This is an update on our BAT position trade. Back in January we bought two positions one being at 0.118 and the other at 0.144 which was a re-entry after selling from 0.35. Our goal with these alt coins is to build a position and have no risk, essentially owning them with the market’s money. This does not happen overnight, but if you have the patience it can be done.
Selling 2250 of our position @ 20 cents. (Will show actual fill price on spreadsheet) This leaves us with an average cost of 4 cents a coin, which is not bad seeing our initial entry was at 26 cents. Many do not have the patience for position trading and want instant results. The market does not care what you want, and impulsiveness and greed, is what the market thrives on. We will not fall prey to these emotions and will simply stick to our plan.
Though the chart is still bullish, there is a bearish reversal pattern setting up after a valid 5 wave initial swing. Initial support is found at .018 with the main support area between .015-.0165. Ideally we want to add in the lower teens around the 0.786 retrace level at 0.127.
Though the market can still rally when ever I have an opportunity to reduce my exposure on a speculative coin I take the opportunity. If you are investing on hope, your money is hopeless in the long term. Take profits when you can not when you have to, and I am sticking to the strategy here.
Moves higher, we can always trade into a position.