I told you I would update when I would raise my stop level. Well that time has come. I have raised my stops from my buy entry made back at $3,200. Raised the stops to $3,560 from $3,500. The 50 DMA (orange line) needs to hold as this is the last support. The 23.6% Fib was blasted through and I don't like how we broke through that ascending triangle like that. BTC needs to quickly auto-correct.
Unfortunately and fortunately (depending what side of the fence you stand on) the trading bots are in full control. Some bots are very simple and trade simply on RSI levels. Other's trade based on numerous data sets ranging not only on various trading indicators, volumes, but also on general news, # of google searches and much more. All I know is that these trading bots during low volume events have a greater impact to cause weird price action! When you trade on the order book it's obvious this is not human's trading. This is why we do TA. To not only capitalize on human psychology, but now we need to learn the bot psychology. I'll be publishing a more in-depth post on how some of the major bots function, what data sets they look at and how we can turn this into an advantage. Because it's the bots leading this market going forward. All the FOMO retail investors are gone for now.e
Not the end of the world, but there's lots of open air to 3.1k for a retest. Many say we will double bounce big off of there, but don't plan on it. Never ever EVER submit a pre-buy order thinking a double bounce will play out. You need to see confirmation first.
Pattern Profit Targets: - Inverse Head and Shoulders - has a profit target to 78.6% extension - Ascending Triangle - has a profit target to $4,500 (This pattern has been broken and BTC needs to scale back above the upward trend line quickly)
More on the bot's later in another publication,
Bobby
-Don't hate the hair, hate the game
코멘트
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glad i pushed this out warning on raising the stops!
코멘트
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액티브 트레이드
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I'm putting in a small speculative Buy entry now. I feel these are bots chasing down stop's which they successfully got mine...at least for a profit for me. I don't like the break down of the 50 DMA and there's lots of open air below to retest the lows again at 3.1k. Anyway, I got the signal for a buy entry on the stochastic and oversold RSI. Have a tight stop on this.
코멘트
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I got out of my speculative trade for a break-even situation right now. I don't like the pattern that is developing.
The earliest speculative entry can be made on a breakout out of the bear flag which is forming. So around $3,680, but this is extremely risky and counter-trend trade. So no leverage and small allocation.
More signs are pointing to a retest at the exact Dec bottom around $3,140ish range. Let's see how things develop next 48h hours.
코멘트
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btc touched 3660 and fell back into the pennant. if you want to do a counter-trend trade I said in my post earlier that you need to see a decent volume breakout of the pennant (no leverage + small allocaiton) as this is a risky trade. bulls are attempting to breakout and re-establish the uptrend. flip side, If we fall below 3560 again we'll more than likely retest the Dec lows. The 200 DMA is sitting around 3.2k so watch how btc reacts at this level.
Wow by the way, info on bot psychology would be pretty unique, that's be pretty good :)
UnknownUnicorn1615160
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@NQ95, I'll put something together over the next week. Have several close people who specialize and work in quant and big data trading for a long time.
Hope that content goes viral, it'd be a pretty big thing i imagine
NQ95
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Hey do you trade on bitmex?
I keep getting this problem where my stop losses have ridiculous slippages, but for no reason.
For example just now, I had a stop loss on Eth at 129, it got triggerred at 126, even though the 5 minute candle went from 130 to 127.50.. like it makes no sense why it'd be closed at 126.
Same happened earlier today when I had another stop on Eth at 138 and it closed at 133, very frustrating.
Is this normal, how are your stop losses like?
UnknownUnicorn1615160
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@NQ95, I don't trade on Bitmex, having some slippage is normal in low volume markets like we are in. However, the example you have above I agree doesn't make sense. This is why I don't trust exchanges. They make money on the spread.
NQ95
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@BitcoinBobby, I see
So how o you manage your stop losses and the crazy slippage
UnknownUnicorn1615160
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@NQ95, In coinbase pro I have two prices that I put in. One is where I want the stop to be activated and the second is the lowest price I'd accept. So in this case I tell the program to activate at 3565 and my limit is 3560. So then I get my price at 3560.
NQ95
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@BitcoinBobby, oh got it, so a limit stop loss,the thing in bitmex is that they also have that bt when I use it, even if the difference is 15 USD it never gets activated as the slippage is outrageously ridiculous, they tld me to use last price instead of mark price so lets see if that makes a difference but these guys are not giving a good impression of themselves at all