit: +0.02911 BTC
Long LTCH19
Exposure: 12 LTC / 0.113 BTC
Price: 0.00946
Stop: 0.0111
Realized PnL: +0.0607 BTC
Unrealized PnL: +0.0177 BTC
*Entered stop order to add 23 LTC at 0.01291 with 0.01164 stop loss
Long XBTM19
Exposure: $4,232 / 1.07 BTC
Enter: $3,586
Stop: $3,586
Realized PnL: +0.0085 BTC
Unrealized PnL: +0.1009 BTC
Long ETHUSD #1
Exposure: 11.64 ETH / 0.43 BTC
Enter: $122
Stop: $128
Realized PnL: +0.0374 BTC
Unrealized PnL: +0.071 BTC
Long ETHUSD #2
Exposure: 12 ETH / 0.444 BTC
Enter: $116.63
Stop: $128
Unrealized PnL: +0.0888 BTC
Long BCHUSD
Exposure: 3.5 BCH / 0.1302 BTC
Enter: $125.55
Stop: $125.55
Unrealized PnL: +0.018 BTC
Open Order
Stop Order to Long BCHH19
Exposure: 11 BCH / 0.4366 BTC
Enter: 0.0384
Stop: 0.0399
Risk: 11.4%
Note
Closed PositionsLong ETHUSD #2
Exposure: 12 ETH
Enter: $116.63
Exit: $143.22
PnL: +0.07502 BTC
ROI: +16.89%
Adjust stop on ETHUSD Long #2 to $124.70
Stop Order to Long BCHH19 filled at 0.0382
Note
Order triggered to add to LTCH19 longExposure: 35 LTC / 0.416 BTC
Price: 0.01189
Stop: 0.01189
Realized PnL: +0.06 BTC
Unrealized PnL: +0.0371 BTC
Entered stop buy order to long BCH
Exposure: 13 BCH (0.4758 BTC)
Enter: $153.12
Stop: $137.24
Risk: 10.37%
Note
Added to BCHH19 longExposure: 18 BCH (0.68 BTC)
Enter: 0.03782
Stop: 0.0349
Risk: 9.11%
Adjusted stop on ETHUSD long to $134
Adjusted stop on XBTM19 to $3,849
Note
Just noticed that it says 'short' for XRPUSD. That is a typo and you can tell I am long by the stop loss and unrealized profit that was listed.Adjusted stop on XRPUSD Long to $0.3144
Adjusted stop on XBTM19 Long to $4,024 & $3,882
Adjusted stop on ETHUSD to $142.70 & $149.40
Stop orders on BCHUSD filled. New position:
Long BCHUSD
Exposure: 16.5 BCH / 0.618 BTC
Enter: $145.97
Stop: $137.24
Risk: 5.98%
Unrealized PnL: +0.035 BTC
Note
All positions were stopped out today, most in profit. Trading Roll now sits at 0.466 BTC.
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