Short Term Update: MtGox long half unit (50 btc) at 140.50$

As planned i’ve bought at the breakout of the 134$ resistance level.  This market remains strong but because it’s always risky to buy at a breakout, especially above the +2 deviation line, i decided to open half position instead of a full one, eventually i’ll buy the remaining half (50 bitcoins) at the first retracement, probably down to 125$ that is now support.

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10 thoughts on “Short Term Update: MtGox long half unit (50 btc) at 140.50$

  1. Jess

    Do you trade through MtGox? Are you concerned with the troubles people are having getting money out of MtGox and the spread between exchanges?

    1. KnF

      If you profit in MtGox, then turn to BTC and withdraw in any other site it is the same. I mean.. yo buy BTC en btc-e… turn to mtgox, trade there… and when you need to withdraw just go back to btc-e it’s the same.. but, mtgox has better movement

  2. Andrea Chiavazza

    I wish you well with this trade, and I admire you for sharing your trades with us.
    I’m not sure though why you don’t buy with bitstamp, I think it has enough liquidity to buy 50btc.
    As you were pointing out, It would seem that it can take quite a while (a few days) to withdraw USD/EUR from exchanges, otherwise there wouldn’t be a spread in the first place. On the other hand, moving BTC between exchanges is very quick, and it should take about 1 hour. So what I would do is keep some USD ready on bitstamp, then buy BTC when you think the time is right. Then I would move them to mtgox and it should take only about 1 hour. Then you would sell when you think the time is right, and it could be even immediately given the spread! At this point you will have to deposit some more USD to bitstamp so that they are ready for the next trade, and yes it would take a few days, but at that point the trade is done and it could be done without rush.
    So it would seem like a free lunch to me!

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