#  >  > Living And Legal Affairs In Thailand >  >  > Living In Thailand Forum >  >  Rules for weekly income (crypto)

## Munted

#1 Do not expect a $500 USD week on $1000 USD speculated. 

Translation: You will need  10k min to get a good crypto income from it - IF lady luck is visiting town. 20k, if not.

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## Davis Knowlton

Had to start another thread for this? Couldn't fit it in your other one on the same topic?

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## Munted

Big subject, this.

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## baldrick

if munty is making crypto with regular trades I think his own thread explaining his methods might be qute valuable to some members

if people have the time to trade - it seems lots of posters here do have time  :Very Happy: 

but it should be in the lounge

and davis check and see if you can ignore a thread in your settings

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## Davis Knowlton

No problem. Can easily ignore all four threads on this topic.

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## Munted

Thanks guys do admit I got a little ahead  here but will strive to do better.

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## Munted

08:00 UTC Report:  Sea of red, not looking good. No trades to report of BTC top one-hundred pairs. ETH does not look any better. Yes, the fundamentals are hyping big time.  Ignore, this is just pre-FOMO buzz.

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## cyrille

> Had to start another thread for this?


With the profound advice that you shouldn't expect to double your money in a fortnight. 

Followed by an explanation of what that means for non-experts.  :Roll Eyes (Sarcastic):

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## Munted

#2 Weekly Income. Don't be impatient. Divide your capital into lots of 10. Some of your capital will make a profit in 24 hrs. Others will take a little longer. Do not panic if no income from any one lot in more than a month, (Only applies in up-trend market).  In down-trend market you should strictly adhere to your stop-losses.

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## Munted

#3 Weekly Income: I want 250 USD per week minimum.
 Will this be sufficient to sustain me in Thailand? Yes. 
In AU, UK, US, NZ?  No. 
Your crypto success. Are you making it i? 
 Test it. Prove it.  Before you book that ticket.

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## raycarey

> Had to start another thread for this? Couldn't fit it in your other one on the same topic?


this from TD's preeminent navel gazer who started two different threads on his mother's birthday.

https://teakdoor.com/the-teakdoor-lou...thday-mom.html (Happy Birthday, Mom!)

https://teakdoor.com/the-teakdoor-lou...thday-mom.html (Happy Birthday, Mom!)

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## Dillinger

Good Luck Munte..... however,  we've  heard this get rich quick on Bitcoin horse shit before........ from Lulu, Headworx and Robertson :Smile: 

None of them own a car, let alone a Lambo :Smile:  ::spin::

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## Bogon

^ Take heed from Dilly's advice.

He was sucked into it.

Luckily, he may be stupid, but he seems to have enough dosh to do stupid things.

(crypto, motorbike, fad diets, eatigo, 8k for Foo Fighter tickets*, man-scaping the pubes every Tuesday in boy's town.)

*I could only afford the 5K ones, and he refused to lower himself and meet me in the cheap seats.

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## lom

> None of them own a car, let alone a Lambo


Lamborghini Diablo SE30 Purple - you know that you want one

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## Farangrakthai

> In down-trend market you should strictly adhere to your stop-losses.


what %? 

I usually enter a day trade above a suppprt line.  Cut loss is a few points below the line.

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## Headworx

> Good Luck Munte..... however,  we've  heard this get rich quick on Bitcoin horse shit before........ from Lulu, Headworx and Robertson
> 
> None of them own a car, let alone a Lambo


Calm down, calm down. I _never_ claimed to be in this for anything more than some fun with nothing more than gambling money in it, and owning car(s) here has never been something worth losing sleep over financially either.

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## Dillinger

^ what would you spend Lambo dough on then? :Smile:

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## Munted

20:00 UTC.Bullish Engulfing indicator  made to my special recipe is firing good.  Exceptions are KNC (Inverted Hammer), AEE(Hammer). LRC is indicating  Hammer and Bullish Engulfing. Do your due diligence.

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## Munted

> ^ what would you spend Lambo dough on then?


If you've got that amount of dough, chances are you're not hanging at TD at 09:49 PM. 
Of course, not casting financial aspersions upon the esteemed members.

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## Munted

> what %? 
> 
> I usually enter a day trade above a suppprt line.  Cut loss is a few points below the line.


Coincidental you should ask that question, as I've very recently had to get out of an ARKBTC position which went south quite quickly. I cannot speak for day trading as I am a swing trader but IMO there are certain trading principles which are universal no matter what market you are trading.  

Always establish your exits prior to entering the position.  That's it.

For instance, I have got some good success at entering positions when my bullish engulfing indicator informs me I should. (Of course, must also do some other TA)  

On the close of that indicator I will then set a profit margin of 3%

And a stop loss of 10%

Yes, there are arguments that go along the lines that due to the extreme volatility of crypto the trader can lose out if the stop loss is set too tight.  These traders take what is often known as a 'fixed position' . They will hodl until the market goes to their price.  I have tried this once or twice but these trades take way too long to get to profit. I prefer to cut my losses and use that freed up capital to make more trades.

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## Munted

Thai taxes take shape
Thailand is on the cusp  of implementing a 7 percent value-added tax (VAT) and a 15 percent  capital gains tax on cryptocurrency transactions - a move that is  coupled with new regulations on exchanges that handle the trade of such  assets.

