In this article, I want to share that after over two months of patient micro-trading on MEXC, a surprise price surge in HIVE rewarded me with my biggest crypto trading profit yet, validating my disciplined approach.
Since 15 September, when my DOMO experience awakened my trading instinct, today I received the biggest profit ever in trading crypto. When I started trading the Ton tokens two months ago, I was satisfied with the micro profit I received between $0.50 and $1.00. I adopted the same trading philosophy I had when I was trading stocks on the Philippine Stock Exchange:
I don't aim for a home run in trading. Gaining minimal but consistent profit is enough for me.
Using the above strategy, I sometimes trade the same token four to five times before I retire to bed. This strategy works when the token's trading range is small. Whenever the price touches the floor or support, I buy, and when it is near the ceiling or resistance, I sell.
However, when there is an obvious change in the long-term trend of the token, I immediately change my stance and begin using technical indicators like Fibonacci Retracement, Volatility Contraction Pattern (VCP), and Elliot Wave Theory. I do this to identify new entries and new exits.
Nevertheless, in the case of HIVE, my approach is different. I don't do day trading. I am more of a small-sized position trader willing to wait for weeks and even a few months to identify clear entries and exits.
Using this strategy, I was able to accumulate more than 200 HIVE on MEXC. However, I sent 50 of them a week ago to buy LEO for my son's account and to upgrade some of my cards on Splinterlands.
After close to two months of waiting, this morning my patience paid off. As I woke up, HIVE surprised me with its huge price appreciation. Thinking that such a pump would not last, I immediately sold a total of 172.78 HIVE.
My trade gave me a profit of $18.44. Though it is small, I am satisfied with the outcome of my trade. I was glad to see that my MEXC account increased from $56.41 last night to $74.85 today. I am thinking of maintaining the $50.00 on MEXC and using the $24.85 to boost my HIVE account.
| Date | Side | Price | Quantity | Value in USDT | Profit |
|---|---|---|---|---|---|
| September | Buy | 0.1966 | 34.58 | 6.8 | N/A |
| 24 October | Buy | 0.1923 | 52 | 10 | N/A |
| 27 October | Buy | 0.1838 | 27.20 | 5 | N/A |
| 04 November | Buy | 0.1694 | 59 | 10 | N/A |
| 12 November | Sell | 0.2909 | 34.58 | 10.05 | 3.25 |
| Sell | 0.2909 | 52 | 15.12 | 5.12 | |
| Sell | 0.2909 | 27.20 | 7.91 | 2.91 | |
| Sell | 0.2909 | 59 | 17.16 | 7.16 |
Total gain is $18.44.
At the moment, the price of HIVE is $0.2565. I have two choices for entry using Fibonacci Retracement. If you are convinced that the present rally is strong, you can consider a 61.8% Fibo retracement, and that would mean you will enter at $0.2632. However, since this has already been broken, I think the second option is better, the 78.6% Fibo retracement. I am thinking of buying back at $0.2401.
On the other hand, if you are suspicious about the current breakout, then do nothing. Do what you are used to doing on Hive as if nothing had happened. "Ignore the noise," they said.
Grace and peace!
Posted Using InLeo Alpha
