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TrendFollower

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Everything posted by TrendFollower

  1. Bitcoin Gold is up a staggering 22% at the time of this post which is 5:50 pm. It has gone above its 200 DMA and also 20, 50 and 100 prior to this. The margin requirement is a minimum £5.00 per point which is currently £46.80. Now add leverage to this and one can begin to see why Bitcoin Gold becomes an attractive trade should it also go up along with the alt coins.
  2. I am getting messages asking me how I decide which trends to trade? It takes a lot of time and price monitoring first and foremost. Then one must apply indicators to establish if certain parameters and criteria are met for further consideration. After this a look at the volume and strength of the trend along with momentum. One could also have a look at the fundamental outlook and see if the technical narrative is in line with the fundamental narrative. There are many occasions when you will see a distinct disconnect between the two. Ideally and this is especially true for Commodities when the fundamental narrative connects with the technical narrative then it can produce some of the best and strongest trends to trade both on the long and short side. Even after all of the above the trade can fail so there simply is not a magic answer. One is merely trying to put the odds and probability of a successful trade in their favour that is all. I do use my feelings and gut instincts based on my experience too. I am not always right of course but there are many factors, information and data one can use to make an informed trading decision. I do not have the perfect answer to this question. I ask myself are the odds and probability in my favour if I place this trade on the 'long' or 'short' side. If the answer is no then I simply do not trade it. Even when the answer has been yes I have failed such as trying to short the S&P 500 though I was initially successful then we witnessed a massive rally and it is back to where it was before the huge drop.
  3. Let me first start by sharing the website for Bitcoin Gold which I should have done at the start of this thread. https://bitcoingold.org/ Bitcoin Gold is today's best performer of all the Cryptocurrencies available on IG's platform. The only exception is that one cannot still trade Bitcoin Gold as explained by posts above from @JamesIG. It is up 15% so seems it is following the other alt coins upwards. I am not really a fan of Bitcoin Gold but the price action is what it is. I am still not convinced with Bitcoin Gold from a fundamental perspective but right now it is the technicals that are getting my attention today.
  4. @kingtrader72, Today's Coffee both Arabica and London are bearish. They seem like they may be travelling to a more downward destination albeit shorter term. It still does not present any reason from a 'Trend Following' perspective to go 'long'. In fact it presents a potential short term 'short' trade opportunity if anything. Golden Rule (Trend Following Style) - Never trade against the trend
  5. Both Ripple and Stellar are leading the way this morning. Ripple - Up over 9% Stellar - Up over 11% This is at 6:52 am.
  6. @kingtrader72, From a 'Trend Following' perspective my thoughts are that the opportunity has not quite presented itself to go long 'Coffee'. Maybe from a 'Value' perspective it may seem enticing. Looking at the 'Daily' then Coffee - London Robusta is trading below its 20, 50, 100 and 200 DMA's. Looking at the 'Daily' then Coffee - New York Arabica has just crept above its 20 DMA but is below its 50, 100 and 200 DMA. The moving averages curves are all sloping downwards which is a bearish signal. Why do you think there is an opportunity to go long here? Is it simply because you think all the downside is priced in? Coffee prices are historical lows. The article below maybe of interest to you. Exclusive: Brazil weighs offering coffee options to support prices - sources https://uk.reuters.com/article/us-brazil-coffee-policy-exclusive/exclusive-brazil-weighs-offering-coffee-options-to-support-prices-sources-idUKKCN1RG2JK
  7. Well Palladium is at an important juncture right now. If it breaks below $1356 then there could be a large move downwards. If it holds this level then we could see some of short term support.
  8. XBT Provider which is a subsidiary of Coinshares (UK) Ltd has now released an Exchange Traded Product (ETP) for Litecoin. https://xbtprovider.com This allows investors to invest in the Cryptocurrency without having to physically acquire it, open a wallet, etc. It also means those who do not want to trade such a volatile and high risk asset class can merely invest (buy and hold) through a normal online broker. The broker I use for my XBT Bitcoin and Ether investments does not offer this Litecoin product yet. Also I am not sure which UK broker does so if anyone knows then please do share with this thread and with the IG Community. It seems XBT launched this in March 2019 prior to the major recent rally and near possible lows so excellent timing from XBT!
  9. I should have done this at the start of this thread but will share Litecoin's website for those who are interested to look at. https://litecoin.org
  10. I thought this was a good opportunity to share Bitcoin Cash's website. https://www.bitcoincash.org I should have actually done this at the start of this thread but only just realised that many may not be aware of the difference between Bitcoin and other alternative Cryptocurrencies.
  11. I think this is a very good article on Forbes in relation to Blockchain and Africa. Blockchain - Africa Rising https://www.forbes.com/sites/tatianakoffman/2019/04/04/blockchain-africa-rising/
  12. The Biggest Winners from April’s Early Crypto Market Rebound https://www.coindesk.com/the-biggest-winners-from-aprils-crypto-market-rebound Which asset class can give you returns like this in such a short space of time? Now add leverage to the mix and one can begin to see the staggering returns on offer.