 Last week, Thailand's Ministry of Finance noted it was moving ahead  with the bill despite a request from the Thai Blockchain Association to  relieve some of the tax burdens that will be placed on the community.
 The bill will also require exchanges to institute more stringent  know-your-customer (KYC) procedures and collect identification data for  all their users.



more here: https://www.coindesk.com/thailand-ta...-ease-burdens/

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## parryhandy

> Thai taxes take shape
> Thailand is on the cusp  of implementing a 7 percent value-added tax (VAT) and a 15 percent  capital gains tax on cryptocurrency transactions - a move that is  coupled with new regulations on exchanges that handle the trade of such  assets.
> 
>  Last week, Thailand's Ministry of Finance noted it was moving ahead  with the bill despite a request from the Thai Blockchain Association to  relieve some of the tax burdens that will be placed on the community.
>  The bill will also require exchanges to institute more stringent  know-your-customer (KYC) procedures and collect identification data for  all their users.
> 
> 
> 
> more here: https://www.coindesk.com/thailand-ta...-ease-burdens/


and if that wasn't bad enough they plan to implement a 15% withholding tax on transactions 

Plea to ease[at]cryptocurrency[at]rules rebuffed




> *THE Ministry of Finance is holding firm against efforts for a draft bill on the regulation of digital currencies to be watered down, especially with the imposition of a 15 per cent withholding tax on transactions.*


good luck making any money with those rules

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## Munted

Be careful out there - a lot of ETH pairs completely losing it

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## Munted

> and if that wasn't bad enough they plan to implement a 15% withholding tax on transactions
> 
> Plea to ease[at]cryptocurrency[at]rules rebuffed
> 
> THE Ministry of Finance is holding firm against efforts for a draft bill on the regulation of digital currencies to be watered down, especially with the imposition of a 15 per cent withholding tax on transactions.
> good luck making any money with those rules


Does make it inconvenient. Well, I am sure there are other jurisdictions who will welcome the bitcoin millionaires.

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## Munted

20:00 UTC. Lots of sideways action from the better quality alts. A good number of the more shit coins haven't been able to hold  their value. As per the above post X2, some are tanking it. IMO this is due to the considerable froth generated by BTC  testing the 10k. Players are moving funds from alt to BTC. Take any random selection of depth and you will discover there are a lot of massive sell walls out there. 

The fundamentals are suggesting there is not a great deal of interest outside of the clique. Google search terms and new wallet registrations are nothing at the levels seen prior to the December 2017 fomo.

Once the 10k is convincingly smashed, we may see a difference in the fundamentals,  as  it often said that retail speculators love a big round number. Watch this space. 

Big profit taking at the moment, many yanks selling off into fiat before hitting the hay. Also weekend, so often not as active. And those sell walls are taking some time to get through.

All in all I am reading a lot of pre-fomo froth on the BTC. Certainly not enough substance to bet your shirt on at the moment but perhaps a slightly better gamble than the Santa Anita races today.

You might be better off just selling out to fiat and waiting for a more opportune moment.

BULLISH ENGULFING HITS, due diligence required.



Not so many as yesterday, another indication of a market turn.

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## Munted

20:00 UTC: Saw a good size correction of BTC during the day, making a lower low on the 4 hr chart.  Hopefully the Asian market can push back overnight. 

If, as suggested above,  you did get out into the relative safe haven of exchange fiat you should probably stay there for a while. Yes,  BTC is crawling back up, but at a pace less than convincing. Additionally, it is  below the major trend line by about a margin of 1 - 1.5%. 

BULLISH ENGULFING HIT, due diligence required.

- BCHUSD , presently selling for $1705

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## Munted

20:00 UTC: A brief rally by BTC might indicate a bounce off a weak support of $9240 or thereabouts. This was established with no real substance around the end of May. 
 But the rally is quite weak, considering the bulls have had all day to have a go and there is only 4 hrs to go to the end of the UTC  day.

Some chart analysts suggest that a more realistic number is around $9100. 

I would be inclined to start layering my buys from this point  

Although one positive is that USD pairs are trending up, often a canary as to which way BTC will go. 

BULLISH ENGULFING HITS, due diligence required.

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## PlanK

> BULLISH ENGULFING HITS


You keep saying this.  
What does it mean in English?

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## OhOh

> Always establish your exits prior to entering the position. That's it.
> 
> For instance, I have got some good success at entering positions when my bullish engulfing indicator informs me I should. (Of course, must also do some other TA)
> 
> On the close of that indicator I will then set a profit margin of 3%
> 
> And a stop loss of 10%


Are you suggesting:

 DYDD/ Analyse and identify a possibility of a trade.
Choose an exit point (Price).
Add an additional 3% above your exit point.
Close your position manually at your exit point + 3%, or automatically let the stop loss point activate.


Or are you accepting the 3% from your entry point profit?

If your trade isn't working do you exit it and immediately trade in the opposite direction or wait.

I found the waiting to "pounce", in or out, the most difficult time. Either to take your profit now, or waiting for the trade to recover.

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## Munted

> You keep saying this.  
> What does it mean in English?


Bullish engulfing is a candle pattern found on a trading chart.  

The bullish engulfing pattern looks like this.

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## Munted

> Are you suggesting:
> 
>  DYDD/ Analyse and identify a possibility of a trade.
> Choose an exit point (Price).
> Add an additional 3% above your exit point.
> Close your position manually at your exit point + 3%, or automatically let the stop loss point activate.
> 
> 
> Or are you accepting the 3% from your entry point profit?
> ...


You add 3% to the closing price of the engulfing candle. A closing price of 1000 is then going to give you a limit or sell price of 1030.  (This is your profit)

Next, minus 10% from the closing price of the engulfing candle.  Our above example gives you then a stop-loss of 900. 

So you have entered and have also set two exits, one (the limit) is your profit, the other (the stop-loss) is your loss if the market should go down.  

Let it run. If neither the stop-loss or the profit target is executed within 20 days, close it off.

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## OhOh

That ration of 3% if profitable and 10% if a loss makes for a positive income over time?

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## Farangrakthai

> That ration of 3% if profitable and 10% if a loss makes for a positive income over time?


it's close to what i do; though, usually 5% profit and 10% loss. 

it works:   if you are buying above the support line when the crypto is trading in a range, 

then you rarely have to take the loss (has only happened to me twice in dozens of trades).

