Ok you didn't expect to hear that did you? You expected me to open the doors, break out the beer, nachos and party hats. But not yet! But why in the world would I be selling here?
I like NEO from a speculative long term position. It's in my core portfolio. So why would I sell? Well I did not sell any of my core position to be honest. I have said time and time again I never sell my core positions unless something fundamentally happens. I trade around them. So I bought 20 shares on the breakout and sold just below the K2 Level. A measily 5% but I kept the profits and added one coin to my core position for free ;). I know it seems minimal but those coins add up! Large fortunes are built on Small gains, and JP Morgan reminds me of that daily. Bulls make money Pigs get slaughtered!
I have a plan and a system and all of you should too. I never deviate from the plan, as I learned early on, when I do deviate I end up more often then not kicking rocks. My plans was specifically to buy the breakout and sell at 3 steps. Well it happened so fast I had to modify the system, but the plan was to get in and get out. I did! I stuck to it, and that will make the difference in the long run between making 200% and 500% (the power of compound interest).
Why didn't I just hold as we had signal for the breakout, and boy was it strong. There it is, the RSI indicator still tells me we are in a bearish cycle. My impulses wanted to ignore this, but I looked at the chart some more, and saw something that may have saved me from, YES, BEING IMPULSIVE! I labeled the wave to show the cycle had completed and we were either in a continuation OR a correction. I'm hoping for correction but I do NOT trade on hope. WAIT, The trend channel still confirms we are in a bearish trend. YES BEARISH. So I looked for some more verification and I noticed something at the last consolidation and trend reversal. I circled it. A similar pattern inverse to the one we are in currently! The sell off in C was followed by a bull trap and consolidation PRIOR to the reversal! So I am looking to see if this sets up the same way. I am looking for a BEAR trap and then a reversal to signal a trend reversal which would confirm we are ready to launch. (I also looked at the depth chart and the bears had an army). This is where we have an advantage over others that missed this. It may happen, it may not, but history seems to repeat itself with impulsive buying an selling. This is why you must not get stuck with one form of TA and instead focus on Trend Analysis and reading charts.
The trend is always your friend and the chart the guide. Look for additional Bullish signals to add to long term holdings, if your more advance you could play this as a trade, with a high probability the pattern will repeat and there is limited downside. I am buying the next dip with a tight stop at the midpoint of the channel. Long term wait for a break and retest of the lower than the higher trend channels.
Good luck in the pits.
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If you noticed my RSI indicators and levels are almost never the same!! This is a common mistake by new and professional traders. You must analyze the RSI and adjust settings so it coincides with the graph. This takes some time for each chart, and overall time frame, and candle time frame, and I see posts from "PRO's" over and over use the same settings! If you see that, run Forest run!
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For some reason my posts are being "monitored" by the powers that be, so though I have responded to you it may not show up for a while. I have sent a message to tradingview inquiring as to why this is.
I'm labeled as "PRO" because I pay TradingView for their PRO service. I have told them before, that they need to change the labels... e.g. I want my label to say "PUMP" or "MOON" instead of "PRO". =D
Or even just "$$$"
goldbug1
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@mightytrader, Too funny, I was literally going to buy their pro services until they started monitoring me. Maybe it's because I'm not pro and doing good they decided to monitor me ;). I'll wait to see what they say before making a commitment at this point. I was looking at coinigy as well, and may go that route if they are monitoring me.
goldbug1
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@mightytrader, I believe what happened was I have posted so much my post was caught by spam bots, but it appears all is settled now.
mightytrader
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@goldbug1, I hear they limit how many charts you can post per day. Dian (one of the top chartists on TV) has said she was limited to 10 analyses per day.
goldbug1
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@mightytrader, Ok that might be it then. I'm like monitored? for what. I found the protocol to get it lifted in the future. they were very nice.
BiBiForex
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nice chart, thanks.
goldbug1
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@nikfinance, Thank you, it's great when something goes they way your charts say it will.
b1ackhat
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Selling ANY of your position was foolish at this point considering that a huge spike in price was imminent due to its planned addition to Bitfenix. The news you like to ignore could have scored you a quick, hefty profit.
goldbug1
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@b1ackhat, Thank you for commenting, but please read the article as you are assuming something from the title. My quote was this.
"So why would I sell? Well I did NOT sell any of my core position to be honest. I have said time and time again I never sell my core positions unless something fundamentally happens. I trade around them. So I bought 20 shares on the breakout and sold just below the K2 Level. A measily 5% but I kept the profits and added one coin to my core position for free ;)."
I saw a specific trend and traded that adding 1 free coin to my position.
Wow since then it's traded sideways. Not too bad for a forex/stock/commodity trader huh?
goldbug1
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@b1ackhat, I'm not sure your even trading the news your trading headlines.
Or even just "$$$"