Update: This trade worked out perfectly and netted a lovely 100CNY drop (-4.56%). Of course, you could have held on for much greater profits. With the original trade, however, just multiply the percentage drop by your preferred magnitude of leverage and you have your percentage profit; with 20x, this trade roughly doubled your money. Holding on until the bottom would have roughly quadrupled it.
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As you can see, the Paypal spike was actually much larger than this one and the market corrected as if nothing had happened within four days. The indicators (that I use) are a bit useless on the hourly right now, but the RSI certainly senses a bit of an uptrend. However, the price was firmly rejected by the top of this descending triangle and the mid-term support that has turned into resistance (I'll post a zoomed out chart in the comments to show this all more clearly).
There's some very strong resistance above here, so I'm going to put a little short trade on and we'll see what happens.
Also, if you'd like OKCoin to implement an OCO feature that would allow futures contracts to have stop and limit orders placed on them simultaneously, vote here: okcoin.uservoice.com...an-oco-order-feature
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As you can see, the Paypal spike was actually much larger than this one and the market corrected as if nothing had happened within four days. The indicators (that I use) are a bit useless on the hourly right now, but the RSI certainly senses a bit of an uptrend. However, the price was firmly rejected by the top of this descending triangle and the mid-term support that has turned into resistance (I'll post a zoomed out chart in the comments to show this all more clearly).
There's some very strong resistance above here, so I'm going to put a little short trade on and we'll see what happens.
Also, if you'd like OKCoin to implement an OCO feature that would allow futures contracts to have stop and limit orders placed on them simultaneously, vote here: okcoin.uservoice.com...an-oco-order-feature
