Long Bitcoin 456, small position. Stop 440

Symbol
Long BTC
Last
-
Entry
456
Size
100%
Exit
462.9
P/L
1.5%

  *check out the bitcoin trading guide and reference for what they mean

Entry Update: 

Buying on the second dip, I think bitcoin market is oversold and overextended. While I believe prices can tumble further, the risk reward for buying a bounce here is pretty good. Again, I don't personally buy bounces very often, hence I used a small position.

My stop is just below the low on bitfinex. I have no target, except prior resistance of maybe 480. I will get out of this position without a second thought if the bounce fails. I don't want to be standing infront of the bear train.

Exit Update: 

Bounce look weak, a wash trade. 1% gain.

Exit Date: 
8-18-2014