Coin: HMQ
Exchange: Bittrex
Bought at: 0.00055009 ETH
Sold at: 0.00063999 ETH
Profit: 16%
Duration: 60 minutes
ACTIVITY
There was an increase in volume for HMQ in past few days. The 30%+ consistent swings looks like a safe bet to capture some good day trades.
DECISION TO TAKE TRADE
There are two factors I use to decide to take a trade.
- Figure out lowest price possible at the current moment and see if percentage profit is worth getting into the trade. My goal is to always get 12%+.
- The other factor is consistency, i.e. good chart history.
Looking through the bids on HMQ, the books look pretty thin starting at a price of 65000 but big walls didn’t hit until 50000s. So it seemed pretty safe to buy just above the bidding wall at 55000 which would be close to the lowest price for the day (consistency) and anticipate the buys to move back up after hitting this price point.
With the 30% swings, there should be no problem getting at least 12%.
SELLING POINT CONSIDERATIONS
There are two points I use to come up with selling point
- Chart history
I look for consistent high price points and try to target those areas for sells. - Ask data in Level 2
I look through ASK data in Coinigy or Bittrex and see where the price points are thin. This gives you a high chance that getting into that area will complete the sell within a day.
CONCLUSION
The price went past 70000 in 60 minutes after buying at 54000. My sell order was set at 63999 still giving me 16%.
CREDIT
Nothing here is meant as financial advice. This is just a strategy that I'm using as a cryptocurrency day trader. Please seek a duly licensed professional for any financial advice. Never forget, cryptocurrency trading is extremely risky and never invest more than you can afford to lose!
I'd like to give a special thanks to Luc for his selfless contribution in teaching cryptocurrency trading. Please visit his blog at: https://steemit.com/@quickfingersluc
Also thanks @tizzle for telling about the ‘Forecast’ feature on Coinigy.
Thanks for visiting my blog and happy trading everyone.