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TrendFollower

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Everything posted by TrendFollower

  1. @Dunn, Welcome to the IG Community. A lot of traders think spread betting is pure gambling. It is just a mechanism that can be used to trade. Yes spread betting offers leverage but leverage can be managed according to your risk management strategy. In terms of guaranteed stops I tend to always have a stop loss when I enter the trade. When it turns into profit then I change to a trailing stop. My stop loss distances are very wide as if I am trading in the direction of the trend on a volatile asset then I do not want to get stopped out based on the volatility. Therefore my stop loss distances would be far larger than other traders. Also my risk tolerance is pretty high hence I trade Cryptocurrencies and Commodities. I tend to hold positions longer than most traders that I have come across on the IG Community. My positions could be for days, weeks or even months. I have no time limit on my trades apart from when there is a clear trend reversal. I use IG's Spread Betting account and I appreciate the facility and benefits they provide me. I have no issues with Spread Betting. When you trade a share using the share broking account then you are in fact betting on the price moving in your direction. It really is no different. Traders are betting on price movements in their favoured direction of trade. The skill is in the execution of your trading plan and trading strategy via your trading system.
  2. @PJ19, If you look at the Pivot Points on the 'daily' then you will see a potential $10.5k price coming should this aggressive downward price action continue.
  3. @PJ19, Crypto's taking a tumbling which was expected. There will be a lot of profit taking as on traditional assets this has to be down before market closed on Friday in the time zone they are operating in. Cryptos offer a 7 day a week and 24 hour trading so selling can occur over the weekend.
  4. @PJ19, I think it will be interesting to see how Gold reacts to Trump and Kim Jong-un's meeting.
  5. @PJ19, I personally cannot see Bitcoin going back to the $4k to $5k levels anytime this year in 2019. In my opinion it is not a given that Fibonacci retracements will be adhered to or followed. It is not an obligation. I think the most it will fall is back down to $9k to $10k. It is being suggested that Bitcoin will consolidate between $10k to $14k before the next move upwards. That next move upwards is going to go towards an all time high and $20k plus. If the market allows Bitcoin to fall too heavily then it risks allowing the market and participants to lose confidence in the asset. I do not think the whales and large institutions getting involved will allow this to happen. I think Bitcoin will see wild swings and it will be extremely volatile with any tight stop losses being executed.
  6. @PJ19, Do let us know if your 'Fibonacci and Elliot Waves' works with Bitcoin or other Cryptocurrencies.
  7. @PJ19,, I do trade precious metals whether that be Gold, Silver or Palladium from time to time but I would not say I am an active Gold trader. If Gold is trending stronger than other assets which it is been on at least two occasions when it is has moved big since August 2018 then I will trade it. It will be interesting to see if Gold does drop at the zone you mentioned. I agree. I am expecting a correction but I have no idea where this will go down to. It could even correct deeper down to $1350 - $1360 levels if equities are going up and economic and political news is positive rather than negative. Gold could just stick to Fibonacci retracement.
  8. This article actually supports nicely some of the points I have made. It is nice that it was released 14 hours ago so well after my posts within this thread. Discovering Insuretech: Blockchain Disruption of the Insurance Sector https://cointelegraph.com/news/discovering-insuretech-blockchain-disruption-of-the-insurance-sector
  9. @JamesIG & @Caseynotes, The selected and weighted by market cap needs more clarification. So I understand that the 10 Crypto's may change every quarter depending on their market caps. That is fine. What I would like more clarification on is whether Bitcoin gets a higher allocation in the Index than say Dash to the size of the market cap and Ether gets a higher allocation than Bitcoin SV due to its higher market cap. I presume this is what it means when it states 'Selected and Weighted by Market Cap'? If this is the case then should these allocations not be released per quarter for all to see? So one knows exactly how much exposure they have to Monero and Cardano, etc?
  10. Thanks @Caseynotes. I just went back and had a look and I cannot believe that it was there. I looked several times so either I have totally missed it (which is more likely) or IG happen to add it near a similar time to my post. It is most probable that I have missed it. Thanks. 👍 (By the way that was me who just gave you a thanks).
