Trade. The. Range.™️
Maximize the profits as she goes up and down, up and down.
Good morning degens!
Yesterday was very, very profitable with over $5,000 in total earnings; a good day of fishing is what I usually call it! I shared the setups for the trades here but what’s even more fun is what I did after these setups.
This is especially crucial around very specific pivot points for price action — for instance, any major numerical level will be contested between buyers and sellers like the more obvious $40,000 and $50,000 prices.
Using volume profiles we can see that there’s quite a lot of orders and activity around $38,500 and you can see the range that you can literally trade up and down as the price pivots around that contested point.
So you can imagine putting in orders — both long and short — and then taking profits as it springs up and throw those levels. This is an advanced trading methodology but one that you can begin to appreciate as you grow your skills and it’s one that you’ll want as you can always trade the range which is essential when the price action is slow.
So, I thought I’d give it a try.
I spotted a bit of a Darvas Box and a range that bitcoin wanted to play around and I thought I’d experiment with some very quick “reversals” as she hit the resistance and support lines.
I put in the order:
And I began to trade the range. She went up and down and up and down and I either manually reversed the order at critical pivots or I took profits and then created a new trigger order / limit order to get the ball rolling.
There were some intense moments where we’d get wicks up and down but all profit if you’re trading in those directions!
I traded 6 times and won 5 out of 6 which is better than my internal trading desk goal, which is to have at least a 80% success rate:
The total notional value of these trades was ~$1,100 and after fees it was just south of $1k in total pocketable wins.
For each one I tracked the progress, watched volume, and did everything that I normally do except I’m prepared for a sudden “break out” from the range to follow one of the trades and to sink the one that’ll be in loss.
Volume is everything, as we know, and it really helps me track progress and direction:
At this point I was pretty tired but I started to see some larger patterns print:
And I knew that she’d probably continue south — one more for the road! Now we were definitely over the $5k mark for total May 2, 2022 wins.
Let’s get to it.
To infinity & bitcoin,
Major update to the Trading Library with a growing list of tools and websites / services that I use to track larger markets and industries! These are literally all the tools that I use to trade and I’ve left nothing out!
Get to it!