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## OhOh

Thanks.

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## Munted

> it's close to what i do; though, usually 5% profit and 10% loss. 
> 
> it works:   if you are buying above the support line when the crypto is trading in a range, 
> 
> then you rarely have to take the loss (has only happened to me twice in dozens of trades).


Interesting. An extra 2% would be good. How are you determining  your support lines?  What are the most reliable in your opinion?

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## Munted

> If neither the stop-loss or the profit target is executed within 20 days, close it off.


Correction, close off should be at 20 bars. If you're trading on the 4hr chart, that's 80 hrs. 

Just to note, many of these rules are cross-overs from the non-crypto markets. Adjustment  is often required, due to the usual volatility of crypto.

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## Munted

20:00 UTC: Some positive action on BTC,  hammer followed by bullish engulfing candle patterns have been formed. As mentioned in my previous report, we did see BTC hit US $9100, although the bulls did eventually drag it up to a level of $9190. 

It would be good to see some confirmation of a bull rally on  the 1 hr chart, but unfortunately we are some way from that at this time. 

However, the number of bullish engulfing hits on the top 100 BTC and ETH markets has had a good increase. This may indicate an appetite for a turn. 

BULLISH ENGULFING HITS, due diligence required 



Of interest in the above is BCH, this hit being the third  in as many days. Although the gain has only been in the region of 2%, so you might want to keep a close watch on it. 
NOTE: This list also includes hits BCHXBT - inverted hammer pattern, DASHUSD - hammer pattern.

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## Munted

Here's a link to a very handy risk calculation spreadsheet (courtesy Philokone  prior to him monetizing his advice) 

risk calculation spreadsheet 

get it while you can. He might stop access soon.

This is what it looks like. It works a gem.

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## PlanK

> BULLISH ENGULFING HITS, due diligence required.


What happened to the bullish engulfing hits?

Lambo just turned into a tank.

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## jabir

I still own about a track.

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## Munted

> What happened to the bullish engulfing hits?
> 
> Lambo just turned into a tank.


08:00 UTC: Massive green BTC.  Open to high, 4.8%.  A rising tide lifts all boats.

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## Munted

20:00 UTC: Excellent turn-around by BTC, took some time making a gain of 2.25% over 20 hrs. Upper wick did not punch through 40 SMA, so cannot confirm that the rally will sustain.

In addition, there are no Bullish Engulfing candles, even after a double check. 

I will do a special end of day 00:00 UTC report, if BE candles are picked up there. 

I hope you did make some profit yesterday, As mentioned yesterday, a 2% target would have been more appropriate, but better some gain than none.

I am presently working on a hot tips contribution to the community, watch this space.

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## PlanK

Consensus, biggest blockchain conference of the year, is next week.

Traditionally it spikes then retraces.

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## Munted

> Consensus, biggest blockchain conference of the year, is next week.
> 
> Traditionally it spikes then retraces.


True, good chance it will spike through 10k.

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## PlanK

If you're not convinced, this will sell you for sure because it's written in the stars.   :Smile: 

https://www.jessicaadams.com/2018/05...dictions-2018/


The arrival of Uranus in Taurus will cause great upheaval next week.


I wonder if size matters?  
If it's Dill's and Luigi's anus the impact could be nuclear.
 :bananaman:

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## Seekingasylum

> Lamborghini Diablo SE30 Purple - you know that you want one


I can't think of anything more repellent. Only an ill-educated, coon footballing oaf suffering from protanopia would be so lacking in taste as to procure such a vehicle, never mind fucking lusting after it.

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## Dillinger

^ 

I can, a dirty old grey haired bastard like yourself getting spitroasted by a couple of ladyboys on Pattaya beach.


some things, like Lambos and lithe Thai chicks dont suit you old people. :Smile:

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## Munted

20:00 UTC; BTC tanks 2.75%, nearly back to where it was a day ago. There are very slim pickings for long players. If you have money in exchange or bank fiat, it may be sensible to keep it there. 

 However, if you are of the short persuasion you can look forward to some profit. 

No Bullish Engulfing hits today, the second in a row,  which indicates a generalized bear market may be digging in.

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## Munted

> If you're not convinced, this will sell you for sure because it's written in the stars.
> 
> https://www.jessicaadams.com/2018/05...dictions-2018/
> 
> 
> The arrival of Uranus in Taurus will cause great upheaval next week.


May 15. Bring it on, man!

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## PlanK

I guess if enough fools... erm... I mean people believe in investing through astrology it might actually come true.
 :Shrug:

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## Munted

> If you have money in exchange or bank fiat, it may be sensible to keep it there.


Old wives's tale re the traditional markets.  "Sell in May, keep away". May have some statistical inheritance? 

 In which case, I am inclined to double down on the above advice.

Have some time out.

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## PlanK

Korean exchange got raided by authorities.

Prices dump.  TA can't predict this.  How do you work this into your trading scheme?

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## Munted

> TA can't predict this


Anybody who knows anything about TA will tell you that TA is not predictive. It can claim to give to the speculator a statistical edge. 

For instance the past few days I have not been bullish on BTC. You can see that for yourself.

And I did take my own advice and got back into fiat back then.

Which without TA I would never had done.

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## Munted

There is now an alternative...

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## Munted

20:00 UTC: Chart moves are made from the inside to the outside, so today will look at BTC on the 1 hr chart. 

Support has been found at the $8280 or thereabouts price. But not convinced.

 Even after a vigorous day of trading, the 40 SMA has not been breached. Any plans to bet the house would be best delayed.

Additionally, our market sentiment indicator, the Bullish Engulfing candle,  is still not producing candles at the appropriate places. 
However, there is definitely a momentum towards that happy place.

