Trading Journal - BTC - Caught the Late Night BTC Pump!
Greetings traders, hope everyone was able to pull some profits from last nights BTC pump! or whatever coin you're trading.
Love starting the day with exiting a position on some sweet profit. I was able to pull a 2.9% profit from this mornings swing, anything else else achieved today is a bonus, and definitely helps me to stay patient with todays trading.
Bollinger Bands
Today I'm researching Bollinger Bands, as a couple of the trading strategies I'm practicing incorporate this statistical analysis. The more I know about these statistics the better I can use the tool to trade with right?
What is a Bollinger Band?
It's a statistical chart that's a component of technical analysis. It uses MA and standard deviation to summarize historical price data in order to help you understand the magnitude and frequency of price changes that have occurred in the past.
Traders use it as part of technical analysis to predict future trends in price movement. It's our friend, we can thank the creator John Bollinger for this.
Todays MA + Bollinger Strat
With this afternoons epic wind down I'm watching for the next entry point. LTC is looking good to me vs other top volume coins.
I'm waiting for the 5 bar MA to cross back up over the 13 bar MA, ideally when its near the bottom of the bands.
Sometimes it looks like a nice setup but goes a little sideway at the cross over, how dare you! Patients is the key and I'll wait this one out.
I'm using 3 indicators for my next trade, 5 MA, 13 MA, and a Bollinger on a 55 length with a multiplier of 1.25. Wish me luck!
Coinigy vs Tradingview
Figured I would try out one of the other popular freemium charting app Coinigy.
I'll need a few more days to figure out if I like it more than Tradingview but the UI has a different feel. To me is feels more like I'm sitting on an exchange, but regardless has been fairly intuitive to setup so we'll see if it sticks or not.
Always good to explore other options. I could also continue to use it in conjunction with tradingview which only allows for 1 device at a time with the Free account. Also using Coinigy lets me skirt around this in a way and I can keep more information at hand throughout the day which is a benefit.
Ciao for now,
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I was lucky enough to catch the green candle on my ETH long overnight... 50% profit with some leverage
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Yay, that's great news! I'm yet to use leverage, maybe down the road at some point..
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