  11. Somebody has just tagged my post above as 'Thought Provoking'. There are only a few people active on the IG Community at this moment in time around 10:00 am UK time on Sunday. However, I will try my best not to make any assumptions on who it could have been. It would have been nice for that person to have stated what it was that was so 'Thought Provoking'. I mean am I to take it as a 'Positive' or a 'Negative'? If they know the answer and it is obvious to them then they should surely share it with the IG Community?
  12. @JamesIG, I have noticed that you launched a new trading derivative last week called 'Crypto 10 Index'. Now IG currently offers the following 8 Cryptocurrencies to trade: Bitcoin Ether Ripple Bitcoin Cash Litecoin NEO Stellar EOS So IG itself does not currently offer 10 different Cryptocurrencies for its clients to trade. So what I would like to know is which 10 Cryptocurrencies are included in the 'Crypto 10 Index'? IG's website states the following: Our Crypto 10 index gives you exposure to the ten largest coins with a single trade. So I assume IG are offer the 10 largest Cryptocurrencies by market cap within this product? Is that a correct assumption I have made? If so then what is the allocation for each Crypto? Are they equal? What is the exposure per Crypto? I think it is very important for IG to offer this basic information so that any client of IG knows exactly which Cryptocurrencies it has exposure to when it is trading the 'Crypto 10 Index'. Now as someone who has been trading Cryptocurrencies with IG and other providers for a few years now if I cannot clearly understand the product then I do wonder how new and inexperienced traders are going to be able to.
  13. @Henniet, Because IG are not a bank. If you want interest then you may wish to deposit your $10,000 into a bank that pays interest on credit or some form of savings account.
  14. @gautamhait, If you 'Google' Gold or search Gold on an internet browser, you will get the news for Gold. I have noticed that you are asking this same question time and time again on different threads to different people. If you want to trade Gold then you are going to have to put the time and effort in following the news for Gold yourself. I know this sounds harsh and maybe even rude. My intention is not to be rude but I just fail to understand how you can even trade any asset when you are constantly asking this question or questions similar to this time and time again. None of us have crystal **** and none us know what is going to happen tomorrow or in the future going forwards. I have some questions for you. 1) Are you actually trading Gold? 2) If so are you 'Long' or 'Short'? 3) Which trading style are you using. Are you trying to day trade Gold or do you want to trade Gold on a longer time horizon? The more information you provide the more someone on the IG Community can try and assist you. I will give you my personal views and thoughts. They may be right or they could just as easily be wrong. I have no idea if you are investing in Gold physically or even investing in Gold via an ETF, investment trust or unit trust. You must provide more information and articulate what you are looking for to enable someone on the IG Community to add some value and meaningful views to you.
  15. So what is Beyond Meat doing right now. To me it seems that the buying pressure is easing and the trend is weakening when you look at the 'daily' timeframe. There could be a potential shorting opportunity here if the speculative capital stops driving this share up as the valuation and market cap is ridiculous on any level. Of course that is my personal opinion and I have seen many companies be driven to such insane levels but the majority of them do come down as the share price simply cannot justify a loss making company.
  16. @FFS_Daytrader, Bitcoin seems to be trading in the $11k - $12k range at the moment. It is around $11.5k at the time of writing this post. I think any consolation and 'breather' will be extremely healthy for Bitcoin as the mania has not even started yet.
  17. Bitcoin could catch a lot of traders out during the weekend. 😉
  18. @FFS_Daytrader, No problem. Thanks. Most traders will have a unique trading system designed for their personality, risk tolerance and ambitions. You are exactly right. We share our opinions and thoughts. It may be right for some and wrong for others. I agree having such diverse views can help all of us including myself become even better traders. No trader knows everything and no trader has experienced everything. What I would advise you is to really be passionate about any asset you are interested in. So if you have that enthusiasm for trading Bitcoin then I would highly recommend reading about the subject area. Conduct some fundamental analysis of Bitcoin. Understand how it works what it was intended for. Try and understand how it works and get a strong appreciation of Blockchain technology which underpins Bitcoin and other Cryptocurrencies. Try and research real use cases announced by large organisations and see if you can appreciate these and think these in years to come could be applied by other organisations. If you can then link real time information released by the media to the real time price action and technicals then it will really help you to understand why the price of Bitcoin is behaving the way it is. It is still largely driven by news released online by the media. It is controlled by a larger degree by the 'whales'. They move the price not the small Crypto investor. High Net Worth investors are investing in Grayscale's Bitcoin Trust. Just have a look at the latest news relating to Grayscale's Bitcoin Trust. Also try and understand what Bitcoin's limitations are and what is currently being worked on to overcome those limitations. So to give you one simple example, transaction processing times and ability to handle large volume of transactions. Others such as Litecoin and Bitcoin Cash have slight advantages on Bitcoin in some areas. Bitcoin with its first mover advantage and clout can overcome these but one must remember that others are not standing still and they are looking to improve too. When you combine positive / negative news flow and fundamentals to technicals you begin to see how and why the price trends emerge both up and down. This can be very useful when looking at momentum and how to trade Bitcoin in terms of directional sense.