So it is not all doom and gloom.

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## Munted

BTC having trouble breaking the 40 SMA, 1 hr chart




Headlines to note:


"Consensus 2018 Will be the Next Big Catalyst for Bitcoin, Analyst Says"
" UpBit Fraud A Crypto Sell Trigger"

As mentioned above, Consensus will pump the price. Additionally,  the UpBit fraud has loosened a lot of money. This money will not be lost to fiat, rather the vast majority is expected to be re-invested into other crypto exchanges.  Unfortunately, some quite onerous KYC (Know Your Customer) regulations required by the more established exchanges will cause this re-investment to be delayed somewhat.

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## Munted

BTC. Equilibrium  wedge. Equal chance of upside, or downside movement.

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## Munted

Not there yet.

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## Munted

Not quite ready yet, but anticipate making the week's rent very soon.

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## Farangrakthai

> Equal chance of upside, or downside movement.


nice charts, but would be better with btc price on them. 




> Not quite ready yet, but anticipate making the week's rent very soon.


when btc ecounters a symmetric triangle (upper and lower trend lines meet to make a triangle), it usually breaks down from what i've see this year. 

the bulls usually don't have the balls to push it higher and they wait for a strong support line to be formed at a lower level. 

so, wouldn't count on that rent money yet, munted.

;-)

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## Munted

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%

However as I am old f**ker and don't have a lot of breathing time left I value my time getting pissed and snoring my face off.

So must retire now to bed.

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

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## Farangrakthai

BTC: 



btc's looking good on the 30 day chart (up 9%).  

besides that, it's still down 57% from it's all time high in december and will have to rise 129% to reach that high again. 

30 day chart: 



7 month chart:

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## Munted

> besides that, it's still down 57% from it's all time high in december and will have to rise 129% to reach that high again.


True, hope you haven't been hodling all that time but if you have, more easier on the nerves, I suppose.

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## Munted

20:00 UTC: BTC steadily increasing, let's hope it doesn't run out of steam. The next challenge will be the resistance level of 9k or thereabouts.
 It might be a good plan to get out around 8.9k and then wait it out until 9k is confirmed as a support.
 It is not a matter of if, just when.

Got some bullish engulfing hits today, so market sentiment is looking up. As always, due diligence required.

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## PlanK

> Consensus, biggest blockchain conference of the year, is next week.
> 
> Traditionally it spikes then retraces.



Spike is definitely on.

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## cyrille

> btc's looking good on the 30 day chart (up 9%). 
> 
> besides that, it's still down 57% from it's all time high in december and will have to rise 129% to reach that high again.





> True, *hope you haven't been hodling all that time* but if you have, more easier on the nerves, I suppose.


Nice bit of patronising oneupmanship there.

Bravo.  :Very Happy:

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## Farangrakthai

and every thread seemingly needs cyrille's trademarked petty snideness.

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## Munted

20:00 UTC: Looking like Consensus 2018 is having it's desired effect. Make hay while you can. Let's hope for something more longer lasting than a quick pump.

Unfortunately, no hits on the Bullish Engulfing indicator today, I sincerely hope that is not what I usually take it to be.

On the positive side, I was a little disappointed not to have been able to follow my own advice as posted in detail earlier and put 10k on BTC one day and four hours ago.

Here's a  screen shot of your profit if you had have gone ahead. 



Not too shabby for one day and 4 hours 'work'.  9255 THB.
Back in the day would've been good enough for a months rent. With change for a little bit of extracurricular.

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## Farangrakthai

it's interesting to read your analysis, munted and i replied to it on the btc thread as it doesn't seem necessary to have more than one btc thread.




> well, it made it up to 8,700 and then fell 300 points. 
> 
> still getting those "bullish engulfing hits"?
> 
> ;-)
> 
> BTC 24 hour chart:


anyways, it's all a bunch of nonsense, if you don't actually post in real time when you enter the market and your price points for target sell and stop loss. 




> Here's a screen shot of your profit if you had have gone ahead.


what board are you trading on?  btc never hit your target (posted after the fact) of 8808. it hit 8750 and then fell to 8405.

or your original target of 8900:




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







> set your stop loss at 2%


stop loss at 3% on the trade you wish you made? 



anyways, good stuff, munted.

though, looking forward to you posting your trades in real time on the btc thread like luigi and others have done. 

 :Cool:

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## Farangrakthai

and, cheers for the excel sheet:

https://nofile.io/f/qaaej9UeZzc

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## Munted

> anyways, it's all a bunch of nonsense, if you don't actually post in real time when you enter the market and your price points for target sell and stop loss.


Have a look at the top left hand corner of the post. That is the real time .




> what board are you trading on? btc never hit your target (posted after the fact) of 8808. it hit 8750 and then fell to 8405.


What chart are you looking at?  XBTUSD 4 hr chart clearly shows the entry and exit (white lines).

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## Farangrakthai

> That is the real time .


i mean when you enter the market, post it in real time on the thread (the price you bought at and the target price). 

you have yet to do that which means all your "bullish engulfing hits" are just for show. 

;-)




> I was a little disappointed not to have been able to follow my own advice

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## Munted

> stop loss at 3% on the trade you wish you made?


Also the bottom white line is the stop-loss. This was set to an alert in trading view.

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## Farangrakthai

> 


what exchange are you trading on?

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## Munted

> i mean when you enter the market, post it in real time on the thread (the price you bought at and the target price).


No, I did not buy in at that time, as I did not want to wait all night for a confirmation candle. 

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

Go back and see the action as it occurred. The candles do not tell a lie.

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## Munted

> what exchange are you trading on?


