Trading Pub – 31 Oct 24

00:12: A bullish indicator – Tether breaching $119.8B, signaling an upcoming rally in Bitcoin.
03:05: Shorted XRP due to a textbook rising compression pattern, which hit the target price quickly.
03:47: Went long on Tron based on a textbook rising channel pattern, which is still in profit.
04:18: Shorted the spiky rise in Alpha, a “shitcoin,” expecting a full reversal, which has occurred.
05:55: Shorted Tao after it failed to break resistance and disconnect from Bitcoin’s price action, targeting 460.
15:46: A short opportunity on Ethereum, planning to enter a short position with a tight stop loss.
20:40: Considering shorting a “shitcoin” that had spiked heavily, looking for a move back down to around $260.
22:03: A losing position in Gas and deciding to close it early for a small loss to avoid further downside.
27:00: Closing the Gas short position early, and will revisit the trade when the market conditions are more favorable.
29:34: Analysing Bitcoin’s performance against various fiat currencies, noting its strength in failing currencies like the Argentinian peso.
32:04: The performance of other altcoins like TAO, Kaspa, and TRON, and discussed potential trading opportunities.
34:42: An important support level for DNX, discussed the background of the project’s leadership, and decided not to trade it.
40:20: Market movement related to COVID-19 and placed a short trade on GMX to manage liquidation risk.
41:52: Adjusted leverage on the GMX short position to 12x to balance risk and potential reward.
42:54: Executed the GMX short position at 23,993 with a take profit target of 20.11, risking $10,000 to potentially make $22,000.
50:36: Advise against holding legacy coins like Cardano, as they have consistently underperformed Bitcoin and are unlikely to regain previous highs.
01:00:45: No countries are printing currency to buy Bitcoin, but predicted this will happen in the future.
01:02:13: A plan for the UK to print currency, default on debt, and use the funds to buy 1 million Bitcoin, becoming one of the richest nations.
01:06:32: El Salvador is the first country to balance its budget without needing IMF loans, a model for other countries.
01:08:00: The UK could streamline its welfare system, reduce administrative costs, and provide a universal basic income of £10,000 per adult annually.
01:21:57: Catching gas price spikes is difficult, as the spikes happen quickly and unexpectedly. Consider options trading strategies instead.
01:23:49: Using Bitcoin as collateral to short ADA on the Mexc exchange, but verifying that this is still a viable strategy.
01:30:38: Plans to set up future business ventures, like Project Elon, outside the UK to avoid high taxes and an unfriendly business environment.
01:40:11: Trump’s lead in polls, but Kamala Harris may have been declared winner prematurely by some media outlets.
01:40:56: Short-term crypto market volatility regardless of election outcome, but medium-term bullish due to expected money printing.
01:44:25: Reminder to book tickets for CUDL
01:45:38: Two spots left on Ski Trip