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This account broken with watchlist. New account "Wackinhut"Hey guys, this is the thebulltrader. I have not posted in longtime due to family changes and different investing approaches. Recently I have been trading stock options and am looking to focus more on that aspect. However, my account thebulltrader has been glitched with a "Stuck watchlist" and have created a new account called "Wackinhut" If you like my recent post under Wackinhut "i'd appreciate having the ability to comment in public forums as I need 50 reputation points for public chat rooms. P.S been trading for like 6 years from forex, stocks, options, and commodities.
by TheBulltrader
Bitcoin: BTCUSD Need for Caution HereBitcoin BTCUSD Wednesday Update Bitcoin is beginning to make a habit of topping out between 21:00 and 01:00 and bottoming between 05:00 and 09:00 the next day (gmt). Last night we were still running a long and looking for 11906 on Bitfinex and 11867 on Bitstamp when Bitcoin topped out very unexectedly 11780 at 22:20 - doing so from no discernible level of resistance, right out of the blue. This is so unlike the Bitcoin we know and trade. But it did it anyway. Bitcoin was positive up to the point that it broke the rising uppermost dynamic that had been supporting the rally all day yesterday and stops and exits were running up under this line which was lying at the 11651 support line at the time of the break - and pretty much at excactly the same levels that we went long again from. Not good. But could have been a lot worse without using stops. Since then Bitcoin has fallen away overnight to make a low at 04:15 and then a secondary higher low at 05.30 at 10709 before rallying higher again. Day traders are risking longs off the nearest 10857 support line but if so use a tight stop at under 10800 for small loss if it falls away from here further. There is so much resistance now lying between here and the 11257 line on Bitfinex making it difficult to open up a long swing trade from current levels. It really has to move up above 11270 and hold for swings to enter long again from here with stops below 11180 if triggered later. Returning to the downside: overnight Bitcoin has lost the supporting dynamics which now lie above it and are stopping any rally from gaining any real traction now. In very near term Bitcoin is being held up a small dynamic rising under the lows of the day - failure to hold this dynamic from here will tip Bitcoin back into the hands of the bears in nearer term and likely back to 10680 to begin with and then on a break below here the picture will turn more bearsih again and take Bitcoin down to 10296 if not 8925 in the process. Usually we trade Bitcoin every day because the patterns are clear enough for us to do so. But this is not one of those days as yet except for day traders. Last night was a warning that came out of the blue - so far we cannot really trust this rally as we did others in the run up. Want to see it make a higher intermediate low when the next decline begins before being able to determine just how trustworthy this counter-rally really is. So boringly neutral right now unless day trading. Sometimes patience is a virtue. Better safe than sorry. Today, so far at least, is one of those days. We watch and wait for now. More as the move develops...
BITFINEX:BTCUSD
by sumastardon
5
Bitcoin: BTCUSD Stops need raising to protect weekend gainsBitcoin Update Don't want this to turn over here now before China opens but it could do without some buying power from 7460 level to hold it up and then propel it through to a new high. Want to protect gains by raising stop to just under 7450 on at least half the position, if not all, according to risk profile. Ideally it will trade sideways between high and 7460 and then China could arrive to propel it substantially higher. However it will need that power to take it higher from here. So just in case it doesn't arrive, and it can only be deemed 50/50 chance in reality, we should protect the 400 points made so far this weekend just in case the Chinese don't come in to keep momentum going. Also need to remain aware of just how high this has risen and therefore just how low it could fall when buying power wanes again. probably back to 6312, if not to 6165. If it does we need to be flat and ready to buy again from lower down. If 7450 gives way day traders will step in on short side with stops above 7460 looking to drive prices lower still.
BITSTAMP:BTCUSDLong
by sumastardon