Here’s one that went the right way – right away.
Setup: A quick review of overall crypto markets (2/23/20, ~5pm PST) showed that BTCUSD was struggling against resistance at the all-important $10,000 mark. It is common knowledge that as BTC goes, so often does the market – at least for fiat pairs. I saw that ETHUSD, one of my all-time favorite pairs, was overbought on RSI and, even after a monumental injection of USD volume, the price had not climbed substantially. In fact, ADL showed that the volume was dropping, though the price stayed the same. Whelp, that’s short term bearish.
Entry: SHORT 1 ETH @ $274.61 with 5x leverage. Stop Loss set tight at $275.50. Take Profit at $265.00
The price collapses, dropping a wick all the way down to $266.00 before bouncing back around $270. A 5000 ETH sell wall goes up, so I move my Stop Loss to $270.25, confident that I have already secured my daily profit. I also move my Take Profit order to $266.10 just in case the price whips down again.
Exit. Took profit at $267.41, netting a 2.2% gain (after fees) and a grand total of $6.04.
$6.04 is small potatoes, to be sure, especially after having gained (or more often, lost) hundreds at a time recently. But a gain of 2.2% in just minutes of trading is something to be fired up about. It is rarely that simple, and almost never that fast, but a win is a win and it’s a good way to start this adventure off.