Rules for weekly income (crypto)

[Munted]

Additionally, you will note that my original advice on stop-losses is 10%. There was a whole discussion about this.

But the TA was a little weak in this particular successful trade.

So, the right thing to do was to suggest 2%.

The figure was not technically arrived at.

It was set tight due to me not wanting others losing a lot of money if it should go wrong.

[Munted]

I hope you’re not living on a high floor

The mosquito-free zone just does me fine

[Munted]

i'm also surprised that you can't distinguish between a real trade and one you wish you had made

The difference between a real trade and the one I wish I would have made is that if you had taken the real trade you would be over 9k THB richer!

[Munted]

technical indicators told you to buy: it went up 200 points and then fell 4-500 points

Big news. Surprise, surprise, Crypto goes up and then it goes down.

This is not a horse race over and done with in 5 minutes.

[Farangrakthai]

Big news. Surprise, surprise, Crypto goes up and then it goes down.

This is not a horse race over and done with in 5 minutes.

if you had taken the real trade you would be over 9k THB richer!

munted: all i can say is good luck surviving on your crypto earnings when you call that a great trade that someone could have made.

it was pure luck that it bounced back in your favor.

you know that, right?

;-)

[Farangrakthai]

so, munted: before the suggested trade, it was all about "bullish engulfing hits", "green candles", the "40 SMA" and "confirmation candles" signalling to you that it was a good time to buy:

OK here's the rulz. Next green candle (no lower wick extending into 40 SMA) you then put enough on to cover your week's rent.

Me - I would put 10k on this and sell after 3% ride.

But if you are Mr B, you might like to put 5%

You know the rulz, set your stop loss at 2% in case it all turns to custard.

It might be a good plan to get out around 8.9k

Got some bullish engulfing hits today.

If you went in at the time of the confirmation candle you would have got the trade. As explained in post #59.

after the suggested trade: "crypto goes up and down".

Big news. Surprise, surprise, Crypto goes up and then it goes down.

[Munted]

it was pure luck that it bounced back in your favor

Sure, agreed. Some you lose, most you can win.

You can come out on top.

Wall St doesn't spend millions on TA for no purpose at all.

[Farangrakthai]

Wall St doesn't spend millions on TA for no purpose at all.

sure, i look at TA, too (every time before i make a trade).

though, it doesn't tell me when and when not to make a trade.

[Munted]

Is ETH about to break out?

We can definitely see the price action is contained within converging trend lines. A bullish engulfing candle does indicate a potential break out above the upper trend line.
Certainly worth a 3% position.

For the skeptics amongst you, please note the time in the top left hand corner of this post.

[Munted]

21:00 UTC. Head and shoulders formation on BTC indicating a definite bear market. Not a good time to buy.

If the price fails to bounce off the 8k we could see the price plummet to 6.5k.

The ETHUSD play (above) is barely still holding. There has been some erratic movement below the lower trend line of the bull pennant.

However, price action has presently an upwards momentum. If there is a confirmed break out to the upside, the play may still be worth while.

Do not consider speculating until if the chart prints a confirmed break out.

As the market is overall moderately bearish it would be wise to set a tight stop-loss of 2%, or if your appetite for risk is higher, perhaps 3%

No bullish engulfing hits to report.

[Luigi]

Is ETH about to break out?

We can definitely see the price action is contained within converging trend lines. A bullish engulfing candle does indicate a potential break out above the upper trend line.
Certainly worth a 3% position.

For the skeptics amongst you, please note the time in the top left hand corner of this post.

Interesting, cheers Munted. Technical Analysis gets more and more interesting the more you learn about it.

[Munted]

Interesting, cheers Munted. Technical Analysis gets more and more interesting the more you learn about it.

True that Luigi. Much easier in a bull market if all you do is long swings.

[Luigi]

Much easier in a bull market if all you do is long swings.

Along with a pinch of praying and smidgen of early morning drinking.

[Munted]

Ex crypto trader

Along with a pinch of praying and smidgen of early morning drinking.

[Munted]

Chinese Government Praises Ethereum
and Ranks it as the Top Blockchain

Let's hope for a pump.

Present price action about as exciting as watching paint dry.

[Dillinger]

Present price action about as exciting as watching paint dry.

Luckily for you, on top of hammering the F5 button, scouring bestiality and BBC websites for 20 hours a day , you have red and green candles to monitor, you lucky bastard.

[Munted]

on top of hammering the F5 button, scouring bestiality and BBC websites for 20 hours a day

way too much fun

[Farangrakthai]

For the skeptics amongst you, please note the time in the top left hand corner of this post.

well, munted: the bullish engulfing candles have mistakenly given you a buy signal for a second time, it seems.

maybe the third time (third trade you post on this thread) will be a charm.

;-)

btw, did you set a stop-loss on your eth/btc position or still holding (no longer a "day trade")?

A bullish engulfing candle does indicate a potential break out above the upper trend line.
Certainly worth a 3% position.

entered at .08358.

went up to .08472 (well below your target point of .08599)

and then fell and is now at .08238.

eth/btc 24 hour chart (down 7.1% for the day):

[cyrille]

[Munted]

it seems

Exactly, you should understand that swing trading most often is not a day trade. Let me repeat that. Is not a day trade.

So you may have to wait if you want the proceeds to fund a big piss-up this weekend.

My latest stats on the Bullish Engulfing indicator tells me that (on average) ETHBTC will take 48 hrs to exit at profit. This is an average, so could go for longer.

Please exercise some patience.

did you set a stop-loss on your eth/btc position or still holding

Yes, I took a 10% stop-loss on this trade, as I am quietly confident it will come to a happy end.

But, of course, for reasons of fiscal responsibility, I did not want to suggest that amount.

But even the 'reckless' 3% I did suggest has not been breached.

[Munted]

Just a recap on the bullish engulfing candle. Here are the rules

• At day[0] minus 1. Place buy. Apply profit target 3% higher than the entry price.
• At day[0] minus 1. Place buy limit order slightly below the low of the pattern.
• At day[0] minus 2. Place buy if limit order price has been reached
• At day[0] minus 2. Withdraw limit order if limit order price has not been reached
• Apply a stop-loss 10% lower than the entry price
• If neither the stop-loss or profit target is executed, close positions on the open of the 20^th day
• Once a position is closed, 3 days must pass before re-entry

[Munted]

20th day

Please be aware that 20 days is equivalent to 120 candles on the 4 hr chart.

However, due to the volatility of crypto, I would expect the trade to successfully exit much sooner.

[Munted]

BREAKING NEWS

ETHBTC bullish engulfing indicator printed at 00:00 UTC, 4 hr chart.

The 40 SMA is indicating a significant support level, but is yet to be established

The next two candles will be crucial on confirming this.

[Farangrakthai]

The 40 SMA is indicating a significant support level

nice bullish engulfing candle.

but, you bought eth/btc near the top (on the 30 day chart).

any support level is going to be very soft (not tested much):

eth/btc 30 day chart:

[Munted]

the 30 day chart

I've tested quite a number of time frames with BE signal, but never the 30.

Though I have found that BE works best with the 4 hour.

And you can go and do your shopping in between.

any support level is going to be very soft (not tested much)

Agreed, but 40 SMA support is now beginning to harden up.