Bulls Back? TRADE UPDATES & NEW STRATEGY
Bulls Back? TRADE UPDATES & NEW STRATEGY
#ETH #ETHUSD #ETHEREUM #DOGE #DOGECOIN #TWITTER #BITCOIN #CRYPTO
Traders,
An update on my recent trades, what I am looking for now, and a bit about my trade strategy going forward.
First my recent trades.
As you know I was expecting a pullback into this weekend. Thus, entered some short trades. It appears I was wrong about the pullback (so far). Maybe, we don’t get one? You all know I am overall bullish into mid-2023+. Well, these bulls appear to be coming back strong even though many bears are still quite skeptical. Understandably so.
Anyway, here are my recent trades/results on these short entries:
Stopped out of INJ for a loss.
Stopped out of Eth. Once for a loss. Once for a gain.
Stopped out of BTC for a decent gain.
Stopped out of DOGE for a $2 gain. Lol. I couldn’t go into the weekend on a loss so I adjusted my SL as soon as we entered into profit here and got out of the trade for a profit. This was purely for a psychological win. Sometimes, we have to do this for ourselves.
Sidenote:
I have always stated that I am not a great trader in a bear market. I don’t think many are. But thank you all for “bearing” with me during these times. I promise you all, once we enter this next phase I am expecting, I will make it worth your while.
SideSidenote:
Guys, when I set my SLs, I am often adjusting them on the fly as we get deeper into the trade. I can’t notify you all every time I make an adjustment on my trade or you’ll quickly start to hate your Stewdamus subscription due to all the spam. So, I just want to remind you all of two things:
1) You can check the spreadsheet for some of these updates. I try to update per adjustment. I believe you can even set a notification reminder every time the spreadsheet is updated.
2) But I won’t always be able to give you every detail of my trade immediately. Therefore, you must remember to practice your own strategy and discipline per trade. For example, I like to adjust my SL in the profit once there is adequate room in the trade for me to do so. Some of you all use third-party services to trail your stops by a percentage ratio. I think this is great!
Okay. Nuff said about that. Now what am I looking at for future trades?
Well, these bulls appear to be back in charge for the time being and that is why I was stopped out of all my shorts thus far. I will not continue to resist this current upward momentum.
One chart I am now focusing on more (over the BTC chart) is this Ethereum chart above. It tends to give me more data at this point. You can see that Ethereum is right at a critical juncture. It either continues up, in which case it would break to the upside of that blue descending channel it is in, OR it breaks down below that strong support which has just been conquered. The move in either direction, when it happens, should be big! That RSI is hot but we are also on very strong support at the moment. The battle is on. This is what I am watching closely.
I will look for more trades once a move in either direction has been confirmed. Confirmation could happen this week.
Now a bit about my ever-changing trade strategy. (BTW, if you are learning then your trade strategy should ALWAYS be changing and we usually learn the most in a bear market!)
From a year or two before the LUNA collapse, I have sensed something different regarding price action and response in the crypto markets today as opposed to a 3-5 years back. I have witnessed, first-hand, bots with highly advanced AI and/or algorithms taking my entries precisely to their SLs (I mean down to the hundredths of a penny in some cases), dropping me out, and then doing exactly as I expected. For this reason, I stopped trading with SLs. And I did quite well with this strategy for years.
Enter LUNA. You all remember what happened there. Lesson learned.
So, I reluctantly started trading with stop limits again, finely tuning them, adjusting, etc., just to try to find the right amount of risk/loss that I am willing to accept per trade. I have gotten better at implementing this safety mechanism into each of my trades, however, I am still finding that the bots will kick my butt on the small alt and crypto trades.
This brings me to my point. I am considering trading less with smaller-cap cryptos when I leverage a trade using my KuKoin Futures Account. Instead, I want to focus more on trading leverage with larger-cap cryptos. It appears the bots have less control of price on the larger cap cryptos and also care less about a small trade like we would make here.
Spot trading strategy would remain the same since I tend to swing the trades on a longer timeframe and activate much looser stops.
Does anybody have any comments on this proposed change or do you have similar experiences or advice you’d like to share here? If so, please share. Much appreciated.
Stew
⛓️ 🔗 Useful Links 🔗 ⛓️
My Twitter:
https://twitter.com/stewdamus
My Telegram:
https://t.me/stewdamus
My Trading Account:
https://www.kucoin.com/ucenter/signup?rcode=rPJGNGN
My Trade Tracker:
https://docs.google.com/spreadsheets/d/1HhilTNSTsS0Z10ORBk0BRG-r1q94r3dHWRZ84kwOlYQ/edit?usp=sharing