Kraken

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## Farangrakthai

anyways, your stop-loss was at 8296, so you would have taken the loss before the price jumped back up 9 hours later:  




> 



so, not sure what you're on about here:  




> Here's a screen shot of your profit if you had have gone ahead.
> 
> Not too shabby for one day and 4 hours 'work'. 9255 THB.
> 
> Back in the day would've been good enough for a months rent. With change for a little bit of extracurricular.





> Go back and see the action as it occurred. *The candles do not tell a lie*.


hmm

;-)

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## Munted

> it doesn't seem necessary to have more than one btc thread


Agreed, but this thread is about making a weekly income.

 I believe I have proved that it is very possible, if the effort is put in to learn the basics.

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## Farangrakthai

> I believe *I have proved* that it is very possible, if the effort is put in to learn the basics.


sorry, but you haven't. 




> The candles do not tell a lie.


well the candles told you to buy btc at 8546 and sell at 8809 (or 8900 as you said at the time). 




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


btc then went up to 8740 and then fell almost 500 points to below 8300 (on your chart). 

so, unless you're saying the "bullish engulfing candles" predicted that when you entered the market, btc would go up 200 points (not hitting your target) then fall 500 points and then 9 hours later shoot up 300 points, then they did "lie" to you.

;-) 




> The candles do not tell a lie.

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## Munted

> anyways, your stop-loss was at 8296, so you would have taken the loss before the price jumped back up 9 hours later:


No, it was not set at auto, as Kraken does not allow for both a limit and a stop-limit. So, obviously you would prefer the limit on auto, and then to set the stop-limit on an alert such as at trading view. So you can make  a determination  then if it should come to it




> hmm


OK, Post #59. 5:22 pm Thai is UTC 22:22 previous day. There is no way I could have known that at 23:00 hours UTC  that the  1 hr candle would print green. And it did. So that would have been a go.

 But there are plenty more similar opportunities so I decided to let it go.

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## Farangrakthai

> No, it was not set at auto


well, you're just talking about a hypothetical trade:  well, maybe i wouldn't have gotten out at my planned "stop loss" and i would have stayed in the trade and been lucky as 9 hours later the price shot up. 




> And it did. So that would have been a go.


yes, but it was wrong as you got your "bullish engulfing hit" to enter the market: it then went up 200 points (not high enough) and then dove 500 points.  end of story. 

those "bullish engulfing flames" weren't predicting that the price would go up a bit and then fall 500 points, right?

you were talking about 8900 and 9000 becoming support soon:




> It might be a good plan to get out around 8.9k and then wait it out until 9k is confirmed as a support.
> It is not a matter of if, just when.

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## Farangrakthai

anyways, munted: like i mentioned,  looking forward to you posting your trades in real time on the btc thread like luigi and others have done. 

example: 

munted:  "i just bought btc at 8600 (day trade) after i got a "bullish engulfing hit" and will take profit at 9000 with stop loss at 8300. 

or just bought btc for a medium term play at 8600. 

 :Cool:

----------


## Munted

> "bullish engulfing candles"


This is nothing about bullish engulfing.  It was a great example on how to trade off the 40 SMA 




> 8546 and sell at 8809 (or 8900 as you said at the time


So the next candle, which I had no knowledge at the time of it actually going to print as a green, yes, if fact turned out to be a green (23:00 UTC). At which point, you,  would have  calculated from the open of the green a profit of  3%. That is your profit. The 8900 was mentioned not as a profit target, as obviously that would have been more than 3%. The 8900 was the next target to go for if you thought it good to do so after hitting 8546.

----------


## Farangrakthai

> It was a great example on how to trade off the 40 SMA


no, it wasn't:  it went up 200 points (not to your target) and then dropped 500 points (your chart). 

your "successful" exit point (profit) would have been after the dive and then 9 hours later shooting up again. 

that is not what the technical indicators were showing you would happen, right?




>

----------


## PlanK

> Agreed, but this thread is about making a weekly income.


One thread for the day traders/TA and one thread for the hodlers & fundamentalists is a good idea.

----------


## Farangrakthai

regarding a post from the first page: 




> IMO there are certain trading principles which are universal no matter what market you are trading. 
> 
> Always establish your exits prior to entering the position. That's it.


agree:  an example is the trade you thought about making yesterday. 

btc didn't go up enough to get your target point and then fell 400 points.  

you're saying now that you wouldn't have adhered to your stop-loss and would have made the profit when it bounced back. 

but, what if it hadn't bounced back due to (i'm guessing) a few whales sucking up much of the btc on the market, causing the price spike. 

if it hadn't bounced back and you held onto it (and that becomes a habit), then you won't have funds available (unless you put in more) for day trading as you'll have become an medium/longer term investor. 





> Originally Posted by Farangrakthai
> 
> 
> anyways, *your stop-loss was at 8296, so you would have taken the loss before the price jumped back up 9 hours later:*
> 
> 
> No, it was not set at auto, as Kraken does not allow for both a limit and a stop-limit. So, obviously you would prefer the limit on auto, and then to set the stop-limit on an alert such as at trading view. So you can make a determination then if it should come to it

----------


## Munted

> you're saying now that you wouldn't have adhered to your stop-loss and would have made the profit when it bounced back


Please look again.

The stop-loss was not actioned due to the close of the candle not coming anywhere near it. 

Yes, the spike or wick did go through, but not the close of the candle.

----------


## Munted

20:00 UTC . BTC spiked today to 8886, a higher high of 1.48 % on the previous high (4 hr chart).  So must be grateful, even for such small gains. 

Rather bullish fundamentals sentiment, somewhat hyped up due to Consensus 2018, does not appear reflected in TA. 

There are no bullish engulfing candles today across either top 100 ETH or BTC markets. 

However, we do have hammer indicators. Caution is required. The success rate of the hammer indicators have yet to be proven to be as reliable as the bullish engulfing.

This is likely due to hammer indicators being much less common than bullish engulfing, and therefore a smaller data set. 

