As the market continues to improve we have had OmiseGo on our radar since the 28th of February. It appears patience has paid off as we are getting a nice reversal signal in the buy area we mentioned in our previous article. We are looking to position ourselves for a longer term trade with a preliminary target of 25.
Technical:
Falling just short of our initial target level we have pulled back into our buy zone and have bought at the 17.35 and 18.59 levels with a preliminary target of 25. The 1 day bar is forming a nice reversal signal and though there is about 51/2 hours left the market has been relatively neutral providing limited risk in entering here. Again I am not using stop losses to manage trades, I actively manage with alerts. A fake break could result in testing the lower level 15.50 which is the 0.382 retrace of the overall bullish move from the Feb low. Because it is still possible to test this level before moving higher I have decided to enter in three positions and have allocated funds accordingly. If we test the lower level I will have no issue adding there and would look for a reversal signal prior to entering. There is still the possibility that we could test the 13.65 level which is the 0.618 retrace of the overall bull move, and though unlikely we can not discount it. A pullback to this level would surely bring in buyers and I will be one of them. We are looking at the 22.33 level as a resistance level and may reduce position there based on price action. Summary:
Showing patience in active markets is one of the keys to successful investing and trading. Keeping our emotions at bay and not worrying about missing an opportunity often opens the doors to new ones. Keep in mind that OmiseGo is a core holding and whether we pulled back or not was insignificant to the longer term perspective. As we start to see the market in general favoring the bulls we will continue to look for opportunities to trade and not try and force trades. Many times we miss trades and the best thing we can do is be patient and look for opportunities elsewhere.
There is always a good trade somewhere, do not confuse this with trying to be a good trader. Again these are ACTUAL TRADES NOT THEORETICAL ONES.
Great call GB! You were right, and I was wrong on this one. I didn't think we would see the deep you called for. I also agree that OMG is a solid hold for any crypto investor as the potential is off the charts.
SuperMegaMarvellous
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I remember when I was hesitating around $8 jaja
stckpkr7000
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Any updates GB? I don't think any of us thought OMG would trade way down here. I added to my position today as OMG tends to have greater % returns when BTC bounces.
seriousmar
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hi goldbug, can we get an update on OMG please? Thnx in advantage!
dnldnz
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Best time to buy
jilm66
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Interested in seeing what exchanges you all are trading on. I have accounts on Binance, Bittrex, and Coinexchange.io. Are there any that have any other benefits? I also see that I should be buying the coins based on USD and not BTC, is this for quicker liquidy when you want to scrape some profits and not have to do another trade to turn it to cash? Thanks to all for helping me understand all this, especially @goldbug1 !!
ryan99si
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@jilm66, gaining USD is always good, but when your looking at charts based on btc value if its a trend thats going down then that just means you could have bought btc and left it there and been better off. if you bought 1 btc for 10k and traded those for 10 eth at 1000 and those 10 eth went to 1100 then cool you made 1000 bucks but if at the same time btc went to 11.5k then you would have been better off with BTC obviously, But you can use say ETH/BTC charts and still sell your eth for usd once you go to sell. If you are dealing with the bigger coins they are going to trade with btc and usd or usdt. Hopefully this made since im half awake from an unplanned nap lol