Yesterday was a bad trading day. No trades were kept open overnight. Today is a new day. Let’s see what it brings. 

Trade 1: Short BTCUSD @ 9,544

This morning, BTCUSD as trading in a rather tight range, and in my opinion, a perfect opportunity to trade a reversal when the range is broken – and this is what I did. The narrow trading channel broke to the upside, and I entered a short trade with a tight stop loss. The trade immediately went in my direction, but not by a lot. I moved stop loss to break even quickly and closed out shortly afterward, as there was a lack of follow-through on the trade. 

Mistakes: Nothing much. 

Result: 7.34 USD

Commission: -2.5 USD

Net result: 4.84 USD


Trade 2: Short BTCUSD @ 9,565

Bitcoin had another push to the other and broker another former high point, at which I entered into another short trade. The trade imidiately continued against me, so I closed it out before hitting my stop loss. Seeing a break of two former swing high points, I wanted to flip the position and go long instead – specially considdering the rally we had in the recent days. I did not want to end up being on the wrong side twice like yesterday and the day before. 

Mistakes: I should have played this according to my strategy. Had I kept the stop loss in place, and let the trade play out, it would have done very well. 

Result: -9.15 USD

Commission: -2.5 USD

Net result: -11.65 USD


Trade 3: Long BTCUSD @ 9580

As mentioned above, I closed the short trade and flipped it to a long trade as a continuation play. Bitcoin immediately flipped and had quite the drop. I again closed it out to flip the deal. 

Mistakes: Nothing much here. I am glad I closed it out instead of letting it run and hit my stop loss. 

Result: -41.23 USD

Commission: -7.5 USD

Net result: -48.73 USD


Trade 4: Short BTCUSD @ 9502.5

As the pair started to drop quite hard and given the recent bull run, I entered on a short trade hoping for some momentum. While we got a drop down, I never took any profit. Stop loss was moved to break even, and bitcoin eventually turned around, moved back up, and got closed out at the same level as I entered the trade.

Mistakes: A bit of fomo here.

Result: 0 USD

Commission: -7.5 USD

Net result: -7.5 USD


Conclusion

Overall another loosing day. I will take a break for a couple of days now, to continue working on my strategy, and look for possible improvements. One thing that stands out, is the commission. I need to get better using limit orders, at the very lest for the entry, but preferably also for when closing deals.

That is it for now. Stay tuned for more trading updates.