What The OMG!? Short edition.
If you followed my The What OMG!? Long chart you'd already know about my short here.
Horizontal resistance was bound to give great scalping profits and a good risk reward short entry for five waves down.
Yesterday all the plebs screamed ripple was going to add an additional 300-3000%, today they screamed OMG would.
The majority of the market loses, it was a bull-trap.
I have been mocked, insulted and laughed at for both these short entries; do not get emotional.
There is no right or wrong, only possible outcomes and risk-reward.
This is not the end of the world, and I advise anyone that holds omg without margin to hold it here and add if it hits 12$.
For now, this is my primary count, and I will stop out / take profit when it becomes invalid; perfectly possible.
Horizontal resistance was bound to give great scalping profits and a good risk reward short entry for five waves down.
Yesterday all the plebs screamed ripple was going to add an additional 300-3000%, today they screamed OMG would.
The majority of the market loses, it was a bull-trap.
I have been mocked, insulted and laughed at for both these short entries; do not get emotional.
There is no right or wrong, only possible outcomes and risk-reward.
This is not the end of the world, and I advise anyone that holds omg without margin to hold it here and add if it hits 12$.
For now, this is my primary count, and I will stop out / take profit when it becomes invalid; perfectly possible.
Note
Note
Shady things going on, Bitfinex removed the order box from the interface and therefore only allowed/allows liquidations through manually closing your margin position. I closed my omg short at 14.09 as 14 is supposed to bounce anyway. Afterwards, the website went offline and as of now I still haven't been able to get in... typical shakeout for all cryptos. Be ready for the squeeze.
Trade closed manually
Yep, even worse than I expected.Multiple unusable exchanges and a bull attack through API liquidating everyone.
What you just witnessed was no market behaviour, but rather a nasty game of 'DDoS' backdoor manipulation trapping all bears and their sisters.
I was able to buy the 'outbreak' on both OMG/USD and OMG/BTC.
My orders were executed three times... wicks with 10% spread, exchange logging you out with a handful of errors and lastly sell orders that take 10 minutes to proceed.
No environment you'd want to trade in.
Sold my longs as this could just as well be stomped down when everything calms down and becomes uhm.. operational again.
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