The goal here is to provide some transparency on my trading routine and I hope traders find the process of observing each step of every trade educational.
Trading position sizes have been redacted, but they are always calculated based on a 1% portfolio loss using the stop loss and entry as a guide.
My plan was to wait until this line flipped from resistance to support before entering a trade, as I prefer trading on confirmations.
How it worked outThe first target was hit quickly and I chose not to close the trade in order to see if the area held as support, which it did.
Target: I've set my target at.022229 which is the previous swing high for a profit of 7.6%. A stop loss was set at.02044 for a.98% potential loss and the risk to reward ratio for this trade was 7.78.General analysisEther has been in a sustained downtrend against Bitcoin since it's all time high in January of 2018.
I have been trading Ether aggressively since the middle of September and my first trade was the breakout of the head & shoulders at.017976.
Entry ideasAlthough I am trading Ether against Bitcoin, the USD pair gave a solid sign of reversal.
How it worked outThe trade immediately went my way so I moved my stop loss into profit and waited.
While analyzing the trade, I revisited the supply zone that was pierced at my first exit and decided to move my take profit point down a bit below the equilibrium of the center dashed line.
One thing that can be taken away from this experience is that keeping a journal allows a trader to backtest and review candle patterns and support / resistance levels without confirmation bias.
Bitcoin Trading Journal: Swing Trader Shares How to Profit From Altcoin, BTC Investing
Published on Oct 2, 2019
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.