Big Offer Taken Plus Breakout: LSK
Bigger Picture: Bitcoin still parabolic. Seems to be helping a bit alt run.
Reading the Tape: Unfortunately a big factor in this trade was information deduced from twitter. Multiple people commented on a multi-million dollar sell order at 7 that had been tested yesterday and was being taken today. Unfortunately sell order was on a different exchange to my one.
The Setup: Nice trend. Level (7) not super clean, but obviously there. A nice ascending triangle after the 7 dips held, offered a chance for a tactical add to position (and in turn sell into push to cover risk).
Order Execution: Thing I love about this trade is that it's a textbook breakout and retest. The volume through 7 confirmed the levels validity.
Adding on the break above 8 (after ascending triangle formed) is a very good idea, and allows a little bit more tactical profit taking. Selling half into push to cover risk.
Finally hold the rest as a trade2hold until a reason2sell. I think this would have triggered around 9, however I note that it still hasn't broken below the prior days low yet!
Coin Stats: Market Cap=$287m, Circulating Supply=108m, Volume on the bigger days=2-3m
Reading the Tape: Unfortunately a big factor in this trade was information deduced from twitter. Multiple people commented on a multi-million dollar sell order at 7 that had been tested yesterday and was being taken today. Unfortunately sell order was on a different exchange to my one.
The Setup: Nice trend. Level (7) not super clean, but obviously there. A nice ascending triangle after the 7 dips held, offered a chance for a tactical add to position (and in turn sell into push to cover risk).
Order Execution: Thing I love about this trade is that it's a textbook breakout and retest. The volume through 7 confirmed the levels validity.
Adding on the break above 8 (after ascending triangle formed) is a very good idea, and allows a little bit more tactical profit taking. Selling half into push to cover risk.
Finally hold the rest as a trade2hold until a reason2sell. I think this would have triggered around 9, however I note that it still hasn't broken below the prior days low yet!
Coin Stats: Market Cap=$287m, Circulating Supply=108m, Volume on the bigger days=2-3m
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