Horizontal resistance was bound to give great scalping profits and a short entry for five waves down.
Yesterday all the plebs screamed ripple was going to add an additional 300-3000%, today they screamed OMG would.
The majority of the market loses, it was a bull-trap.
I have been mocked, insulted and laughed at for both these short entries; do not get emotional.
There is no right or wrong, only possible outcomes and risk-reward.
This is not the end of the world, and I advise anyone that holds omg without margin to hold it here and add if it hits 12$.
For now, this is my primary count, and I will stop out / take profit when it becomes invalid; perfectly possible.
I closed my omg short at 14.09 as 14 is supposed to bounce anyway. Afterwards, the website went offline and as of now I still haven't been able to get in... typical shakeout for all cryptos. Be ready for the squeeze.
Multiple unusable exchanges and a bull attack through API liquidating everyone.
What you just witnessed was no market behaviour, but rather a nasty game of 'DDoS' backdoor manipulation trapping all bears and their sisters.
I was able to buy the 'outbreak' on both OMG/USD and OMG/BTC.
My orders were executed three times... wicks with 10% spread, exchange logging you out with a handful of errors and lastly sell orders that take 10 minutes to proceed.
No environment you'd want to trade in.
Sold my longs as this could just as well be stomped down when everything calms down and becomes uhm.. operational again.
It was a bull trap, my trade was profitable, it did come back into correction levels which is what I said it would after an artificial backdoor pump.
The end target has not been reached, would it have done so without the backdoor squeeze? No-one knows, and it doesn't matter to anyone following my chart would have covered at 14.25 and then again 14 regardless.
All I did was give a possible outcome and anticipated on the spot. The fact that I have to defend myself for possible failure is disgusting, this is no exact science at it never will be.
Anyone following charts blindly is going to lose because one needs to know all possible outcomes to anticipate on the spot and most of all to stay stable emotionally.
The latter is the reason that I update charts as soon as possible, so those that do depend on them ( hopefully no-one) see which measures I take to limit risk or increase profits.
- Quit TradingView.
''Comment: Shady things going on, Bitfinex removed the order box from the interface and therefore only allowed/allows liquidations through manually closing your margin position.
I closed my omg short at 14.09 as 14 is supposed to bounce anyway. Afterwards, the website went offline and as of now I still haven't been able to get in... typical shakeout for all cryptos. Be ready for the squeeze.''
Sounds like profit to me.
+ a warning, you're welcome.
If you trade with margin you can take some profits depending on your entry and size.
Coins without margin are solid till at least 20+ IMO.
I closed my omg short at 14.09 as 14 is supposed to bounce anyway. Afterwards, the website went offline and as of now I still haven't been able to get in... typical short for all cryptos. Be ready for the squeeze.