Weekly trades (15)

Just a quick recapitulation of the last week trading result:
3,7% when you exited according to the plan
38% return when you exited at week’s high (the highest possible return)

The target was too much conservative and I can adjust it in the next plans because a daily returns are increasing so our weekly target also will. But remember, these trades are a short-term ones and our goal is to be profitable and generate some cash-flow in a long-term, whether the market is trending up, down or consolidating. That’s why I choose such a “conservative” targets. Of course the final cut is always on your decision.

Also, look at the profit difference of maximum potential (38%) and our target (3,7%). That’s why I keep saying you profit most in this market when sitting tight with your long-term buy position from the start of this rally. Be it 0,1$, 1$ or 10$. Well if you weren’t so lucky (smart) and have bought just recently the same applies. Because this market is heading higher, much higher. That doesn’t mean it can’t drop below 100 or 80$. But when you play a long-term game that potential sell off wouldn’t be much to bother with. Because from here it can go to 70$ and technically still perfectly stay in the bull market.

Now to the current outlook and trades.
It looks like our trading week should start on Sundays. Bitcoin is live 24/7 and doesn’t know weekends and sometimes even a banking holidays.

mtgoxUSD 1 day #4 41371.5557

The USD/BTC price on Mt.Gox broke through 147.05 today, that is going to be our buying point for the next week. You can place a stop-loss order just below 139.50. If the market wants to head higher, this level should have been safe. I was too much conservative last week as regards the profit target. So now let’s set the first one at 179.00, the 2nd at 199. In case of this buying frenzy will continue the same pace as in the previous days, we can easily see Max Keiser’s short-term target of 250 USD been hit.
What about a sell point? What? Do you really want to short this market? OK, then try to enter at 142.05 with the stop-loss at 145. First PT at 140.00, 2nd 135.20.
Hmm, now let’s hope the price is going to correct to the buy point or 150 at least.

Weekly trades

What a fool’s day today, was it? The USD/BTC price climbed more than 10% from the open. Wow. And this should only be a precursor of what we can expect in following weeks.
As regards this week trading, I regret now didn’t put up a points yesterday. I just thought of today as a quiet holiday break not realising banking in Japan not been affected. And of course as at the start of every week Mt.Gox opening and processing of a new accounts and buying orders reflected in an immediate price increase.
That is why I think the major move of this week is over, but it doesn’t mean there aren’t going some opportunities appear. Here is what can I see now:
Buy: 106.05   Stop loss: 103.00     Profit take: 110.00 or when you satisfy your greed.
Sell: Not a slightest reason to sell at or near the current level.
92.18    SL: 95.00    PT: 91.20;    87.20;
Now, prefer to buy of course, but as mentioned above, I don’t like catching up a running train. It means this point can work  the 2nd or 3rd time after some stop loss hits (though the stops are big enough, are they?) .
I would also like to see a correction down to 95-97 USD and then a bounce up. But as you know one’s wishes and assumptions are completely meaningless in any market:)

Bitcoin price broke $100, ladies and gents!

Bitcoin price broke $100, ladies and gents ! Bitcoin has just made it. It breached 100 USD a moment back and now the things are starting to be very interesting (not that it’s been a boring time up to now).

Bitcoin price broke $100, ladies and gents!

While breaking into two-digit price zone (again) a few months ago turned on the attention of more advanturous speculators and investors, the triple digit price is going to attract some serious heavy weight businessmen, who no longer trust in their state-bond portfolio. Hell, not even their bank deposits if they are not personally connected to some high-level bankster.

Of course bitcoin is not the only safe haven. There is always gold and silver. But. These people look also for an investment with the highest potential (profit-cost) and an asset that is moving upward. And bitcoin clearly wins in both categories. Yes, it is “riskier” or more “volatile”. That’s why the next level of investors will be closely watching and step in at a four-digit price.

So what will be the next price development? Good question, I really don’t know. Nobody knows. And never trust someone who claims he knows where the market is heading. But of course almost everyone has some bias or anticipation as regards to the price in the next days, weeks, months.

My bias is up. The longterm and shorterm. As I mentioned when breaking 30 and 50 USD/BTC, daily movements and gains are going to increase again. That means also potential sell offs could be bigger (in nominal terms), but every dip should be quickly bought out and trend up with higher highs resumed. I will put up some buying and selling points for this week later.

Wow. I started to write this piece at a few cents below 100 USD. 30 minutes later the price is at nearly 105. We are living in an extraordinary time, enjoy that!