Trading failure and analysis this weekend by ibankbitcoins
For those who follows my trades, I longed earlier at 235. The uptrend from the breakout of the triangle should still be in tact. We will see how it plays out.
I like to cover my trading successes and failures to keep trading to true to myself, hopefully my story could relate to other traders. I shorted BTC at 248.6 on a small position last weekend. I thought market would move on thin volume like the usual weekend pump/dump shenanigans. I was cautious, using a small position to test the market. I really thought 248.6 was a good price because the high of the last spike was at 250. I was on Lake Tahoe slopes spending time with my GF for a holiday weekend, shrugged it off as if anything could possibly go wrong (lol don't we all assume we can just make money out of thin air from time to time).
Shortly after the trade, market proceed to rally to 266. I knew I was wrong, but I didn't exit because I shrugged it off as "weekend volatility" and the fact that I had a small position. Futures hit some new extremes at 272 overnight. At this point, my loss was almost the same as if I had a normal position; I was close to hit my hard stop limit. Luckily, price didn't go any higher. I am lucky because if I keep doing this, one of these times, market will rally above my stop. I should have taken the loss at 266. With the help of Tahoe leviathan god, I managed to close the trade at breakeven after market retraced to previous support levels.