Bounce, Bump and Run
Update: This one didn't pan out as expected. I spotted the bull div on the 4H only after publishing this and so that was ignorance on my part. Ideally, a dynamic stop-loss would be set on that purple trendline. A long position on the break of that would have made you a nice quick profit.
I hope you all had a profitable Christmas and best wishes for the New Year. As always, vote here for OCO: okcoin.uservoice.com/forums/276410-general/suggestions/6829917-an-oco-order-feature
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The major sell-off came as expected and now it looks like we're at the top of the bounce from 305USD. We've got a bearish divergence on and a bump and run on the hourly. We're also very close to the resistance trendline that's now rejected the price four times. Like last time, there might be a fair amount of sideways movement from now, but overall, the spills will outweigh the upward grinds and we'll see some fresh new lows.
The stop shown is in the right place, but the limit is only likely to be reached in several days, by which point it might be worth assessing whether or not to take profits there or keep the position open for a more sustained fall.
I hope you all had a profitable Christmas and best wishes for the New Year. As always, vote here for OCO: okcoin.uservoice.com/forums/276410-general/suggestions/6829917-an-oco-order-feature
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The major sell-off came as expected and now it looks like we're at the top of the bounce from 305USD. We've got a bearish divergence on and a bump and run on the hourly. We're also very close to the resistance trendline that's now rejected the price four times. Like last time, there might be a fair amount of sideways movement from now, but overall, the spills will outweigh the upward grinds and we'll see some fresh new lows.
The stop shown is in the right place, but the limit is only likely to be reached in several days, by which point it might be worth assessing whether or not to take profits there or keep the position open for a more sustained fall.
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