Position: Leaning Bearish
We got out of the last trade with about $130/eth with our martingale strategy. We have had 2 very successful martingale trades in this bear market. The reason this strategy works is we aren't "calling" a bottom, whenever it bottoms out we are prepared for it. With the recent price action, it's hard to call where it will bottom and it's absolutely critical that you are not greedy. I would be doubtful if it bottoms at 700, but I will still place an order in that area just in case.
The RSI has been decent and from the looks of the chart, it could bottom out at 600 or the 500 range. I would be surprised if it hits the 300 dollar range area. But, we are in a vicious bear cycle and it's important to keep orders down there if it does indeed go down there. You want to make sure your weighted average price is brought down as the market decreases so you still have the option of getting out.
the strategy: Small orders above 700 with larger orders weighted in the 625 area, 525 area and lastly, the 350 area.
This are my trades and what I am doing, not financial advice. Stay safe,
-Sherem
We got out of the last trade with about $130/eth with our martingale strategy. We have had 2 very successful martingale trades in this bear market. The reason this strategy works is we aren't "calling" a bottom, whenever it bottoms out we are prepared for it. With the recent price action, it's hard to call where it will bottom and it's absolutely critical that you are not greedy. I would be doubtful if it bottoms at 700, but I will still place an order in that area just in case.
The RSI has been decent and from the looks of the chart, it could bottom out at 600 or the 500 range. I would be surprised if it hits the 300 dollar range area. But, we are in a vicious bear cycle and it's important to keep orders down there if it does indeed go down there. You want to make sure your weighted average price is brought down as the market decreases so you still have the option of getting out.
the strategy: Small orders above 700 with larger orders weighted in the 625 area, 525 area and lastly, the 350 area.
This are my trades and what I am doing, not financial advice. Stay safe,
-Sherem