Didn't plan on trading on Sundays but the volume and sentiment was just right.
Heres a nice quick set up I had with ABCD after a small dip last night. I actually entered closer to 11050 but the idea was just right. I honestly didn't think it would work out but seems like a whale trade was in my favor.
Last night I noticed the dip was getting weaker, and the GDAX Depth chart shifted by $100 from 11k to 11.1k. I was hoping for a slippage up to 11.3k but took profit at 11.425k with a stop limit placed earlier this morning.
The idea is simple, find out where the depth chart will provide support. GDAX offers free trading if you are a market maker, so I had a stop limit buy order at 11050.
I also considered where the resistance line was. I looked early this morning and found it kept retesting the 11.1k support level and had a growing buy wall there.
I looked for a pattern which was both ABCD pattern, and a triple bottom. The triple bottom, and the depth chart showing weakness from sellers leading up to 11.4k gave me enough confidence to enter the trade. Again I was doubtful but the opportunity seemed good enough for a quick day trade.
I got notification I hit that buy order, and so I placed the stop at 11375 with a limit sell order at 11425. This is because the buy wall was large at 11.5k and I wanted to make sure I had was first out if it was going to test 11475.
Nice & quick trade for the day and target was reached already.
From a Macro standpoint there isn't much to go on. The news of enhancements were already out, and there wasn't alot of major news specifically for BTC. So it was nice to stick just to TA.
Obviously pattern is complete but worth considering for the next run. TBH + IMO BTC needs a dip down to 10.3k or even 9.7k for a solid fueling to break out of 12k resistance. Maybe end of march after everyone does their taxes, but thats more speculation really.
Things I am looking out for is ETH news on scaling solution. Growing criticism regarding Casper protocol, which is good to have now rather than later if/when it is implemented to the main net. Either way exciting times for trading in this market.
;)
BTC / ETH / XRP / XLM / LTC / XMR / OMG / NEO / TENX (PAY) / DASH / ZCL / DGB / XVG
Heres a nice quick set up I had with ABCD after a small dip last night. I actually entered closer to 11050 but the idea was just right. I honestly didn't think it would work out but seems like a whale trade was in my favor.
Last night I noticed the dip was getting weaker, and the GDAX Depth chart shifted by $100 from 11k to 11.1k. I was hoping for a slippage up to 11.3k but took profit at 11.425k with a stop limit placed earlier this morning.
The idea is simple, find out where the depth chart will provide support. GDAX offers free trading if you are a market maker, so I had a stop limit buy order at 11050.
I also considered where the resistance line was. I looked early this morning and found it kept retesting the 11.1k support level and had a growing buy wall there.
I looked for a pattern which was both ABCD pattern, and a triple bottom. The triple bottom, and the depth chart showing weakness from sellers leading up to 11.4k gave me enough confidence to enter the trade. Again I was doubtful but the opportunity seemed good enough for a quick day trade.
I got notification I hit that buy order, and so I placed the stop at 11375 with a limit sell order at 11425. This is because the buy wall was large at 11.5k and I wanted to make sure I had was first out if it was going to test 11475.
Nice & quick trade for the day and target was reached already.
From a Macro standpoint there isn't much to go on. The news of enhancements were already out, and there wasn't alot of major news specifically for BTC. So it was nice to stick just to TA.
Obviously pattern is complete but worth considering for the next run. TBH + IMO BTC needs a dip down to 10.3k or even 9.7k for a solid fueling to break out of 12k resistance. Maybe end of march after everyone does their taxes, but thats more speculation really.
Things I am looking out for is ETH news on scaling solution. Growing criticism regarding Casper protocol, which is good to have now rather than later if/when it is implemented to the main net. Either way exciting times for trading in this market.
;)
BTC / ETH / XRP / XLM / LTC / XMR / OMG / NEO / TENX (PAY) / DASH / ZCL / DGB / XVG