  13. Of course there is a short term shorting opportunity here depending on if it follows Fibonacci retracements or something else. For anyone wanting to go long they must let the drop occur before entering long. This is the same for any of you who want to add to your positions. As the increase was big, sharp and quick, the drop should respond accordingly. There is always the risk that this was a false rally but time and price action will confirm that in due course. It is important to stay focussed on the price action as taking your eye off could mean you miss some of the best days in the year which make a lot of difference when looking back at overall returns.
  14. The question now is what sort of retracement Bitcoin Cash experiences. Will it adhere to traditional Fibonacci retracements? We are about to find out.
  15. @JamesIG, Thanks. Palladium is an interesting asset to trade though typical of IG it is showing the following message below: Closing only: Market unavailable to open
  16. @DanielaIG, IG’s UK Spreadbetting platform may be worth looking at as I got my data in relation to Bitcoin Cash and Litecoin from there. You may also want to look at my threads within the Cryptocurrency and Blockchain sections which may also give you better insight into what is actually happening in terms of current price action.
  17. The sell off I was expecting came overnight. The question here will be how deep the sell off will be? If the Cryptocurrency market is being controlled by a few 'whales' then they may entice further long positions by dropping the price so that it seems like they are getting better value than yesterday before any next upward move materialises. Then there could be a 'rinse and repeat' operation until exhaustion. If this rally in Bitcoin and Cryptocurrencies is serious then there must be another move serious move upwards. I would prefer slow and steady but that does not seem likely based on the past few days price action. If this does not materialise then ensure you have an 'exit plan'.
  18. @MaxIG, I assumed that with the picture of Bitcoin that there would be some mention of it.
  19. PayPal is now getting on the act when it comes to Blockchain. The article below may be of interest to some of you. Paypal’s First Blockchain Bet: Digital Identity https://www.ccn.com/paypals-first-blockchain-bet-digital-identity Now when large institutions start getting involved in Blockchain like you PayPal's and IBM's then they are large enough to be able to drive it into the market and offer solutions to problems that many have not thought about or considered dealing with yet. Even during the Cryptocurrency mega downturn Blockchain was still gaining traction and this is evident in the large corporations starting to not only embrace the technology, better understand it but apply it to real businesses. This has the potential to be a huge market.
  20. On any other day - Ripple making 5% and Stellar making 8% in a day would be classed as a very good day indeed. However, when one compares to Bitcoin Cash and Litecoin then it looks pale in comparison. The one thing to remember with Ripple and Stellar is that their minimum bet size is £10 per point for Ripple and £25 per point for Stellar meaning though their gains in percentage terms are not as high, when you look at the £ per point and use of leverage then both of these would have resulted in exceptional gains. This is when one looks at the £ per point on each and the margin requirements.
  21. It really is anyone's guess where Bitcoin will begin to correct and see a large sell off. It will come, that I have very little doubt about. The question is when should one exit as any smallish drop will trigger tight stop losses and it could then continue going upwards. So a more wider stop loss is required at the expense of losing some of the monumental gains but that is an individual decision. It is a nice but a tricky decision to have though. I mean the one thing for sure is that a lot of capital is being allocated to Cryptocurrencies which has been patiently waiting on the sidelines and boy has it arrived in style. It could just be 20 - 100 millionaires flexing their muscles to make such a move possible. Add short positions being triggered and this move taking lots of stops out then it really does amplify the move excessively.
  22. I was just looking at the volume on both Litecoin and Bitcoin Cash and they have gone up substantially over the past two days. This means the price action is being supported by volume which is something I try and look for.
  23. Bitcoin Cash up a staggering 40% today! Add leverage and I think I am feeling dizzy. The one thing I have learnt with Cryptocurrencies is that more complex technical analysis can be overkill and persuade / convince you not to trade. Add the fundamental uncertainty and most definately most will stay away from them. I tend to concentrate on the price action and when they are in bullish mode like present then there is no asset as aggressive as this. For me Bitcoin Cash and Litecoin have just proved to be exceptional trading opportunities which some will no doubt stay away from as in their opinion this is junk. They may be right or not but if you can make stellar (excuse the pun) returns on junk, why not? Surely it is better than making a loss or not much on quality? For me the beauty of price action is that you can detach yourself from the actual asset and just trade the price action rather than concentrate on what the specific asset is. This is a distinct advantage of Trend Following and part of the excitement of it. It can be one trend in one asset and then another trend in a totally different asset. It does not matter what the asset is. It is the trend and price action which is important and is what you are trading.
  24. @JamesIG, Thank you very much for sharing this. It is very much appreciated. I want this IG Community to be proactive and ahead of the game in relation to the 'Cryptocurrency and Blockchain' section. I believe that there is some serious traction in 'Tokenisation' and some really exciting opportunities being developed too. We may have to add 'Tokenisation' to the section title very soon in the future once people start understanding what is happening now and what plans are in the pipeline for the coming future. It may well be: Cryptocurrency, Blockchain and Tokenisation
  25. @IGMan, I cannot say I have had the same experience since updating to iOS 12.2. Which iPhone do you have? I am just wondering if it is an older model which if reports are to be believed end up getting slower and temperamental as it cannot cope with the update.
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