Short term Trade: H8 chart at MtGox

UploadImageSince last update BTC/USD rised up to my first resistance at 137$ and fall back to support at the first deviation line. The volatility is remaining at low level and because of this i’m going to keep open this trade, i’m confident the price will stay above my entry point at 123$. I’m trying to carry this short term trade up to 145$-150$ where i’ll probably sell.

For who has followed my last trade i think that is up to to you how long to carry this trade before exiting because every trader has his own unique money management strategy, so if you are unwilling to risk more just close at profit now at around 130$:)

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14 thoughts on “Short term Trade: H8 chart at MtGox

  1. krolls

    I’ve been following your posts and I’m impressed with the accuracy, it’s very useful in my trading. Big thumbs up

  2. Seph

    Thanks for the info. I didn’t see a contact button so i’ll have to ask my question here.

    Due to the recent news, mtgox’s woes have been affecting trading volume in such a large way, and mtgoxes sluggish behaviour is obviously affecting all the other exchanges (as one can not act independently of another for more than a short period of time).

    Should we be wary of the large amount of people selling their mtgox btc and the small amount of consumer confidence leading to a lack of buying volume on mtgox? I know that at least in my mind, there is always the thought that they could possibly get shut down while my money/btc is on their site and I would have no recourse in getting my funds back (All though they are a japanese company, Liberty Reserve was a costa rican company and they were shut down and their employees arrested in costa rica and spain). So all though the chances are very slim, there is always that possibility.

    That is to say, should we all start adopting bitinstant/btc-e now?
    This low trading volume is painful.

  3. Enky

    Low trading volume is painful, dont forget that mtgox is still the largest exchange in terms of volume activity, i don’t see any other valid alternative for who trades with large quantities of bitcoins. There are no professional exchanges at the moment, unfortunately.

  4. cmp

    Bitstamp is 1/3 Volume of MTGOX and they are located in a new EU country. Of course if shit hits the fan. They can get hit but I really doubt that the US has equal influance there as they have in japan or costa rica

    1. Enky

      No , i’m monitoring if it is going to recover 120$ soon, it’s sunday, it might do a bottom monday, tomorrow.

  5. Andrea Chiavazza

    It’s hard to say what to make of this last adjustment, and I didn’t even see any bad news to justify it. Yesterday BFL announced they will be selling their chips, but I can’t see how this can be such a bad news.
    If you are in a short term trade I think you should just wait a bit longer. Enky’s last sell after 3 days of negative volumes was probably a good guideline.
    The problem is that the shorter is the term of your trade, the more it feels to me like gambling and luck becomes more important than your analysis skills.
    I personally see bitcoin as a good investment opportunity rather than a good trading opportunity. I find all key aspects of bitcoin sound: the technology, the legal aspect, the social aspect. Shall any of these change in a fundamental way, I might as well sell and get out of my investment. Until then, I don’t give much importance to these adjustments. I bought at around $130 before the $260 spike and I did’t even panic sell when it bottomed at around $60, so I guess I don’t really have a stop losses. My target will probably be when I will be able to buy a house property using bitcoins, but for that to happen it will have to be at $1000 or so.

    1. I would guess that one single holder of larger BTC amount just decided to exit the market – therefore we could have seen over 25k BTC sold in less than 15 mins, which resulted in this sudden price drop. Please correct me if I’m wrong.

      1. Andrea Chiavazza

        It might have been a big sale order that triggered more panic sales, but definitely it can’t have been just a single holder that sold 25K btc.
        Even you wanted to sell 25K btc it would be madness to sell them in just 15 minutes. Well, unless you were aware of some very bad news ahead of anybody else, that is. =)

      2. Seph

        He didnt exit the market, it was a manufactured drop. One entity put in a sell order for 1000 btc when there was no buy orders (dropping the price rapidly) and started a panic, then turned around and put a 6000 btc buy order in after the drop. This created a panic sell, then a panic buy.

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