Broke but not Defeated
Introduction
It seems like the endless cycle of the new trader like myself will keep repeating itself. You gain and lose, but eventually, the account blows up and you get back to square 1. My account currently sits at 8.50 USD and I'm waiting to refill my account from the new year to get a fresh start. In the meantime, I've been having a look into trading bots in hopes of finding a way to earn a passive return which I can use as a backup.
Part of the reason this has happened is because I have been far more focused on a new project I'm working on. However, I realised I need to hold myself accountable for my trading and make sure to plan my trades out far more in advance to prevent it from happening again.
Market Overview
Since I'm starting yet again ill keep this post brief and only really touch on a few things that I've noticed in the markets in general.
Starting off with something outside of the crypto markets it seems that the YEN is starting quite a crazy run as the Japanese central bank is shifting its monetary policy. I won't analyse the chart however as I won't be trading it but thought id mention it.
SPY
I will have a look at the SPY though. When looking at it on the 30 min chart we can see that there was quite a big gap down in the premarket open back onto the trend line its been following since it started moving back up however the macd and rsi are showing bearish momentum which I don't like very much. Personally, however, I can see it moving up from here to the next resistance at 389.43.
BTC
Taking a look at BTC on the 4h chart we can see that both the RSI and MACD are slightly bullish but not enough so for it to indicate any large move up however we did have a very bullish recovery recently and we seem to be forming a flag pattern.
FTM
I have been using FTM for my trading bot so excuse all the mess but we can already see that FTM is going to have to make a large move soon in one direction or another and given the bullish MACD and RSI, combined with BTC being slightly bullish I can see FTM moving back up to around 25 cents over the next couple of days. My bot has been running for about 24h now and has closed 15 trades for a total of 10% profit but currently has quite a few open so once FTM breaks out I'm hoping to see that move up quite a bit higher.
Final Thoughts
The whole world is in a state of confusion and disarray and the markets reflect that. We never seem to follow a clear trend but rather chop around in ranges, so from now on I will be looking to take safer range-based bets. If or when FTM returns to 25 cents I will aim to short it back down within this wedge, however, if it breaks out we switch and look at the next set of ranges.
Please use my Bybit link if you are planning to sign up as it would hugely help with what im trying to do here.
