The Road to 10k

over 1 year ago (Edited)

Day 0 - The Game Plan

What is this??

So This is actually the second time I've tried to do something like this, you can find a few of my old ones if you look back through my posts, but I had to withdraw the money for personal reasons and now my account is back at square 1. The basic premise is that I will start with a small account on Bybit. My goal is to grow my account to a 10k USD balance. I will be able to use all the different trading options on bybit to try and do this. I will also be able to deposit up to a total of 1k throughout the journey. I say throughout the journey because I am entirely out of funds I am willing to lose but will have access to some in the future so when that happens I will be able to top up my account. I will also be putting all rewards from these posts back into my trading account.

Of course, none of these are set in stone, they are just rough outlines for me to follow. Once we reach that goal we can always revise what were going to do going forward as well.

Now it's time to get to the interesting stuff. How much am I starting with? What's my plan? What are the details? and what's the format that I'll be doing the posts in?

Account Overview

The first section will always start with an overview of my account, this will be an overall update to provide an idea of the rough changes since the day before. Then will break that down into the various trades I have made/closed/opened and how they turned out.

In terms of my starting capital, I don't have much at all especially after this move down to 15.5k where I lost almost all my capital. I currently have 5 USD in Binance and 2 USD in Bybit. Since Binance has disabled futures I am using margin to try and trade the 5 USD into 10 USD so I can withdraw it to my Bybit account. In the meantime, I will be using the 2 USD on Bybit with leverage as a base to trade with.

Trades

Since today is just the introduction I won't be going into any trades until tomorrow, however, I will be trying to make a bit more for my account before we really start.

Market Overview

BTC 4h

Taking a look at BTC on the 4H with the Bollinger bands, MACD and RSI we can see that it rejected perfectly off the middle ema of the BB. Based on the tick down by the RSI and what seems to be the start of a bearish divergence we can assume that there will be a pullback over the next couple of hours.

However, the MACD is looking bullish so we can assume it won't be back to the lower BB. Perhaps looking at it on a lower timeframe will help us to get a bit more information.

BTC 1H

Looking at BTC on the 1H with a fib retracement we can see that it has already pulled back to the first retracement level. As long as we hold the 0.5 retracements I can see us moving higher as we form a higher low on the 4H, if this level holds then ill be looking for longs today around that region. However, if we break below that I will be keeping an eye on that trend line you can see around 16k-16.2k. I will open a short if there's a break below that on the retest.

SPY 30m

What's going on with the stock market today as we're opening for the new week today?
Well, taking a look at the 30m chart for the SPDR we can see that there was a massive pump after the CPI report and have managed to hold onto the gains that were made. Now the bulls would say we're making higher highs and until the FED comes out and shuts this party down we're gonna keep the train going. On the flip side, the bears have quite a good case here as the MACD is already in the red and we also have bearish divergence on the RSI. There's only so long this can go on before people take profits.

DXY 30m

Taking a quick look at the DXY on the 30m chart we can see that it's starting to find some support here, the macd and rsi also seem bullish so I expect it to start moving higher soon. Once it does expect a pullback in the markets, however, if it breaks lower then perhaps the pivot is closer than we think.

Final Thoughts

Taking a look at BTC, SPY and DXY they all seem poised to continue the global bearish sentiment even if we are having a bear market rally right now I'm not trusting this for the long term. Keep your stop losses tight people and don't get too greedy.