  19. Bitcoin seems to be back at around $11k this morning at 5:00 am UK time. The chart below shows how Bitcoin is still trading strongly above its 20, 50, 100 and 200 DMA's. The MA curves are all sloping upwards. This is a very bullish indicator. Bitcoin would have to drop to around the $9.5k to go below its 20 DMA. So for me Bitcoin must defend the $10k level but the lowest it could drop is around the $9.5k level or remain above its 20 DMA. If this is breached then there could be a deeper correction.
  20. @FFS_Daytrader, It seems your view of support at $11k was broken. It hit around $10.3k. My issue with support and resistance is that with an asset like Bitcoin which is extremely volatile that it will merely break through any support and resistance. I can understand using support and resistance for established assets but Bitcoin is anything but established yet. This will take a good few years and the volatility will need to substantially decrease. Like I stated before, Bitcoin needs to defend the $10k level. For me if it can then it will show a sign of strength. This level will also attract a lot of buying due to the size of the correction we have all just witnessed.
  21. @FFS_Daytrader, I would be careful. If you do not want to go short then wait for the selling to finish before going long. Even if you are a short term trader using a shorter term timeframe wait for the trend to reverse and let market indicators signal to you that this is the case before thinking about going long. If you already hold a position in Bitcoin then you may consider adding to your position on such drops.
  22. Vela Technologies PLC is clearly undervalued when you look at its valuation compared to its Net Asset Value (NAV). The question is whether Vela has found the 'bottom' and share price appreciation is on the card along with the general positive momentum in Cryptocurrencies? An important point to remember is that yes Vela has invested in Blockchain and Crypto related companies but it is more than that. It has a wide and diversified portfolio and many of its investments have nothing to do with Crypto or Blockchain. I think the market may have painted Vela with the same brush as some of the out and out Crypto / Blockchain companies. There has been heavy dilution which presents a real risk and also lack of investor interest poses another risk. The upside potential exists and it is just potential until the price action supports it. This is a high risk investment so one must consider it based on risk/reward but it is certainly not for everyone. Note: Vela is not just a company which only invests in Crypto / Blockchain projects. It has a diversified portfolio away from this niche area.
  23. @cryptotrader, On IG's UK Spread Betting platform the current buy price is 8.522 and sell price is 8.180. So the spread is 0.342. If you were looking at a longer term investment then acquiring it from a broker that offers share dealing services may be an option. This will include dealing charges on buying and selling plus stamp duty on purchase. Vela Technologies PLC which I am invested in through my share dealing broker has a stake in Argo Blockchain PLC. I personally am not invested in Argo Blockchain PLC directly. However, its recent share price appreciation is impressive.
  24. @FFS_Daytrader, You may see a short term bounce depending on what timeframe you are viewing but this is Bitcoin and its volatility and price behaviour can wrong foot traders at times. It could go down further which it did to around $13336.20 but it is trading around $12177 at the time of writing this post. So one could say that it has seen a bounce. Will it decline further? It could do. I would like to see Bitcoin stay above $10k. This is the level Bitcoin must defend before its next parabolic move upwards. A move below $10k would provide a bearish outlook and could entail further selling pressure. I think $20k and surpassing its all time high it the move traders are waiting for on the 'Long' side and this should happen this year in 2019. 2020 prior to the halving event could see further speculative capital drive Bitcoin even higher before an 80% drop comes which will provide another fantastic long term shorting opportunity.
  25. It will be interesting to see how deep this correction goes and at which price buyers emerge again. The smart money would have been accumulating / adding to their Bitcoin 'Long' position on the way up and way before the recent parabolic rise Bitcoin just experienced.
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