Lose all your capital fast, with MatTheCat and his TA 101A!

[r0ach]

When you start to use terms like rainbow crosses, it might be worth taking a step back to reexamine your life.

In case you haven't noticed, those are just code words to hide the fact that Mat doesn't actually do TA (i.e. predicting where the market will go, not where you want it to go).  Every Mat chart is him scheming up some absurd outlier number that can never be attained that he wants to take out a long at.  I want to see a Mat silver chart.  I think it will be something like "This is where I will take out my long, when silver returns to traditional 25 cent parity represented by the quarter".

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[MatTheCat]

In case you haven't noticed, those are just code words to hide the fact that Mat doesn't actually do TA (i.e. predicting where the market will go, not where you want it to go).  Every Mat chart is him scheming up some absurd outlier number that can never be attained that he wants to take out a long at.  I want to see a Mat silver chart.  I think it will be something like "This is where I will take out my long, when silver returns to traditional 25 cent parity represented by the quarter".

FWIW....practically all the TA indicators that I look at are suggesting that BTC will resolve this corkscrewing bullishly at the moment.....but I just don't buy it. Just had a massive pump on relatively weaker volume, perhaps because the miners have been witholding BTC from the market, and now have big stashes in need of conversion into USD/CNY? Every n00b and his dog right now, are sitting long in BTC, in full knowledge that the Halving Event is just 48 hours away, after which , Bitcoin will *obviously* pump to over $1K, or whatever......but......that is not how markets work. Buy the rumour, sell the news.....I can't take a short here, cos my setup parameters are all saying long, but my gut tells me to keep well away from Bitcoin here.....übel und gefährlich.....I suspect a nasty ride ahead, with a high probability of a snidey head fake.

btw....here is an uptodate account of the utter train wreck you are placing all your hope and dreams in:

http://www.bloomberg.com/news/articles/2016-07-06/after-4-400-surge-bitcoin-s-fate-hinges-on-huge-chinese-miners

[tabnloz]

Without central banker intervention

That's all that needs to be said.

They are way past the point of no return and cannot give in to the dreaded deflation due to the amount of debt in the system.

Every option they take creates an imbalance somewhere and builds pressure somewhere else. And, as signalled by the market reaction to Kuroda's push negative in January, central banker actions are beginning to have the opposite effect (Yen strengthened, elsewhere US savings rate uptrend).

Agreed that in a deflationary panic everything initially declines bar cash, but bitcoin and gold won't be bad places to be in the meantime due to above observations. More QE is on the way.

At the moment money is flocking to UST as it still has a positive return compared to Eu / JPN. It's also moving into gold for safety and non-negative yield / weakening currency play.

[MatTheCat]

-1 for TA signals.
+1 for gut instinct.

As I stated above....TA signals suggested bullish resolution.....gut instinct suggested serious dumpage. Because however TA signals were in my view bullish, I couldn't bring myself to take the short trade, due to the ease with which 'they' would be able to stop me out, before dumping this piece of shit. Instead, they just set it up bullishly, waited to see if there were any takers, there weren't, so Kaboom!

[Ibian]

Yeah, free coins are nice. Bought back in just now.

[MatTheCat]

Yeah, free coins are nice. Bought back in just now.

lol.

stupid cunt.

[sandiman]

-1 for TA signals.

-1 for TA signals on an extremly zoomed chart, you just told few hours before that that btc needed to correct cause it was at level too much above your favorite indicator, MA.

One advise here that you can apply, is using Elder way of coupling timeframe to trade. If you want to trade daily, first looks at the weekly chart to see what's the trend, here obviously up. That's when you enter your daily chart and wait for pull back to buy some more btc, using indicators or whatever system of your choice to determine "cheap" (for that you can go to the 4h chart). If you want to be extremely aggresive, you could short that uptrend, but god damn it, with btc, you better use some pretty tight stop (that would probably get hit, even if you were right).

[MatTheCat]

-1 for TA signals.

-1 for TA signals on an extremly zoomed chart, you just told few hours before that that btc needed to correct cause it was at level too much above your favorite indicator, MA.

One advise here that you can apply, is using Elder way of coupling timeframe to trade. If you want to trade daily, first looks at the weekly chart to see what's the trend, here obviously up. That's when you enter your daily chart and wait for pull back to buy some more btc, using indicators or whatever system of your choice to determine "cheap" (for that you can go to the 4h chart). If you want to be extremely aggresive, you could short that uptrend, but god damn it, with btc, you better use some pretty tight stop (that would probably get hit, even if you were right).

