Category: Nezaradené

We had some nice move last week, although not according to my anticipated direction. But as you can see, the trigger (buy, sell) entry points are working well and realizing profits (closing position) is always more of a personal thing.
So how does the bigger picture looks right now looking at the Mt.Gox chart? (Btw, what the fuck is with the Bitstamp stream?) Nothing has changed and the market is still in a bear condition, though it has risen a lot in recent days. But look at the Friday’s daily candle with that long upper shadow. That is a clear sell signal especially when you consider it to happen at the important $100 resistance zone. But it must still have  to be confirmed by the price selling off below $88. First attempt yesterday wasn’t successful, but I think it will pass through finally. Of course this sell signal would become invalidated when the price breaks above $105.
With that in mind let’s write down the attack plan for the coming week:

Sell point: 94.00  (SL:100.00)   PT: 89.00; 86.00; 82.00
Buy point: 100.00  (SL: 94.00)   PT: 110.00;  115.00

All right. Let’s get back to work! Again, nothing much has changed since a few weeks ago, except the fact price break below $100 is now confirmed as well as the downtrend.
That’s why my bias is still down. Sellpoint for this week (Bitstamp): 87.5 with stop-loss at 90.50. Potential profit target around 80.00. If you want to buy then do so when the price break above 90.50 with 87.5 stoploss. Profit target 96.

Nothing much has happened since last post. As I supposed the market is clearly inclined to go down though the move is still very slow and choppy. Considering the market is in its resting period it’s not so bad after all.

The price sits exactly at the $100 level and every bounce attempt ends up with a sell-off. That means we should expect decisive break down in the following hours/days. But again it doesn’t have to be smooth and fast. If you are not in a short position yet sell below 97.40 (Mt.Gox) with SL 104. As last week I am not interested in going long at this phase and think market will touch the $80 level (or close to) before any substantial up-move.

Do you know the Murphy’s Law No.1 in trading? “When you close the trade because of a nervous choppy price action, the price starts to move nicely according to your expectation just the next moment.” That’s what happened exactly last week. After three unsuccessful (the daily closing price didn’t hold under $119) breaks down I called off the trade and the decisive move came on two days later with a huge potential profit. Well, (sh) it happens in this speculator’s world quite often.

Now there’s a down trend established and I want to short this baby again. The two previous days were big movers and not suitable for opening a position, but today’s candle looks fine so far. I probably wouldn’t go long if a buy signal appears here and wait for a short – ideally near $115-120 (Bitstamp). But if someone wants to take the long, then enter above 108 with stop-loss at 103. Targets: 110, 112, 115.
I’m waiting for the short trade either below 102.80 (SL 108) or higher according to price action in the following days. Potential targets: 93.50, 90.50, 85.00.