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.
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!
Donations:
BTC Address - 1JQGxuVLQf1hAz6i2dpitvGNvkTSKD8xAC
LTC Address - LdHvzzi5ZhZZr9Ce5gek9rgmJXbk78tQD7
ETC Address - 0xae041220e640Ca52BCa8644B178682fC12705cBA
NAV Address - NgQtdkT6kQaYNqEMrhc9ainga3eRv9xzXR