Hammer Hits, due diligence required.

----------


## Munted

IOSTETH



Rules: On RSI(2) in oversold territory:                           
 place a buy     order at the lowest point of the past 2 days. Valid for 1 day only,     after which it is cancelled  (Note: valid for 6 bars on 4 hr chart) apply a 9%     stop-loss apply a 2%     profit target

----------


## Dillinger

So how much are you up in your first week?

Sounds like a load of engulfing bullshit to me  :Smile:

----------


## Munted

> So how much are you up in your first week?
> 
> Sounds like a load of engulfing bullshit to me


Dillinger: Much more than you would want to know. 

Guys, you now have some good tips on how to begin your journey into crypto. 
Put the hours in and learn the TA.

I've introduced two types of candles - Bullish Engulfing & Hammer. 

I've also shown you how trading off the 40 SMA works, very successfully if you had followed the advice. 
Good thing is you can also do the same with the other major moving averages. 

With all the above, you'll have to tweak it a bit.

But that's TA.

It's not a free-loaders charter.

You'll have to learn to do it for yourself. 

And then when you have a little success, you can travel to almost any country and make the money to pay the bills.

And a little play money.

Double down and you'll earn yourself much more.

Here's my BTC address if you feel a little generous:

1EaTUepyu7ziuNe6CnnkgAtTxp7h9bQ6NG

----------


## Farangrakthai

> Dillinger: Much more than you would want to know.





> I'm making a good amount of crypto-coin here in NZ, meaning a good amount approx *500 USD per week.* So would love to come to back to Thailand to visit my old haunts and live the easy life. Has any one here had experience of Thai crypto exchanges


it's nice that you're enjoying trading crypto, munted.  though, to count on it as your sole source of income while living in thailand sounds like a fairy tale, i'm afraid to tell you.  

trading crypto should be a hobby, like gambling, and you shouldn't risk any amount of money you can't afford to lose.  most people know this, munted. 

anyways:  






> The stop-loss was not *actioned due to the close of the candle not coming* anywhere near it.


what the heck are you talking about?  this is what you posted regarding this specific trade:  




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


2% is 2%, not about whether a candle closes high or low and a 2% stop loss would have been at 8,380 (btc fell below 8,300). 

the trade you suggested failed as the stop loss was triggered before btc spiked 9 hours later. 

and, you still don't seem to understand that your technical indicators telling you to buy btc at 8546 were wrong as btc didn't go up to your target level and then fell 400-500 points.




> I've also shown you how trading off the 40 SMA works, very successfully if you had followed the advice.


so, munted: i'm sorry to say you have failed to show how to use the 40SMA and you have yet to post a trade in real time. 

the only trade you've posted was after the fact (one that you say you wished you had made). 

 and, in fact, was a losing trade (hit the stop loss):




> Here's a screen shot of your profit if you had have gone ahead.


anyways, munted:  looking forward to you posting your next trade (in real time):  i am buying btc at ____ with a target of _____ and a stop loss of _____.

----------


## Munted

> trading crypto should be a hobby, like gambling


Treat it as a hobby and you will lose, guaranteed.





> 2% is 2%, not about whether a candle closes high or low


There are four aspects to a candle - the high, the open, the close, and the low. The open and the close define the body of the candle. 

I have never said anywhere that the stop-loss percentage ends at the low of the candle.  Quote me back if I am wrong.




> the only trade you've posted was after the fact


You got me worried I am beginning to believe you are a conspiracy theorist. The screen-shots show very clearly the entry of the trade and the exit of the trade. 
So, you believe I faked them?  :smiley laughing:

----------


## Farangrakthai

> stop-loss


stop loss is a percentage:




> set your stop loss at 2% in case it all turns to custard.


after the fact, you are now saying that you would look at the candles, not just a % fall for stop loss. 




> Originally Posted by Farangrakthai
> 
> 
> the only trade you've posted was after the fact (one that you say you wished you had made).
> 
> 
> The screen-shots show very clearly the entry of the trade and the exit of the trade.


ok, sorry to say, munted:  you're starting to sound like a really good troll who can't keep his story straight:




> *No, I did not buy in at that time, as I did not want to wait all night for a confirmation candle*.





> On the positive side, I was a little disappointed not to have been able to follow my own advice as posted in detail earlier and put 10k on BTC one day and four hours ago.
> 
> Here's a screen shot of your profit if you had have gone ahead.

----------


## Munted

Farangrakthai, I sense you are a reasonable fellow unlike some on this forum. 

I count myself amongst such beings who invested heavily in the December '17 FOMO.

There is no shame in it, and most certainly, as a hodler you will get it all back, and then some. 

I chose to be pro-active.

The result was that I gave up a steady job, and lost money for a few months. That is the price of self-education. 

Now I can anywhere in the world and average $2000 USD a month. 

No, not a kings ransom. 

But that will be enough for Thailand and for my needs while there. 

Many get by on a lot less.

----------


## Farangrakthai

> as a hodler you will get it all back,


actually, i put money in btc and alts in mid dec and took it all out on jan 3. with a nice profit (posted in real time on the btc thread). 

since then have been day trading when i have the time and when the market is stable. 




> Many get by on a lot less.


fair enough, munted.

----------


## Munted

> % fall for stop loss


the % fall is taken from the entry price. 

And you did not quote back to me where in your imagination you believe I said the stop-loss price is at the low of the candle




> you would look at the candles


Yes, of course I would, as I have previously mentioned the stop-loss is not auto set, rather it's arrival is sent as a text alarm to my phone.
 Then, if the CLOSE of the candle has not been reached, the trade continues. 

Granted, it could have gone either way, but, good for you, if you had have exercised a modicum of sense,  you would be nearly 10k THB richer.