When price consolidates into a corkscrew pattern, usually I look to the LTF (low time frame) MAs for the que on which way it is going to break. I didn't really like BTC long, for various reasons, but that isn't to say that 'they' couldn't pump BTC up to $720 or something before dumping the whore. LTFs were bullish. Indicator structure on the LTFS and the HTFs was bullish. The one thing that wasn't bullish, was the pending Halving Event, with every n00b and their dog sitting long BTC, waiting on the Fairy God Whales to pump Bitcoin up to $1K, just cos it's the Halving, whilst the Whales who put in the bottom between $300-$400, are still to take profits in earnest, after they triggered a rather momentous pump, into this event.

.....seems to me like they are doing so now, and will continue to do so on each bounce, all the way back down to levels which will make the likes of Ibian wail and cry, at which point they despair sell their BTC into whale koffers, as the whales work to put in supports for a new bottom, for the next round of 'wring the BTC market dry'.

[sandiman]

Fuck Bitcoin, here is a chart that I fucking love:

-1 for TA signals.

-1 for TA signals on an extremly zoomed chart, you just told few hours before that that btc needed to correct cause it was at level too much above your favorite indicator, MA.

One advise here that you can apply, is using Elder way of coupling timeframe to trade. If you want to trade daily, first looks at the weekly chart to see what's the trend, here obviously up. That's when you enter your daily chart and wait for pull back to buy some more btc, using indicators or whatever system of your choice to determine "cheap" (for that you can go to the 4h chart). If you want to be extremely aggresive, you could short that uptrend, but god damn it, with btc, you better use some pretty tight stop (that would probably get hit, even if you were right).

When price consolidates into a corkscrew pattern, usually I look to the LTF (low time frame) MAs for the que on which way it is going to break. I didn't really like BTC long, for various reasons, but that isn't to say that 'they' couldn't pump BTC up to $720 or something before dumping the whore. LTFs were bullish. Indicator structure on the LTFS and the HTFs was bullish. The one thing that wasn't bullish, was the pending Halving Event, with every n00b and their dog sitting long BTC, waiting on the Fairy God Whales to pump Bitcoin up to $1K, just cos it's the Halving, whilst the Whales who put in the bottom between $300-$400, are still to take profits in earnest, after they triggered a rather momentous pump, into this event.

.....seems to me like they are doing so now, and will continue to do so on each bounce, all the way back down to levels which will make the likes of Ibian wail and cry, at which point they despair sell their BTC into whale koffers, as the whales work to put in supports for a new bottom, for the next round of 'wring the BTC market dry'.

You know what you love gold chart ? Cause you make it so much more easier to understand than your bitcoin charts !!

First here you miss one key point of a trader, that is to be direction agnostic. You have a bearish bias that is killing your equity. As a trader, you have to go with trend, and trade them (or chase reversal, but still ultimatly to surf the trend).

You want a bullish view, take a look at that chart (don't look at the letters) :



isn't it fucking bullish ? But still, some retracement are due. That the way market works zig-zaging.

Mat I really think you are destroying your trading skills, went to quick on the war field without knowing how to handle a weapons, and because of your loss you start having some bias on your trading set-ups that makes it even worse.

here is a quote from you from market wizards (that I advice you to read), from one of our time's biggest trader William J. O'neil

"First-time speculators want to make a killing in the market. They want too much, too fast, without doing the necessary study and preparation or acquiring the essential methods and skills. They are looking for an easy way to make a quick buck without spending any time or effort really learning what they are doing. "

I'll probably won't read that thread anymore. your equity won't be destroyed cause it seems you use stops for everytrade, but those pirana bits here from all your losing trade and wining trade that you don't let ride will not help you surviving. I really advice you to put your head on fucking books for month, and save years of unfruitful trading.

[MatTheCat]

isn't it fucking bullish ? But still, some retracement are due. That the way market works zig-zaging.

Mat I really think you are destroying your trading skills, went to quick on the war field without knowing how to handle a weapons, and because of your loss you start having some bias on your trading set-ups that makes it even worse.

here is a quote from you from market wizards (that I advice you to read), from one of our time's biggest trader William J. O'neil

"First-time speculators want to make a killing in the market. They want too much, too fast, without doing the necessary study and preparation or acquiring the essential methods and skills. They are looking for an easy way to make a quick buck without spending any time or effort really learning what they are doing. "

I'll probably won't read that thread anymore. your equity won't be destroyed cause it seems you use stops for everytrade, but those pirana bits here from all your losing trade and wining trade that you don't let ride will not help you surviving. I really advice you to put your head on fucking books for month, and save years of unfruitful trading.

Whilst there is sense in what you are saying, I suspect there is someone else around here who is verging off the agnostic path, and allowing an emotional bias to influence their trading.

