Short Term Update: Bitstamp sold 1/2 unit (50 btcs) at 724$ now flat

I decided to cancel my limit sell order and close my trade with a market order, this market remains weak. I bought 50 btcs at $140.5 , profit for this trade is $29,182, total gross profit so far $42,455 and 10 profitable trades out of 16 total trades.

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17 thoughts on “Short Term Update: Bitstamp sold 1/2 unit (50 btcs) at 724$ now flat

  1. Fabrizio

    I think u panicked and closed your position a little early, I’m riding it out, and I’m pretty sure this is just an appeal for a 3000€ BTC. we’ll see who is right soon enough. Sheep market place scam + Chinese gov. forbidding financial institutions to trade with BTC created this crash. But beginning of next week you’ll see it was just BS. BTC is bullish as it never was. I bought my BTC when it was 22 bucks man. And i’m still riding it out. This is the essence of BTC. No fuckin alternative currency will equal it anytime, so u can cancel your purchase of light coins now and follow my advice. RIDE IT OUT MAN !

    1. Probably you don’t read carefully my blog, it was a short term trade, and obviously it can’t last forever.
      On my long term analysis i’ve a target of 3600$, and it is pretty obvious that as an early adopter (i follow bitcoin since october 2010) i’ve a nice quantity of mined bitcoins that i hold for long term. Bye and have a nice day:)

    1. it is not a mistake if you have a 500% profit on a single trade, in any case i’m an early adopter and i mined a decent quantity of bitcoins in 2011, i’m not out completely.

  2. Zack

    congratulation! another great trade, BTW you use your experience to this market and is very helpful to me, i learned some things. I think the sentiment no change too much but the bullish people no long forever.

  3. Pwnyboy

    I commend you for allowing the proletariat to pollute your blog in this manner. The idiots seem to have flocked to your blog in recent days. You clearly have more patience than I do 🙂

    As always, I appreciate your commentary on the state of BTC, as always. Particularly with your recent inclusions of the RSI and concrete examples of when to follows its’ advice. I noticed that you’ve made reference to the RSI on 15-minute charts, and most recently on the hourly chart. I’m curious if you relied on the RSI or any other indicators when you decided to close your position. If so, please explain. For longer-term views I seem to like the stoch. RSI on the 6 hour chart; is this in error?

    1. Because of the fractal structure of a financial timeseries (bitcoin included) it is independent from the time frame used, you can use what you prefer keeping in mind that for very short time frame (like 1 minute or 5 minute) there might be more noise compared to an hourly chart, this effect is less noticeable with big cap stocks or indexes but bitcoin is not yet so capitalized and liquid. Compare a 1 minute chart of bitcoin with a big cap stock like google, you will notice the difference.

      At the moment i’m not using other indicators except rsi, but i consider also if there are some strong price patterns (ascending triangles, wedge and so on) if you are interested to better understand them i advise to read the “law of charts” written by Joe Ross.

      You can use a six hours chart but probably you need a faster RSI to reduce lag, 4-6 periods instead of 8 or 14, try.

  4. Frank

    Hi Enky, i’ve been following your blog for quite a while now and i think you traded well, Congrats! Your analyses kept me from doing stupid things as well, so thank you. I hope that this rally ain’t over because i think that China isn’t the only emerging market. In a few days there’s a a global Bitcoin Conference in India (http://www.globalbitcoinconference.com/). We’ll see what happens in a few weeks.

  5. PJ

    A profit from a short term trade has to be made at some point and according to your analysis Enky, now is a good time. Staying with BTC from 22 (like Fabrizio) to 1200 and now down to 750 I call a missed opportunity (AKA being greedy).
    I have had much help from your charts Enky and base my trading on this blog, other blogs and in the end, my own beliefs. Thanks Enky!

  6. dude

    To comments here. It doesn’t mean much how much you won from this “crash”/single trade. Win% is not as important factor as long time risk. Long time risk is the factor that makes you a trader and that has very little to do with one time win%. Don’t try to win so much, try to think the risks or you end up losing big time.

  7. Hi, Enki! I am the “other” large trader, who is sometimes plays against you. I want to thank you for your blog.
    Just say in response to those who wrote negative comments (“you make a mistake,” etc,,,): fuck you!!!!

    Enki, if you want to sell or buy a large amount out of the market BTC (about 10K – 100K BTC) please contact me on this twitter.

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