I Did It!
[IMAGE: https://steemitimages.com/DQmQyvRLgi9x1EAqBojHoDmhC8hVSi8tjwYJvFpEVeGVTgZ/bitmex%20logo.png]
I finally made a trade I was pretty happy with! For the most part anyway. I bought 300 contracts long at 8175.5 using 10x leverage. I exited the trade at 8412, netting a $10 profit.
Here's the trade below.
[IMAGE: https://steemitimages.com/DQmXPFktNXa7rkQxyiXDXXZQZ4AqYM6zmr2dVAqzwt3ff7G/graph1trade3.png]
I was very much apprehensive on the trade, especially when looking at the 1 minute candles (the above chart is 5 minute), it was very close to breaking the bottom line, indicating a big move to the downside. That being said, I stuck to my guns, as the ascending triangle analysis is conducive to bullish momentum and I was expecting a move upwards.
The only thing that concerned me slightly was that the pattern could be argued to be a bearish tennant (pointed out by another trader), but I stuck with my original plan and it paid off.
If the candle at any point broke the bottom line, I would have cut my losses early. That didn't happen though, and the price absolutely shot up. Within 10 minutes the price had risen 300 or so pips and I took my profits.
The price actually continued to rise slightly further to 8500, but I played it safe and got out at 8400. I personally thought such a huge move in a short space of time was unlikely to hold, and BitMEX was having issues closing my order, so I got out when I could.
In hindsight, even-though I cut my profits a little too early, I'm still pleased with the results. I think it was the logical thing to do to take profits when I did, under the circumstances.
Finally recovered from my stupid trade the other day and am back to having an overall profit on my account!
[IMAGE: https://steemitimages.com/DQmPndkPHp1zvebSkoopry6vdbsRG6FeAxg5cugBJTzbwXD/table4.png]
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DISCLAIMER: This is NOT financial advice. The cryptocurrency market is volatile and you are at risk of losing your money. Only invest what you can afford to lose.
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