It's my old strategy, from stocks markets. I'am curious if entry like this will pay good here. I changed my view on cryptomarket overnight. Rebuyed my 30000XEMs (25% of all od my XEMs) and try to close this position in TP3 place (48cents). But when someone wants manage more logical entry like this must divide profits in 3 stages (3 blue lines in my chart, 32cents, 40cents, 48cents). Basically that are levels based on Fibonnacci and Elliot's waves counting (wave 5th - if she will be constructed by market, could be 50%, 100% and 150% of previous wave 3rd - can be even more but i use only this three extensions). SL must be under pink line when 1H candle closes significantly under this line. I personaly dont use SL here as i rebuyed my XEMs from my old stack, so i lose nothing if it go lower. But for speculative entry SL must be used. And how to manage this position with profit taking? 50% quantity of position must be closed @ 32cents, and SL goes for the rest of position to the entry point (around 26cents). Than if market goes higher 25%-30% of position is closed @ 40cents, and the rest @ 48cents.
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This strategy by the way, can be named "hunting of wave 5th". In crypto when wave 5th is good "hunted" can pay out incredibly good.
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Strategy for XEM is suspended, as Bitcoins situation worsens. I sold one more time 25000XEMs @ 25,5 cents, with pain in the heart of course.
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I will try to rebuy my XEMs sold @ 25,5 cents but without this strategy in play. I set up pending buy @zaif @ 18,66JPY
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pending order changed to 16,66JPY (for XEMs) so around 15cents, i hope some panic sellers give me this souvenir:)
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pending order modified with step 0.05JPY spreaded in area 16,6-17,5JPY
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If i believe in BTCUSD is going down to 4550-4700 area, i should now set more realistic pending buy order @XEMJPY, so i spread this order in range 21.06-22.01JPY with step 0.05JPY (so 20 orders with whole sum of 25000XEMs if all will be filled i will have good rebuy with average 21,5JPY so around 19,5cents - i sold back in time this stack @ 25,5cents)
i really do not like situation on BTC. As i can't trade USDT/XEM i prefer w8 and see which way will go BTC. If BTC will go down and XEM will not announce any MEGA news, XEM and all other ALTs will retrace same as BTC, or maybe even more. I think more than BTC as money will start flow from ALTs to be SELL on lowering BTC.
I may be wrong but this entry point is way too high right now for me.
ormin79
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It's basiccaly other approach to market as i used in crypto until now. I understand Your point of view. It looks scary, so when someone cant afford to loose money, should stay aside and that is clever from Your side. For You this idea may be used only educational, and used maybe far away in the future. I will try to publish here many examples of this method. Situation in BTC i agree is not convenient for all alts.
ormin79
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Oh, and I will try to show in other idea how this method looks now in BTCUSD. It will be also scary:)
I may be wrong but this entry point is way too high right now for me.