I imagine a lot of people are piling on short here expecting a break through the bottom of the support line.
I intend to wait for an ATR expansion down for one full day before doing that.
Getting short for a swing trade down to 6 or 7k on the close of the 1st big down ATR day will be a safer approach and have better RRR than shorting before the ATR expansion because once the ATR expands you can use a smaller stop, something like the prior day high.
If you get in before it expands the ATR the stop has to be much larger, probably above the triangle and then some, which means if the trade goes wrong not only is it a larger stop but you have to wait around longer to tell if you're really wrong or for the stop to get hit.
I intend to wait for an ATR expansion down for one full day before doing that.
Getting short for a swing trade down to 6 or 7k on the close of the 1st big down ATR day will be a safer approach and have better RRR than shorting before the ATR expansion because once the ATR expands you can use a smaller stop, something like the prior day high.
If you get in before it expands the ATR the stop has to be much larger, probably above the triangle and then some, which means if the trade goes wrong not only is it a larger stop but you have to wait around longer to tell if you're really wrong or for the stop to get hit.
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Ok actually this is looking like it could be the big atr day, I am shorting some alts now and will short btc tomorrow probably
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Shorting the generally weakest alts that still have room to go before hitting monthly lows. Was short dash but covered since close to long term low. Still short link, ont, neo, atom, matic. Looking to cover about half the weight today if btc makes another dump downward, then hold rest as swings.
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BTC breaking lower right now so getting ready to start covering if it dumps hard. Buying into sellers.
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Covering neo, btc bullishness, planning on scaling out entirely of more established coins and holding noobs as shorts. Expecting flight to quality as posted earlier. Market will reject newcomers first.
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Covered ont, looking at how to scale or hold others
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Scaled out of everything but matic and link. Would have kept atom but lack of long term chart makes me not want to keep it over night. Using week bars to define risk on matic and link with targets at monthly lows for very good RRR so don't need to worry about holding them over night. Taking most of weight off also allows for room to scale in again.