Swing Trading Journal and Taking Profits

evo

Site Admin
Joined
Apr 2017
Swing Trading Journal and Taking Profits
After starting my research journal for creating an automated trading bot, I wanted to start this trading journal as my ongoing updates for swing trading coins, from finding good buy zones and remembering to take profits along the way.

The current market downswing was predicted, and I'm watching it all from the sidelines. The best decision I made was to wait the market out; except, now the coins on my watchlist are reaching their buy zones during the time Binance is offline for system upgrades. Anticipating this time window, I moved my funds to another exchange to have my buy orders ready.

Be safe trading out there!
 

evo

Site Admin
Joined
Apr 2017
Looking at multiple coins, but these are my buy zones for some of my top choices:
And my secondary choices, not because I like the projects, but because the charts show they are ready to swing high:
I expect Bitcoin to get back to $50,000 to retest the previous low, before it can start to retrace. And remember, this is a good thing, otherwise BTC would have made it to the $70,000 to $73,000 zone and come crashing back down again.
 
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evo

Site Admin
Joined
Apr 2017
Today was my realization of how much better I've gotten at charting and swing trading.

While I think it's great to read what others are saying on Twitter or watch videos on YouTube about your favorite coin or project, these things only apply for due diligence and researching the fundamentals for long term investing. However, for swing trading, for me, I've found the best thing is to not look at social media and not look at other people's charts or what they predict. Instead, I focus on my own charting and stay patient... and then I'm ready when a coin breaks resistance, and I know when to hop in and out of pumps with conviction. No emotion; only business.

Wish I had reached this milestone sooner...
 

evo

Site Admin
Joined
Apr 2017
Made over 11% today on a VeChain trade... I could have stayed in the trade longer, but when the candle closed bearish, I just took my profits and exited the trade.

And in retrospect, a mistake I made was I should have waited a bit longer to give the price movement a chance to reach the next level of resistance. From the history, I had already marked it as a major support/resistance level. And after I exited the trade, you can see it bounced right off of it, not allowing me to gain a potential 4% more in profit.


veAVnMTn
 
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evo

Site Admin
Joined
Apr 2017
Well, this trade didn't work out so well... looking at Luna, my alerts went off that we had broken the trend line. I pushed in 50% of my position, and was going to buy the remaining 50% on the retest. No stop-loss since I was watching everything in real time, and thankfully I was when I realized BTC was going bearish and bringing down the market. No retest happened, the resistance never flipped into support, and I got out with only a loss of 1%, and then you can see what happened afterwards:

lobQu73j
 

evo

Site Admin
Joined
Apr 2017
Today has been a break through day for my mentality towards swing trading. For the first time, I am starting to feel overly confident in my ability to do basic charting analysis. The majority of my portfolio is in long term investments, and a smaller portion of my portfolio is only used for swing trading. And I'm starting to get better at recognizing patterns, entering into a good trade, and focusing only on taking short term profits and then immediately get out of the trade.

And this brings me to Market Cipher. I'm realizing that Market Cipher is not needed for making good trades, although there is a point where it does give you more information to confirm when to enter or exit a trading position. And I have finally figured out how to do Fibonacci Retracements, which allow me to set good targets for sell zones.

This is my current winning strategy for simple swing spot trading:
  1. Chart a coin without the use of Market Cipher. Find good buy zones and time when to buy.
  2. Draw your Fibonacci Retracement to know where you can safely take profit
  3. Use Market Cipher to give you additional confirmations within the candles at different timeframes.
  4. When you enter a trade, use Market Cipher to give you additional information about how the candles are reacting.
  5. Exit a trade and take profit. Nearly every time.
I was setting my stop loss to right below the 21d EMA, but now I'm just watching the trade in real time and recognizing when to get out of a trade. When key resistance has broken, watch for a retrace, and then DCA into the trade. And as the volume and money flow go into the candles and it pumps, I'm DCA out of the trade as it goes up the Fibonacci levels.

It's super boring. And it's just staring at charts and executing without emotions. A very simple system of guidelines and rules to take profit along the way.
 

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