Just a small journal to document my trades on Bitcoin/US Dollar and possibly other alternative currency pairs.
My strategy is simple support/resistance, fib levels, and divergence. In combination with $1/bar range bars (1,000 pip) to make spotting S/R levels easier. For long term perspective another range bar chart is set to $10/bar (10,000 pip). This may sound like a lot but it really isn't since the broker only offers 3:1 leverage. Although that really isn't an issue because Bitcoin/USD can move $50-100 in a day.
With such small leverage 1,000 pip movements are comparable in earnings to 1 pip movements in the fx market.
To get this thread started here's a quick scalp from yesterday.
Entered a buy position @ $633 on support and retracement to .618 fib level
Sold @ $644 - Didn't have a good reason to exit this trade, actually I expected it to move another $10-20 which it indeed did do later on in the day. Not the best time of the year to be trading (day before Christmas) so any profit is good.
http://i863.photobucket.com/albums/a...ps800f1f4d.png
Click chart for larger clearer version
Total profit : 2.5%
Notice how nicely S/R levels show up with range bars.
My strategy is simple support/resistance, fib levels, and divergence. In combination with $1/bar range bars (1,000 pip) to make spotting S/R levels easier. For long term perspective another range bar chart is set to $10/bar (10,000 pip). This may sound like a lot but it really isn't since the broker only offers 3:1 leverage. Although that really isn't an issue because Bitcoin/USD can move $50-100 in a day.
With such small leverage 1,000 pip movements are comparable in earnings to 1 pip movements in the fx market.
To get this thread started here's a quick scalp from yesterday.
Entered a buy position @ $633 on support and retracement to .618 fib level
Sold @ $644 - Didn't have a good reason to exit this trade, actually I expected it to move another $10-20 which it indeed did do later on in the day. Not the best time of the year to be trading (day before Christmas) so any profit is good.
http://i863.photobucket.com/albums/a...ps800f1f4d.png
Click chart for larger clearer version
Total profit : 2.5%
Notice how nicely S/R levels show up with range bars.