i am the reverse wormhole.
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i am the reverse wormhole.
Almost no where else can a $200 buy order move the chart. Talk about bit thin mkt.
I'd like to buy .019 @ $762 please. Do I get to keep the cup for free?
So it currently sits at $784, after hitting a recent low of $650.
I have noticed something, though. Tell me if I'm off base here.
Here is the pattern I've observed with bitcoin:
1) Run up for awhile
2) Quickly fall down and lose as much as 50% of value (occasionally even more)
3) Rise back up to some stable level. Sometimes the stable level is where it was previously, sometimes it's less.
4) Repeat
Now, here's what it RARELY appears to do: Fall, rebound a little, and then fall a lot farther. It seems like there are sustained periods of rise, and sustained periods of fall, but not many rise-fall combinations, aside from when it's fluctuating between the high point and crash point.
So wouldn't the following be a good investment strategy:
1) Wait for bitcoin to start falling significantly (today is a good example)
2) Keep a close eye on trading values. As soon as it starts to spike back up instead of continued falling, buy immediately.
3) When prices level off (or start to slip again), sell.
I think this might work because bitcoin almost always continues running up a good deal (like 25% or more) after a crash recovery starts, so getting in as soon as possible during a crash recovery, and then selling once the recovery ends, seems like a profitable strategy.
Who agrees/disagrees?
So your strategy is buy low sell high?Quote:
Originally Posted by Dan Druff
Seriously though this strategy is analogous tto doubling up in blackjack. Will work most of the time for small profit and the other time you will get taken for a shitload when bitcoins collapse (and they will at some point).
All prices rise and fall. The question is "what is the overall trend".Quote:
Originally Posted by Dan Druff
But you might be describing what they call buying the dip looking for a bounce. Trying to look for the bottom ( a leveling off after a huge drop) is what some people do. That is a strategy people use often with great success.
I think this might work because bitcoin almost always continues running up a good deal (like 25% or more) after a crash recovery starts, so getting in as soon as possible during a crash recovery, and then selling once the recovery ends, seems like a profitable strategy.
To address this specifically, these drops are what can be described as Oversold conditions. So, yes, a bounce from bargain shoppers is to be expected. Look for a leveling off and a rise - don't be first - then buy.
There are guys that look for these situations exclusively and trade them. The guy I mentioned, Vad Graifer loved the most extreme instance of "capitulation" and looked to nail that bottom bounce... just nicking a few bucks. It's a living.
Druff be nimble, Druff be quick.
One of the Forex brokers is now allowing USD/BTC trading on CFDs at a 10% margin with 100 BTC contracts doing the math however is nasty to buy one contract right now your looking at 9-10k for a single contract you can buy as small as .01 contract which means 1 btc at 10% so if you really want to play in btc you can get in for 80-100 and ride the topsy turvey world.. Personally it has the potential to make money but also destroy your trading acct quick the 10% margain requirement isn't horrible you have to drop pretty low to lose your trade but at the same time the vix on btc's is such that the whipsaws alone would make me nervous as hell.. The potential to scalp is no doubt there but as far as buy/sell and wait any significant time would be a bad bad idea.
In case anybody is curious this is the forex broker trading btc cfd's now.. www.myfxchoice.com they do accept us clients minimum is $100 to open an acct and no I don't get referral credit as I gave ya the home page.
this is one bouncy fucking cat.
wow nerds are turning on bitcoins right and left.
also im sorry but elton john needs to hang it up. when you need to perform your standards alto so you can come _close_ to hitting the range in the original, i mean, im sorry but its done, its over.
oh in case anyones keeping track bitcoins have shed 50% of their value in 48 hours.
Druff will end up with a japanese candlestick up his ass if he's not careful.Quote:
Originally Posted by Sanlmar
Is everybody selling?
Micon must be shitting himself right now.
:beggar
:thisQuote:
Originally Posted by TheXFactor
ultimate game for a degen, such sick swings
he may have lost half a million today?
Menorah with ascending candlesQuote:
Originally Posted by tony bagadonutsDruff will end up with a japanese candlestick up his ass if he's not careful.Quote:
Originally Posted by Sanlmar
Graph of the last 5 minutes...
http://www.shangralafamilyfun.com/gala-e/coaster.gif
Where are we on the bubble chart?
Listening to Druff, and I am sure he is representative of many, there seems to be sentiment that this will rebound.
