Day 4 – Profit is Profit

dExplain trading journal the marathon
  • Starting: $1,400
  • Previous: $1,692
  • Current: $2,260 (+28%)

Over the weekend we shared this Bitcoin chart in the group, showing the trend line to break. BTC price has been flying ever since. Don’t miss out on updates, hop in our discord!

Quick little sidebar on some of our favorite tools and metrics:

Exponential moving average (EMA) is a type of moving average, it places a greater weight on the more recent data. This is great for crypto assets because they’re much more volatile than traditional markets. We use the 20, 50, 100, 200-period lengths to help identify strong areas of support or resistance to use for entry and exit points.

Just letting you know as we will probably discuss this indicator quite regularly. Another couple of tools we recommend:

  • TradingView: if you have a trade idea make sure you save the pair to your watchlist there, then you will remember to keep checking it.
  • Funding History: Binance gives you quite a bit of analytics that may help you decide on your trade.
  • Order Book analysis: Another way to confirm areas of support and resistance is to check the order book, use the price filter on Binance to get a quick overview.

We will continue to share quick tips as we grow the portfolio, and hope to see you sharing your favorite tools in the group too.

Farms

  • bDIGG-BTCB: $276
  • RAY-ETH: ~$250

Not much to report on our Beefy Finance vault or Raydium farm. The main idea of these positions is we expect both to go up during April. Also, note you can follow bDIGG’s rebases on the Badger Finance website.

Trades

Here are the trades we made over the weekend, definitely recommend you start a journal using a spreadsheet. Keeps you accountable, great way to fix mistakes and improve. Also will let you know if you’re need a break!

We scalped AKRO between $0.055 and $0.060 after identifying a double bottom on the chart with volume increasing. We were looking at the AKRO chart by mistake as meant to open ANKR, sometimes you just get lucky.

Twice we entered SUSHI at what we believed was the bottom, these entries were mostly based on news. Their new product BentoBox lets everyone participate in futures trading, given SUSHI is listed on Coinbase, we expected the market to react stronger. Didn’t happen!

We also entered SKL and GRT, right now the market is trending on Layer2 and infrastructure projects. Expecting them to do very well during April. We entered SKL as it was printing little bull flags while getting squeezed.

Initially, we set a target of $0.74, which would have ended very well for us. On Sunday we closed the position in a small profit as we didn’t see any volume increasing for the breakout. Should have kept with our initial analysis!

We also had a long open on GRT, where we saw the breakout flip $1.52 resistance into support for the rally continuation. We closed the positions at 1.587, securing $400 in profit.

Could have kept this position open, hindsight is 20/20. Finding it difficult to trade with a small portfolio size and no bankroll, where we can’t risk riding underwater. So probably closing things a bit early. Profit is profit!

Currently monitoring SXP as it’s getting squeezed with all the EMA lines coming together.

Looks promising for a big breakout as the SXPBTC pair looks to have bottomed out.

Let’s see what happens!