----------


## Farangrakthai

> as I have previously mentioned the stop-loss is not auto set


it's still a failed trade as the technical indicators told you to buy: it went up 200 points and then fell 4-500 points.  if you had held onto it, rather than cutting loss, you would have been lucky as 9 hours later it shot up.  

the technical indicators you followed to do the trade were wrong, munted, and i'm surprised that you still can't see that. 

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




> Originally Posted by Farangrakthai
> 
> 
> the only trade you've posted was after the fact (one that you say you wished you had made).
> 
> 
> The screen-shots show very clearly the entry of the trade and the exit of the trade.

----------


## cyrille

> if you had have exercised a modicum of sense, you would be nearly 10k THB richer.





> ok, sorry to say, munted: you're starting to sound like a really good troll who can't keep his story straight



 :Smile:

----------


## Dillinger

> I count myself amongst such beings who invested heavily in the December '17 FOMO.
> 
> There is no shame in it, and most certainly, as a hodler you will get it all back, and then some. 
> 
> I chose to be pro-active.
> 
> The result was that I gave up a steady job, and lost money for a few months. That is the price of self-education. 
> 
> Now I can anywhere in the world and average $2000 USD a month



I hope you’re not living on a high floor

----------


## 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.


 :Tongue:

----------


## 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  :Smile: 






> 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. :Smile:

----------


## 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

::chitown::

----------


## 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 20th 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.

----------


## Munted

Is BTC on the rise?

My friend Karl tells me that if BTC breaks through the upper trend line there is a 70% chance of hitting 10k soon.

I don't know where he gets these figures.

I hope he's right, though.



(the trend line is the angled white one, not the horizontal line)

----------


## Farangrakthai

> My friend Karl tells me that *if BTC breaks through the upper trend line there is a 70% chance of hitting 10k soon.*


munted:  you have a $10,000 position in eth/btc, right?

you're still holding it, right? 

you want eth to get stronger and btc to get weaker. 




> I don't know where he gets these figures.
> 
> *I hope he's right, though*.

----------


## Munted

> you want eth to get stronger and btc to get weaker


I know what you are saying.

It's too early to jump the alt ship just yet.

A BTC bull will for sure be a better thing even if incurring temporary loses on alts.

----------


## Munted

The last week of BTC has seen a downtrend. But amongst the gloom, it has been possible to pick up a nugget or two.



 



Altogether *18451 THB*. OK for 10 minutes 'work'. 

ETH is also on track for a payout. Although best not to plan your overseas trip just yet.

----------


## Farangrakthai

> Altogether 18451 THB. OK for 10 minutes 'work'.


are you saying that's the profit you made?

or could have made, if you had actually done the trades?

----------


## Munted

Example of 40 SMA. (ETH/BTC)

ETH price continues to bounce off in text book example.

This is indicating that BTC is not having a good day. 

Very nice price action here.

----------


## Munted

> are you saying that's the profit you made?


I cannot disclose that as NZ tax department has a very long reach.

But what I can say is that if you are a BTC fan you should look for bullish engulfing candles to maximize your speculations.

----------


## Farangrakthai

well, munted:




> Altogether 18451 THB. OK for 10 minutes 'work'.


one of those trades you said you wished you had made and the other you posted after the fact. 

the eth/btc suggested trade hasn't hit the target point, yet.

right? 




> But what I can say is that if you are a BTC fan you *should look for bullish engulfing candles to maximize your speculations*.


it's interesting to look at (shows when buyers are overtaking sellers). 

though, it's just one tool that a crypto trader should look at, IMO.

----------


## Munted

> other you posted after the fact


I have posted the facts. You may not like them but nevertheless they are true.




> the eth/btc suggested trade hasn't hit the target point, yet.


True, but if the 40 SMA continues to act as support, it is inevitable.




> it's interesting to look at (shows when buyers are overtaking sellers).
> 
> though, it's just one tool that a crypto trader should look at, IMO.


Agreed, that is why I have introduced the 40 SMA, and also comment on fundamentals.

----------


## Farangrakthai

> True, but if the 40 SMA continues to act as support, it is inevitable.


so far, resistance looks pretty strong at .085.

eth/btc 30 day chart:

----------


## Munted

> so far, resistance looks pretty strong at .085.


Nice chart, but the price action is on the last two. Indicating a break-out.

----------


## Farangrakthai

> but the price action is on the last two. Indicating a break-out.


you may be right about a break-out today or in the future. 

but, you said 4 days ago the bullish engulfing candles indicated that and they were wrong.




> 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.


unless you're saying the bullish engulfing candles on a 4 hour chart were predicting a break out 4 days down the road.

;-)

----------


## Munted

BTC looking like further decline, possibly to 6500 after 20 hrs of failing to convincingly breach upper trend line.

----------


## Munted

> you said 4 days ago the bullish engulfing candles indicated that and they were wrong.


Once again, you are stuck in that mode of requiring resolution within 24 hrs.  That will  happen sometimes.

But most likely not.

I have posted for you and others the BE rules. 

They are completely transparent.




> 4 hour chart


The  4hr chart is a trading chart. 

No, it does not specify a successful resolution in 4, 12, or 100 hrs. 

It's usefulness is rather that it will *indicate* a successful resolution within the specified  time period of the rules.

----------


## Farangrakthai

> It's usefulness is rather that it will indicate a successful resolution within the specified time period of the rules.


you opened the trade 4 days ago when you posted this:




> 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, in case you don't understand the candle charts, the bullish engulfing candle is indicating at that time that buyers are overtaking sellers.  it is definately not indicating what will happen 4 days down the road.

once again (like your btc/usd trade), your "bullish engulfing candles" have let you down on your eth/btc trade and gave you the wrong signal. 

the candles gave you the signal, you bought (supposedly), it went up 100 points (below your target) and then it fell a few hundred points and hasn't hit your target, yet. 