It will prolly do it's best to print a Doji star at the bottom of these three candles - then it will bounce 33%
Or is this thing so completely fractured - was this capitulation? It seems hard to believe but I say no.
Bitcoin Market to Micon:
http://uberhumor.com/wp-content/uplo...12/axCvrdd.gif
Unlike the kid who got kicked... Bitcoin's friends are afraid to fight back.Quote:
Originally Posted by BeerAndPoker
huge recovery taking place.
Absolutely, standard 1/3 retracement. Right?Quote:
Originally Posted by sonatine
Lol. Genius paper trade.Quote:
Originally Posted by SanlmarWhere are we on the bubble chart?
Listening to Druff, and I am sure he is representative of many, there seems to be sentiment that this will rebound.
It will prolly do it's best to print a Doji star at the bottom of these three candles -then it will bounce 33%
Or is this thing so completely fractured - was this capitulation? It seems hard to believe but I say no.
Wonder if Druff played his "buy the dip" play he was contemplating.
No, I wasn't available to do it.
BTC currently running up big time. Currently $930
Now $950
Damnit, I was just thinking they were stabilized around $7xx and was going to buy some, but I was too busy driving between Vegas and Rincon and fighting with the hotel staff.
:gay
This is fckin crazy watching this!
Pattern trading would say that's it for now... Consolidate a bit.
I played the TSLA - Tesla Motors, cool electric sports car - bounce after cratering. Made pennies over longer period than this Bitcoin monster.
Minutes to realize a bounce vs days with TSLA
Druff,
Did you ever examine Macua as an opportunity for Chinese to expatriate cash. Impossible to get large funds out of China.
Junket proprietors accept cash for trip to Macau and chips.
Bitcoin fulfilled a similar opportunity for Chinese.
I was fascinated by this Macua scheme... Explains to some degree the crazy cash in Macua...
I'm on phone while playing and can't put anything nice together.
What is the quickest way to buy bitcoins and be able to sell them immediately atm?
I was looking at the coinbase site and they make you wait to clear an ACH so their is no way I'd buy something and not be able to sell it for days since the intent might be to buy and sell within hours.
There are places people meet locally with their wallets - Bitcoins and cash and trade. Often Starbucks or other coffee shop, for some reason.Quote:
Originally Posted by BeerAndPoker
This is how I have been doing it. Privately, I am always thinking this was a new back room poker thing for Bitcoins.
I can't remember how I found this ... I will google around.
I will bet it was Bitcointalk
I know this is method being used for people to buy and sell but I rather not do that since it's not really instant especially if one party can't meet the other right away.Quote:
Originally Posted by SanlmarThere are places people meet locally with their wallets - Bitcoins and cash and trade. Often Starbucks or other coffee shop, for some reason.Quote:
Originally Posted by BeerAndPoker
This is how I have been doing it. Privately, I am always thinking this was a new back room poker thing for Bitcoins.
I can't remember how I found this ... I will google around.
I will bet it was Bitcointalk
I'm not saying I will buy yet but I sort of want to be able to if they drop to the price and seem to settle in which going the in person route is time consuming when I'm looking for the the best click of a mouse method if I get on the ban wagon.
I use Mt Gox, can be a hassle getting cash to them though especially from Australia.Quote:
Originally Posted by BeerAndPokerI know this is method being used for people to buy and sell but I rather not do that since it's not really instant especially if one party can't meet the other right away.Quote:
Originally Posted by Sanlmar
I'm not saying I will buy yet but I sort of want to be able to if they drop to the price and seem to settle in which going the in person route is time consuming when I'm looking for the the best click of a mouse method if I get on the ban wagon.
Why not fund a Mt Gox account now and trade when you're ready and the price suits you. If the price doesn't suit you just withdraw.
If you do buy some coins at a coffee shop like stated above, you can transfer them to your Mt Gox account and trade immediately.
Personally, I like to be able to trade real-time and be able to change my mind as the market changes.
Obv Mt Gox is the way to go to trade in this manner.Quote:
Originally Posted by Salty_AusI use Mt Gox, can be a hassle getting cash to them though especially from Australia.Quote:
Originally Posted by BeerAndPoker
Why not fund a Mt Gox account now and trade when you're ready and the price suits you. If the price doesn't suit you just withdraw.
If you do buy some coins at a coffee shop like stated above, you can transfer them to your Mt Gox account and trade immediately.
