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I see a lot of merit in this trade. That support really should hold with something bull flagish forming if it does for another nice leg up. I put in a small long myself.
My Dad is flattered.
I didn't trade the swings yesterday because wanted to have a backup plan for another big order if I got liquidated. My long is fairly safe now with liquidation at $4640. So doing some small swing trades with my other account whilst the volatility is this good.
I haven't taken any profit as yet from my long as it is a good entry so trying to make the most of it. Each $1 move up is around R1000 profit. In April and July 2018 that blue trendline was pierced/followed before it dumped. So will take profit a bit higher at $5300 and $5500. Target is about $5500.
Expecting $4660 area to hold. If I manage to get in long there I will hold till about $5300. Going to risk a 100x long with 1/4 of my balance. Next support is at about $4400 but I don't think it will drop that low. If it does drop further though I will long from $4400 to $4800.
He could have set it to open on the upward trend so he was already in the profit.
I'm not sure where and when he opened it, but as I said it could be during the uptrend rather than adjusting it mid movement. That's relatively save as if it does nothing further he can just close it or if it comes back down he can set his stop loss at the opening price and lose almost nothing. But as I understand it he was already several percent in the profit so it wouldn't have made much sense closing it considering the possible payoff.Adjusting your open position from ie. 10x leverage to 100x leverage mid movement doesn't magically turn your entire open position into 100x leverage. The only thing it does is take your open position down to 10% of it current position releasing 90% of the balance roughly back for you to trade and then the remaining trade is at 100x.
Based on what he said about $1 movement is worth about $75(R1000) in gain it would suggest he a decent size position open at 100x at 4666 if that is the case well done but the entire story doesn't really make sense to me its pure madness in straight up gambling such a leveraged long position by essentially FOMO'ing in at 4666.
I just thought he was a more level headed trader, that is just plain and simple gambling not to mention FOMOing in at 4666 at 100x he would have been liquidated the price had more than one 0.5% move against 4666 at that time.
In short that just doesn't reflect sane trading strategy but each to their own I guess.
Adjusting your open position from ie. 10x leverage to 100x leverage mid movement doesn't magically turn your entire open position into 100x leverage. The only thing it does is take your open position down to 10% of it current position releasing 90% of the balance roughly back for you to trade and then the remaining trade is at 100x.
Based on what he said about $1 movement is worth about $75(R1000) in gain it would suggest he a decent size position open at 100x at 4666 if that is the case well done but the entire story doesn't really make sense to me its pure madness in straight up gambling such a leveraged long position by essentially FOMO'ing in at 4666.
I just thought he was a more level headed trader, that is just plain and simple gambling not to mention FOMOing in at 4666 at 100x he would have been liquidated the price had more than one 0.5% move against 4666 at that time.
In short that just doesn't reflect sane trading strategy but each to their own I guess.