> No, it does not specify a successful resolution in 4, 12, or 100 hrs.

----------


## Munted

> you opened the trade 4 days ago when you posted this:


But that quote does not tell you when it will successfully exit.

It is neither a short time or a long time. It is flexible, within the rules





> it is definitely not indicating what will happen 4 days down the road.


Incorrect, you should familiarize your self with the rules which have previously been posted.

----------


## Farangrakthai

> incorrect, you should familiarize your self with the rules which have previously been posted.


munted: you can't make the rules yourself about what the "bullish engulfing candles" tell a trader.

and bullish engulfing candles on a 4 hour chart  are definitely not predicting the movement of the price in 4 days time. 

you know that, right?

----------


## Munted

> you can't make the rules yoursel


True,  go to the post where the rules are published.

Anyone can verify  the facts for themselves.

----------


## Farangrakthai

i don't need to as i already know this:  




> bullish engulfing candles on a 4 hour chart are definitely not predicting the movement of the price in 4 days time.


basically, on your btc/usd and eth/btc proposed trades, the bullish engulfing candles were wrong as the price didn't go up high enough to hit your target price after you proposed opening a position. 

you waited a few days and it hit your price.

though, this is due to luck, not the 4 hour candle chart from days before.

----------


## Munted

> the 4 hour candle


You are totally naive if you believe the 4 hr actually indicates a trade within that time frame. 




> you waited a few days and it hit your price


Yes, that is how it works. It's called_ swing trading. 

_A totally foreign concept to you it appears, but is actually quite common.




> due to luck


Luck, not. Good management, yes

----------


## Farangrakthai

> You are totally naive if you believe the 4 hr actually indicates a trade within that time frame.


all the bullish engulfing candle is doing is showing you that buyers are more numerous than sellers. 

how does a bullish engulfing candle predict what the price will do in 4 days time?

here's an example: your btc/usd trade:

do you think your bullish engulfing candles predicted the price would go up a couple hundred points (not hit your target) then fall 4-500 points, then 4 days later it would hit your price target?

you really think your candles predicted that? 

_




 Originally Posted by Farangrakthai


 btc never hit your target (posted after the fact) of 8808. 

it hit 8750 and then fell to 8405.

or your original target of 8900:





			
				Originally Posted by Munted 
It might be a good plan to get out around 8.9k
			
		




_the long red candle in this graph is what happened to btc/usd after you suggested a buy at 8546 and getting out at 8900. 

it went back up later:  due to luck or a prediction from your bullish engulfing candles?

----------


## Munted

> all the bullish engulfing candle is doing is showing you that buyers are more numerous than sellers


It is that, and much more.

Bullish Engulfing gives you a green light to enter the market, and then exit it 3% later.

That might be any time up to 20 days (the rules, as previously published) 

The time period is up to the market and is totally out of my control.

No, I do not have a crystal ball.





> it went back up later: due to luck or a prediction from your bullish engulfing candles?


I have never claimed 100% success with this method. 

I have consistently informed readers that due diligence is required.

----------


## Farangrakthai

> Originally Posted by Farangrakthai
> 
> 
> it went back up later: due to luck or a prediction from your bullish engulfing candles?
> 
> 
> I have never claimed 100% success with this method.


sorry, munted:  but, you're 0 for 2 so far (with the trades you've suggested in real-time). 

the second one is the eth/btc trade:  





> Certainly worth a 3% position.
> 
> For the skeptics amongst you, please note the time in the top left hand corner of this post.




on may 16 (after seeing a bullish engulfing candle), you suggested buying eth/btc at .08358 and selling at .08599.  




> so far, resistance looks pretty strong at .08500.
> 
> eth/btc 30 day chart:


so:  eth/btc never broke .085 to hit your target of .08599 and is down 8% today:

eth/btc 30 day chart:

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## cyrille

He does have a point, munted.

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## Dillinger

> sorry, munted: but, you're 0 for 2 so far


Munted's not been seen for 3 days. Hope he's not keeping all those bullish engulfing candles to himself

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## Dillinger



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## PlanK

Maybe the latest bounce was enough to loosen the noose around Munted's neck?

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## Munted

My latest. German banking will fail, very soon. 

So exchange your footwear for more robust type.

And BTC will go to 50K  (USD, not monkey money) by end of year.

You heard it here first.

I will have NO sympathy if I see you crying into your beer.

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## Luigi

> BTC will go to 50K (USD, not monkey money) by end of year.
> 
> You heard it here first.



No we didn't. Earl's gone for double that number. Pfft. 


You need to get more urine into you bud.

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## Munted

Ha ha Luigi. Keep chomping on that "herbalized' pixxa

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## jabir

They're called happy pizzas in PP.

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## Dillinger

Yay........... Munty lives.....

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## cyrille

> They're called happy pizzas in PP.


Yeah, more vicarious knowledge from munted.  :Wink:

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## Munted

Had a PM a few days ago why I am no longer posting bullish engulfing details.

Truth is, there are few to nothing be indicators to report.

This is indicative of the emotional strength of the market today.

There is no 'exuberance'. The retail market who got into crypto Dec 2017 have now taken a 'once bitten, twice shy' position. 

Therefore, inadequate volume in the market.

So to answer the question. The bullish engulfing candle has proven itself to be a reliable indicator of market sentiment.

And when the market sentiment  becomes bullish, the frequency of the candle will reflect that.  Guaranteed.

Until then, this thread will be posted to from myself much less than what I do prefer.

That is what it is.

But keep watching. I, absolutely,  am sure this thread is not dead. This is the beginning of a fantastic journey you do not want to miss.

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## PlanK

^
Thought you'd done the dead cat bounce at the end of a rope.

Good to see you're still alive.

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## Munted

Thanks PB

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