I notice that you are using bollinger bands. I also notice that just recently, a bullish weekly candle opened BEYOND the upper limit of the BBs. Last time that happened was Nov 2013. Sure, you say that 'some retracement is due', but the issue I have with that, is that 'retracement due', could take Bitcoin right back down into $400-$500, where Bitcoin could stay for weeks, without breaking the bullish bias of that WEEKLY chart.....erm...fuck that, quite frankly.

Whilst reading books is all well and good, nothing is as good as actually applying setups to real live markets. This is an art form, not a science, and aside from the acquiring the skill in recognising roughly what the market's intent is, there is also the skill in mastering your own emotions......I do quite poorly in that respect, and no amount of literature is going to teach me how to get my self-destruct, anti-success demons under control.....

......despite my poor performance when in trades, anxiety causing me to take profits early, or not sticking to plan and abandoning trades where I am taking heat too soon; one big difference about this pump, although I missed most of it, is that I am sufficiently up on my original capital. Last pump (Nov 2015), although I was long Bitcoin for most of it right the way to the top, I ended up losing money. This time around, I may not have struck when the iron was hot enough times, but I have also avoided any catastrophic mistakes (and I am very certain that plenty of the bullish trumpet players in here, that were all 'geniuses' on the way up, will be sitting nursing bloody noses that the market has proceeded to give them). I have been run over by none of the downside from $790 - $555. Last night, Bitcoin was trying to convince Joe Public, that the bullish break out was on, with Bitcoin testing $685 area, yet one sudden and abrupt bout of dumpage later, and here we are the very next day, down around $50 and credit to me, I never took the bait.

[Ibian]

Here is your 620. So are you all in now?

[MayorMccheese]

^^ How's your position doin'?

Yeah, free coins are nice. Bought back in just now.

[Ibian]

Doing great. I have more coins than I did and am still way up in terms of fiat.

[MayorMccheese]

Doing great. I have more coins than I did and am still way up in terms of fiat.

Nah. You clearly don't understand how this thing works. Right now, both your profits and losses are paper (assuming your money is on the exchange, in play, which is a relatively safe assumption -- you claim to be a trader).
You bought @~635 640, meaning you're down roughly 30 20 bucks per.

Of course, that's just me being a trusting rube and taking you at your word. Want to tell me how much you bought? Just so I can put some numbers to a name? You can lie, I don't mind, just like to play with numbers when I remind you about your future losses.

And let's keep this tidy, I realize you have other positions -- we'll just deal with this one, the coins you've deftly scored at ...what was the exact price at the time?
P.S. For ease of ref., current price is $601.31 618 on BFX[.
edit: my mistake, was watching BTC-e.

[Ibian]

I am no trader. I bought at 400something on average. You make a lot of assumptions.

[MayorMccheese]

I am no trader. I bought at 400something on average. You make a lot of assumptions.

But you're giving trading advice, on a trading sub, and "have more coins [and] still way up in terms of fiat"?
How is the last possible without trading/magic/fibbing?

[Ibian]

Following the SSS plan does not make one a trader. I am merely taking a bit of profit from my investment.

[MayorMccheese]

What is "SSS plan"? Getting this:
90 Day SSS / The Body Coach
90 Day SSS Plan – Complete! | High Heels and Healthy Meals

And how does following a (diet?) plan bring you to a trading sub and allow you to lecture someone who is actually trading?

[MatTheCat]

Here is your 620. So are you all in now?

You are misquoting me, or thinking of someone else. I never said that I was going to go long at $620. $620 means fuck all to me, unless I believe Bitcoin is going to go much further up from that point.

$610 was the 61.8% retrace. Had I not been out all day, I may have taken a position on the retest and reversal of this area. As it stands, I shall need to wait for a further dip back down towards the bottom before even considering a long position. If Bitcoin keeps playing those 61.8% Fibonacci levels like it has been doing, then it would be perfectly reasonable to expect this to get up to $670 or so...basically the recent consolidation zone, where BTC got rejected....so, if I can get a good entry, I may go long from $620 (ish), with an upside target of around $670......but beyond that, I suspect that this thing is going to not only retest the $555 low, but breach it.....just my opinion....far too early to go calling that based on the charts, but the potential is most certainly there, and looks way more likely a prospect than the $790 high getting taken out.

[valta4065]

When you start to use terms like rainbow crosses, it might be worth taking a step back to reexamine your life.

In case you haven't noticed, those are just code words to hide the fact that Mat doesn't actually do TA (i.e. predicting where the market will go, not where you want it to go).  Every Mat chart is him scheming up some absurd outlier number that can never be attained that he wants to take out a long at.  I want to see a Mat silver chart.  I think it will be something like "This is where I will take out my long, when silver returns to traditional 25 cent parity represented by the quarter".

Ahah! Funny thing is that everything would probably make much more sense in our economy if it happened ^^