Man I just love the smell of a short in the morning! Got up this morning and was looking at the Solana chart that I have been working on the last couple of days and the breakout I was wanting had happened.
Solana was lagging behind some of the other altcoins yesterday, because if you were following, I had some awesome luck on a long trade on ADA yesterday.
Well, this morning, I got up and was pleasantly surprised to see that the retest that I was looking for after the break out on Solana had started to move! So I decided to go in short on the trade. I had originally put in a take profit at 42.00 even, but when we got to a certain point, I wanted to move my stop loss. Well with the ApolloX perpetual trading DEX, I am still trying to figure out how to set a new stop loss once the trade is going. Every time I try, I end up market selling out of the trade. But at least when I did, I was able to catch the first chunk of profit at 19.7%!
Now I am only playing with 100 USDT in the trading account to start and the other 100 is working in a defi yield farm on Pancakeswap. Using the CAKE rewards to pay trading fees. I am playing 10x leverage and was playing with a total of 50USDT which at 10x is like playing with 500.
I pretty much immediately went into the second short once I realized my mistake and ended up taking another 7.75% in just a little bit of time. But I ended up closing out of the trade sooner than I wanted because I went in quick and didn't add a proper take profit. I had to go take my daughter to school and then go about my day so I just closed the trade, but hey, profit is profit! It was also a smaller trade than the first, so there wasn't as much profit.
Just for quick reference, I was looking at the volume profile to get a solid feel on where the market was seeing the fair value on different time frames, and that is what led me to set the levels I did. Should have gone with my gut for more gains, but hey, 2 winning trades, again, before coffee... Not too shabby!
The Po'Boy challenge trading account is now up to 127 USDT and some change! So approximately 27% in 3 trades. Not bad, once I get to 200 USDT in the account, I am going to put that as the floor and start sending profits to the DEFI pool to earn more yield and keep building. The goal is to try and recover a portion of the funds that I lost in the UST crash.
Lesson learned... Once I set proper levels, just let the trade ride...
Until next trade, or post, haha...
Be Cool, Be Real, and always Abide!
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