I blew this trade so bad, I was studying the white papers on OMG in early August when it was about a $1.20.... It got put on hold because nothing moves this fast and I have a stack of white papers I wanted to get thru. One day I thought about it and looked it up and I said O My God, it was 8 dollars. Then it went higher, and higher. So this is where discpline comes in, this discpline crap is a lonely life, its no fun at all, but this is what seperates the Winners from the Losers.... I got that fever where I wanted to trade just to get revenge cause I missed this, then it got worse cause it kept going higher and I felt like I was being left out. I felt so defeated and torn that I was thinking I should just close my eyes, roll the dice and push buy. Luckily I associate emotional trading with emotional pain, and if you lose enough money, you will develop this special skill too ;-).
First of all, the price is high, its too high, if you buy it right now, you are gonna be in a world of pain, Nothing goes up forever, except "Bitcoin", and this has made a massive move, I mean huge in terms of percentage points, I dont even know how many zeroes in percentage points this thing moved. So anyways, It looks like its ready to trade sideways and bounce around for a bit, if you look at my buy zone, you will see it is right below a volume stick and the "POC", The Point of Control, its nothing fancy, no complex math formula, it is simply a high volume node, I like to use this when I cant find an entry point, so I throw this up with some FIBS and came up with this buy point, the POC is simply a price where traders did a lot of business, they liked this price for whatever reason and there is a good chance they will defend this price, they defend it by buying more there.
What you want to do here is put in a standing limit order between $7 and $8 dollars with a really tight stop, My motto is "Its not how much you can make, its how much do you want to lose to make it", If you want to buy higher and take 4 or 5 dollars of heat, its your money and be my guest, It simply stresses me out to much and I dont like to lose money, so I dont risk a lot of money to get in a trade, this is why entry points are crucial for me. Anyways, Trading is going to be insane around that POC, why? Cause traders like that price and they want to do business there for some reason. So we want to catch those spikes that blast down into the buyzone and get bought back up, think of OMG as going "On Sale" everytime it dips in the buy zone. if you look at a lot of the most recent candles you will see that they all have wicks, on both sides. This happens because there is an equilibrium of buyers and sellers, they are happy together here, everyone is getting what they want and they have found VALUE here. There is always a chance this will not happen and we miss the trade, but thats ok, we only want the best trades with the lowest risk at stellar prices. OMG has 5 dollar swings, thats pretty serious when you are trading large, so try my idea here if you want a stress free trade. I have no Idea when it will get there, this is a Daily chart so it could be many days before it wanders to that area. So just set your orders and go about your business and one day it will get filled, these volatile currencies tend to have big spikes down and up, so you dont want to miss these. You can also put your Order just above the POC or right on it, it can be pretty tough support at times. But the flip side is that when it fails, you dont have to second guess it, that is why you can have such tight stops.
Good luck!
Be patient
You are waiting at the Buy Zone, so let the trade come to you......
Dont run after it.......
First of all, the price is high, its too high, if you buy it right now, you are gonna be in a world of pain, Nothing goes up forever, except "Bitcoin", and this has made a massive move, I mean huge in terms of percentage points, I dont even know how many zeroes in percentage points this thing moved. So anyways, It looks like its ready to trade sideways and bounce around for a bit, if you look at my buy zone, you will see it is right below a volume stick and the "POC", The Point of Control, its nothing fancy, no complex math formula, it is simply a high volume node, I like to use this when I cant find an entry point, so I throw this up with some FIBS and came up with this buy point, the POC is simply a price where traders did a lot of business, they liked this price for whatever reason and there is a good chance they will defend this price, they defend it by buying more there.
What you want to do here is put in a standing limit order between $7 and $8 dollars with a really tight stop, My motto is "Its not how much you can make, its how much do you want to lose to make it", If you want to buy higher and take 4 or 5 dollars of heat, its your money and be my guest, It simply stresses me out to much and I dont like to lose money, so I dont risk a lot of money to get in a trade, this is why entry points are crucial for me. Anyways, Trading is going to be insane around that POC, why? Cause traders like that price and they want to do business there for some reason. So we want to catch those spikes that blast down into the buyzone and get bought back up, think of OMG as going "On Sale" everytime it dips in the buy zone. if you look at a lot of the most recent candles you will see that they all have wicks, on both sides. This happens because there is an equilibrium of buyers and sellers, they are happy together here, everyone is getting what they want and they have found VALUE here. There is always a chance this will not happen and we miss the trade, but thats ok, we only want the best trades with the lowest risk at stellar prices. OMG has 5 dollar swings, thats pretty serious when you are trading large, so try my idea here if you want a stress free trade. I have no Idea when it will get there, this is a Daily chart so it could be many days before it wanders to that area. So just set your orders and go about your business and one day it will get filled, these volatile currencies tend to have big spikes down and up, so you dont want to miss these. You can also put your Order just above the POC or right on it, it can be pretty tough support at times. But the flip side is that when it fails, you dont have to second guess it, that is why you can have such tight stops.
Good luck!
Be patient
You are waiting at the Buy Zone, so let the trade come to you......
Dont run after it.......
Comment:
I put in limit order at $7.50 with a stop loss at $6.25... im risking $45 dollars on this trade.
Comment:
We are getting closes on the 1 minute chart in the buy zone, it looks like it may still rotate into my $7.50 limit order so im gonna wait it out and see if it gets hits. Support on the 1 minute is building up for short term support, and i mean very short term support.
Comment:
I was not in front of my charts and the OMG missed my buy limit by 15 cents, Things that make you crazy.... I will movemy limit up, probably to around 8 dollars, and I am thinking this thing will test that support again.
Comment:
So we got another retest and spike down, i had a limit order at $7.68 and it got filled, I had a stop at $6.25 risking $1.43 per contract. This turned out to ne a text book setup, I hope some of you were able to catch this, if we get another retest, i would start to get a little suspicious of this long sentiment for the short term.
Trade active:
it was rough catching this trade, Its psychological tough to buy something falling so hard, I second guessed myself a few times. I am still not convinced this trade will pan out the way I wantBut I am gonna try to stay in till the end of the year.
But this is what I call a stress free trade, I got in below support, it pull out and far away above support and has stawyed there so far. All I can do now is sit, watch and see what happens. The behviour is a bit off, something seems wierd in the Air these days with cryptos. I am signing off OMG.
Until then, Remember;
1. Be patient
2. Only take the highest probability trades
3. let the trade come to you
I have been trading for 15 years, I still struggle with those 3 things.
Netrunner -
But this is what I call a stress free trade, I got in below support, it pull out and far away above support and has stawyed there so far. All I can do now is sit, watch and see what happens. The behviour is a bit off, something seems wierd in the Air these days with cryptos. I am signing off OMG.
Until then, Remember;
1. Be patient
2. Only take the highest probability trades
3. let the trade come to you
I have been trading for 15 years, I still struggle with those 3 things.
Netrunner -
Comment:
I have been very patient with this trade, so far the only thing I got right is that this style of entry is stress free, once I get into this position it has not gone anywhere near my entry point or below it so I have been able to be very patient and watch this play out. The only thing is that its not playing out, I have nothing for you on this, it has not comfirmed anything, at all, it is just wandering around in No mans land. So I am netural at the moment. Until then, we watch and wait...
Stay nimble, keep your stop loss tight and be patient. If this support fails and we take a small loss, we will wait and shop for another entry.