First let me tell you why I love trading DOGE over the other penny coins
1) DOGE trades 196 pairs over all of the exchanges. The acceptance of this coin is phenomenal
2) DOGE has a cult following in the crypto community. 110k subs on reddit
3) Has a lovable mascot that warms the heart
4) I believe that when new money comes-a-flowing DOGE will reap the benefits because of above
Now, check out the 1W chart. DOGE has gone through many cycles. With the last one being a 100% Fib. To me That tells me we have possibly found a bottom and its time to start bouncing back higher on the Fib supports. If not, the history has shown that if you hold long enough you will profit.
So this is how I trade DOGE. I take the amount I am willing to risk in DOGE. Every 3 days I take 5% of my total funds set aside for DOGE and make a purchase. I set a limit sell for 10% gain immediately after making the buy. Wait until the next 3 days to buy again. I never sell DOGE in lost.
Once I reach 120% of total Doge funds. 10% goes into Doge for long HODl 10% goes back into my portfolio.
1) Set aside .05 BTC for Doge funds and set long target (say 500%)
2) buy .0025 BTc worth of Doge at market price
3) set limit order to get .00275 BTC back
4) repeat process every 3 days until my funds are depleted or DOGE hits long target price
5) redistribute DOGE fund once it hits 120% ( in this case .06 BTC )
a) buy .005 BTC worth of DOGE for HOLD (10% of original fund amount)
b) put .005 BTC back into my portfolio (10% of original fund amount)
Adjust this strategy to fit your portfolio and goals my numbers and percentages are just to help you understand. I just wanted to share it because it has kept me happy even in this time of despair.
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1. Every 3 day is just a repetitive pattern you found? this pattern is true for other coin also yes/no?
2. I have been observing the shorting trade in most of the coins USDT pari, BTC,ETC,STR,ETC, like bit coin touched 5000 and then pulled back to 7000, and previously it came down to 7500 and then pulled back to 9500, and before that it came down 9000 and pulled back to 11k level. I see it is a bull trap. but there a opportunity to make profit in this bull trap if can identify the repetitive pattern. I have been seeing this coming down to support level and pulled back to resistance level in last 10 days. I am new bie but i wanted to step in but then i did not move :) as my trade can be trapped.
Would love to hear your opinion
sorry for the long wait. Every 3 days is just a timeframe I have chosen so I can watch the charts in between buys. Basically I am looking for dips and investing my money over a spread time frame, waiting for it to come out of oversold. DOGE is cheap so you can gain large % from small movements, I also believe that in the near future it will be worth much more so any losing trades I am in will eventually become profit. This pattern is really only helpful if you have a decent amount of funds. This will also work for other coins IF they are oversold. This is not recommended for coins coming down from a pump.
Jarking, the safest way to play, is not to play at all. Those bull traps can be very unpredictable and even the most experienced traders lose. Make sure you have the funds per risk level for trades. Shorting and Scalping can be very profitable but must be done right. Take time to learn Fibonacci, support levels/resistances and how to use the Volume Profile (VPVR indicator in trading view). These can help identify supports/resistances while trading a pain. You do not always have to buy at support and sell at resistance either. You can wait until after the bounce is confirmed before purchasing. You will lose some potential profit but you will lower your risk.
If you still have that DOGE hold on. I purchased 81,000 at .0000092 so I'm in the same boat. I'm still HODLing.