Crypto trade of the day: 08/08/2017 - XWC/BTC - QUICK 15% PROFIT TRADE!
Coin: XWC
Exchange: Bittrex
Bought at: 0.00000188
Sold at: 0.00000214 and 0.00000218
Profit: 14.7%
Duration: 40 minutes
Thoughts:
I had a late start because of jury duty earlier this morning so I was only able to get a couple of trades in for the day. XWC makes crypto trade of the day because of the quick turnaround for a hefty 15% profit. This trade was completed off of a 5 minute chart.
Alert from the cryptoscanner showed a 15%+ decline around 6:05 PM for coin XWC. In anticipation of more sell offs, I put a sell order at 188 which is another 10% below the original drop off so the order can be below the base drawn on the chart. The drop went all the way down to 164 about 10 minutes later!
Finally a sell order was placed about 5% below base and completed in 40 minutes.
beautiful
Beautiful trade Rob 👌👌👌
i've been waiting for your trading journals
Very good trade but I have a few questions. I am also trying to trade with quickfingers strategy however I wouldnt draw tha bases like you. I wouldnt have a base around 220 because the price was not that high only a few hours ago. Base is for me around 180 and I would only buy if the price goes below 180. You bought it around 190 and the price really increased and you sold it again. How did you guess that the price wil go up again.
Why did you draw your base around 220? Was it because of the big bounce from 220 to 255 around 15:00 o'clock?
Good questions jetwork.
The reason why I drew my base at 220 here on this trade was that multiple times you can see very quick bounces that range from 7-15% swings at 12:00 to 18:00 with decent enough volume that supports it. What's important is that this can only be seen off of a 5 minute chart and MUST BE WORKED OFF ONE if using this base. Working off of a 5 minute chart, you have to act quick and risk is much higher than 1 hour charts so Luc doesn't recommend new traders to start trading using 5 min charts (so in essence you're right about using a base of 180, not 220).
Another thing that's important is that I traded off of a SHARP PANIC and you can expect a bounce almost everytime with good percentages. This was a very quick panic that lasted maybe a minute so I had to make sure my sell order was in place right away in case the bounce happened to be just as quick. This is another risk of working off of a 5 minute chart
Also if this trade happened to fail I was ready to buy more below 180 probably around 150 -160 and sell both of my position at 180, the base that you mentioned, since I will now be in at an average of 169-174. Hope this helps.
Sound logic, glad it worked out for you. I'm still learning position trading and soon will move to trading the lower volume charts, but am intrigued with seeing these trades from the sharp panics. I'll get there too but want to build confidence and my account position trading first. Loving your trade of the day though keep it up! Once I get more active (very soon) I'll share mine too. Nice to see how Lucs community is forming up.
appreciate the kind words. your plan is wise, complete some position trades so you get a feel for the market and if anything it's the safest way to understand some of the nuances that comes with crypto trading. good luck on your ventures
Which of the scanners are you using?
Crypto market scanner for bittrex and poloniex, telegram crypto scanner for kraken. Both of those are posted on quickfinger Luc's blog and are only beta products