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As a pattern trader I always was fascinated by the development of coins. Never thought of mining stuff I was more interested in trading this very volatile instrument(s).
And found NO real journal here about coins in the journal section of fio.
Hence I thought to open one myself.
Of course a real journal should be live and easy to understand.
Having 2 longtime pattern journals here already I am sure to test my first steps in a very difficult field of trading.
What are the guidelines?
• first - there is the risk, the influence of open markets and
• second - the length of being exposed to the markets with all influences as well as
• third - to hit some strong moves with a high probability.
The testing ground
To stay above and being on a more stable ground I want to test my first pattern(s) when markets are not influenced too much by active worldwide open playing fields.
The always traded coin markets are especially good when trading over weekends or holidays.
That might help to get make some good points.
Why just one trade in a week?
By omitting losses (not knowing great stop loss markers yet) there are just a handful good times to concentrate on patterns. Those are most effective to see when the markets develop in silence.
So I will just take a trade from 6 hours to 8 and watch the results carefully.
Investing on - saying a Saturday or Sunday - when my other instruments are in full sleep - the investment amount is fully available for this journey.
That is good news.
In fact I was concentrating on the full btc$ which had shown the main moves. Smaller derivates will help to the volume in total and may steer btc and others in a same directions.
There are other depending coins of btc - at least moving often in the same direction - to put money on those smaller coins with not the same total value. In the end concentrating on btc$ with its history is convenient for the moment and all depending charts. Of course watching all alternatives coming in is most important! Looking forward to it.
Just watching the chart pattern of btc$ we will detect sort of a "W" in the price chart. Starting on May 15th with a last high of 58k we can see that the price came down TWICE to a low with nearly identic prices - such on April 25 and on May 13 with a last low of 46500 from May 16.
This form is normally a pattern of a typical "W".
What does it mean?
From two lows on nearly same level a price getting up is highly probable to a last high.
The last high was in mid April @ 64855.
That is the goal for the rebound in a "W" and a possible pattern in this charting patterns.
So my thinking is to go long in some hours to see the price is following this non finished W-pattern.
Following that best possible pattern on btc$ we might see tonight a runner up from midnight.