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Stellar - Now is the time for IG to offer it

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I will be very disappointed if IG do not offer Stellar asap. Now is the time for IG to offer it. Not when the rise comes and others are able to profit from it using another platform which is a competitor of IG's.

If anyone wants to know why I have been a strong advocate of Stellar then please read the link below and all will become clear. Also my posts historically will show me giving my own reasons why I favoured Stellar which I will not repeat here but please feel free to read my previous posts in the Cryptocurrency and Blockchain section. 

IBM is experimenting with a cryptocurrency that’s pegged to the US dollar

https://www.cnbc.com/2018/07/17/ibm-backs-a-cryptocurrency-thats-pegged-to-the-us-dollar.html

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The vote thing however has stated that it’ll be on there for at least the end of the month and then it’ll have to be implemented so I wouldn’t hold your breath :( unfortunately 

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 this is the one! IBM and the coinbase news is big stuff so no wonder people are keen to add.

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When IG offered Ripple to its clients the only move was short as the 20,000% + monster rally had finished.

Now it is making exactly the same mistake with Stellar except in my personal opinion Stellar has legs in the rally to come.

Stellar (XLM) Skyrockets 30% to Reach 2 Month-High

https://www.ccn.com/stellar-xlm-skyrockets-30-to-reach-2-month-high/

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This is some fascinating news in relation to Stellar that I thought I would share with the IG Community.

Blockchain Announces $125 Million 'Airdrop' of Stellar Cryptocurrency

http://fortune.com/2018/11/06/blockchain-stellar/

Stellar is trading above its 20, 50, 100 and now above its 200 day moving average. I have opened a long position with a wider than usual stop loss to try and ensure I do not get stopped out due to the potential of extreme volatility. 

I have included the link to the latest Crypto Coin Market Caps.

https://coinmarketcap.com

I think Stellar has lots of potential and its current market cap is a fraction off $5 billion. I think it has the potential to reach similar market caps of Ether and Ripple and hit the $20 billion levels. If it can or even exceed this if one thinks Ether and Ripple have further upside then the returns on Stellar could be staggering. I wanted to get in as early as possible on both Ripple and Stellar before the 'herd mentality' arrives and to give me the biggest chance of catching most of any potential monster move that may come. I have been waiting for the price action and moving averages to indicate to me to open a long position as there was no justification in doing so prior. The risk is a sharp trend reversal and I am stopped out hence the slightly wider than usual stop loss.

If the trade goes against me then the key is not to worry and move on. One must not feel embarrassed or ashamed of any losing trades. I have experienced many losing trades in my time and I have had more losses than winners in my time. My fewer winners have outperformed my many losers to ensure I can continue trading. This trade could go against me relatively quickly but that is that fine and one must be comfortable with the amount of risk taken. I have taken this trade based on price action and the signals the 20, 50, 100 and 200 DMA have presented me. Initial stop loss and then switch to trailing stop loss when in profit. 

I will have a very difficult decision to make should the trend be strong upwards as to whether I add to my positions. I know I should and would normally when trading Commodities but Cryptocurrencies is a 'different beast' altogether so I will need to think about it. If the trade goes against me then I will not have this difficult decision to make. 

My experience tells me that when Cryptos go up strongly over a couple of days then this is usually followed by sharp drops 'red days' which is partly down to profit taking by short term traders so I will need to keep a close eye on the price behaviour. 

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STELLAR and RIPPLE are the only Cryptocurrencies at the moment that are trading above their 20, 50, 100 and 200 day moving averages that are offered on IG's Spread Betting platform.

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Stellar is performing admirably compared to other cryptocurrencies today. 

It seems to have formed an ascending triangle with higher lows. This is rather interesting and it could be that Stellar may be poised for a breakout. I would like to see higher highs as well. This would be extremely positive and encouraging.

I think if the news is positive then the price action will support a move up to $0.30. This is only an assumption from me and I cannot say for sure that this will happen. It seems Stellar's dominant trend is the uptrend based on the daily chart. 

It will be interesting to see how this performs.

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It will be interesting to see if Stellar can stay above 0.28 and try and hit the psychological 0.30. The downside risk is that there could be large correction as well.

So far my long trade in Stellar has proved to be rather profitable. I did nothing too clever or fancy. I merely opened a long position based on price action and the price crossing the 20 and then 50 day moving averages. It has since crossed the 100 and 200 day moving averages. 

I accept the trade could have gone against me but at this point I know my exit will be profitable based on the trailing stop I have set.

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Hi Trend follower

Thanks for the tip on this firstly. I think this is range bound between .20 and .30.

Why don't you take profits at .30 and open a new long at say .32/.33?

 

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@202925,

No problem. That is ok.

You may be right it may well be range bound but I cannot predict the future so I do not know that for sure based on current and more recent price action.

Yes, I could do as you suggest but I will not be. I want to stay in this position as long as I can. No time limits. I will exit when the trend reverses. Until then I will remain in the position.

One of the key principles of trend following is not to take profits too early and to let your winners run. If my trade was incurring losses then I would like to cut these losses quickly and move on. So then I would be looking to exit as early as possible. With Cryptocurrencies there can be extreme volatility so setting initial stop losses is extremely challenging as the risk is being stopped out and then the trend resuming in its direction of travel.

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