We will hear them blame the whales, talk about market manipulation, and how this should not have happened, but we have been mentioning over and over that the short interest was at all time highs and this is a perfect setup for a short squeeze. We positioned ourselves accordingly and the 1:1 R:R is now way into the money. This is where patience has paid off. Now we are not right on every call and the market has taken a different direction, but the difference is risk management.
If you are going to blame someone for getting REKT during the short squeeze, take a look in the mirror, and that is who you should be blaming. Taking unnecessary risks, trying to make a homerun where basehits win games is the reason your account is now zero. Sure we will hear the "ohhh i got out just before the pop" but I can tell you this is BS!
Technically we blew right through the 7480 level and are managing our current trades by reducing our ETH risk in half just hours before the pop. As our targets have been hit I am closing the BTC and other half of the ETH trade. 7480 is now the level that needs to hold, however, it can go as low as 7265 and still be a valid move with extreme support at 7200. Right now it is risk off and wait for the market to stabilize, this is not the time to try and trade.
We have closed our BTC and ETH trades and shaved off half of the OMG positional trade. We did not sell any Wabi as this is a longer term hold and was trading at 90% below its high.
In closing patience has paid off in being positioned opposite the herd where when that moves happen it is painful.
I those guy deliver even half of what they promised for this year iota will go nuclear :) have a nice day!
just wanted to say thank you i really apreciate your Posts.
You put me straight twice since i started to "gamble" in cryptos, first time back in December when you where one of the fewer voices of reason and a week ago again. I made a nice little profit and accumulated a little more cryptos and I also think it is not a bad idea to take some risk out and enjoy the moment waiting for the next ride.
Short squeeze or not, is incredible what powerful momentum cryptos can get when unleashed.
And if I recapitulate the last weeks it doesnt surprise me: reading posts on this site, 9/10 traders calling for 4-5k mentioned almost in the same sentence that "it is where it has to go" and then made a call for 30k by end of 2018. Basically everybody was running the engine at full throtlle and waiting for the green light. Even the most negative People here, were and are bulls. I think 2018 will be green candle paradise but beeing a little careful after this huge spike should be natural.
Thanks again, always enjoying reading your post and i really love it that you keep "told you so, moon, whales and manipulation" out of your vocabulary.