Personally, I like to be able to trade real-time and be able to change my mind as the market changes.
Gonna tie up your cash. So you are kinda pledging to the Bitcoin Frat House.
BNP's concern about waiting can be lessened in knowing that your going to be waiting after this upside retracement anyway. It will prolly consolidate for a day or two.
Will it now make another leg down? (A,B,C) down. I think so. But let some other donkey confirm this for you first.
There is no rush. There's always another trade. The fun won't stop tomorrow.
do you do this for a living sanlmar?Quote:
Originally Posted by SanlmarObv Mt Gox is the way to go to trade in this manner.Quote:
Originally Posted by Salty_Aus
Gonna tie up your cash. So you are kinda pledging to the Bitcoin Frat House.
BNP's concern about waiting can be lessened in knowing that your going to be waiting after this upside retracement anyway. It will prolly consolidate for a day or two.
Will it now make another leg down? (A,B,C) down. I think so. But let some other donkey confirm this for you first.
There is no rush. There's always another trade. The fun won't stop tomorrow.
if you do, i'd be interested in reading a technical analysis for noobz thread if you have the time and i'm sure a lot of other would be as well
Well to give an example:
Say I see the coin drop to a price I want to get in at. Let's say it plummets to $500 and I want to buy 10 of them. How can I snap them up at that price asap? Say four hours later they hit $800 and I want to get out now I want the ability to access the coins I bought and be able to move them immediately otherwise wtf is the point with a roller coaster market that is trading 24/7?
I guess I could fund an MT Gox account but realistically I'm not sure what I'd be willing to invest yet until I see a price.
Plenty of places will exchange coins for cash but you usually pay a premium.Quote:
Originally Posted by BeerAndPoker
https://cashintocoins.com/index.php?code=cmcharts are reputable I reckon.
Once you have coins you can send them to Gox and trade immediately, getting your cash out will require that you send them some identification.
It is the majority or my income. Day trading is not a way to get rich. It's a grind. My style is to make high EV trades and get out. I almost never hold overnight.
For me it's a way to earn a living with some freedom. I don't play well with others.
Daytrading also sometimes costs me. I called Bitcoin short at $1180 and sold at $952 and $1080. It went on to crater $650. I made my money but missed a longer term ride down. (in my defense I was getting charged huge juice for borrowing and didn't want to hold too long)
Absolutely love trading.
Book #1
Japanese Candlestick Charting Techniques by Steve Nison
First book I ever bought. Nison is an acknowledged expert.
Fibonacci numbers will blow your mind too. Google them now. Found everywhere in nature and are kinda gospel in all trading. The fact that BTC retraced 33% was a Fibonacci number.
Gonna sound funny given the endless, endless stuff available today but a local (Boston) trader does a radio show. His style is very accessible when you are first starting out. Tosses out trading ideas.
10 years ago, I'm guessing I went to his workshops and it was a great start and I've always been fond of his style. Haven't listened for a while but it is how I started.
Leo Leyden - Financial Focus.
http://www.financialfocusadvisoryser...com/radio.html
Edit:
WillieMcFML got me tooling down memory lane. I don't usually look back.
As the result of a little domestic rift (not as epic as BadGuy Josie but I was pissed) and my love of poker ... 2007 I ended up virtually living at Foxwoods for 6 months - sleeping in my car in the garage then comp'd hotel rooms. Black card allowed you free rooms almost everyday but weekends. That's all changed now.
Spent virtually every single waking hour at the tables. Got my black card. Foxwoods poker room was wild then. 80 or so tables filled every day. Ate at the buffet 3 times a day and worked out in the spa gym everyday using points on card. You could see shows, night club, you name it for free/points. Foxwoods gave away the store.. Times were good.
Bus loads of people coming in to play the only poker room east coast save Atlantic City. It was so fat I just never left.
Finally, got so cold in November I just packed it up one day and that was it. I could write a book about those six months and the sick shit I saw. The regulars there were all huge huge characters. Lotta famous faces.
I don't remember seeing Chinamaniac but we must have crossed paths.
I can't wait to hear how Druff does trying to time the shitcoins market. Sounds like a slam dunk given his logic on the radio show. Don't invest your life savings, son.
Although one thing would be ironic. The thing that made Micon a millionaire will also be Druffs downfall.
There you go Deal. I wrote Micon again.