You are viewing a single comment's thread from:
RE: We have a NEW Crypto Market Scanner!!! also an update on todays Bitcoin Fork trading
I like the way your thinking.. The real opportunities are often when the ask is still at the low..Sometimes a seller will overwhelm the bid and drop the price quite low, but then the ask will still remain at the low, because he has not sold his entire lot, and he used a limit order.. In that case, you can quickly grab what he has left, directly on the ask... Im not really sure how to get the scanner to spot these situations, and they dont happen that often, but you need to react very fast when you see them, because there will be a ton of buyers behind you typing buy orders as fast as they can.
There was a very nice opportunity a couple days ago with a huge limit offer in XEL that I was alerted to with the other scanner - illustrates your point. I lifted some as the buys accelerated. Then exited on a push to 70s. Did you catch this one?
No I didn't catch it.. but there are so many that I miss. I try to just work a schedule, only watching the scanner for a 6 hour shift and then I try not to think about all the ones I missed.. My big money comes from the larger position type trades that I take, but it is certainly fun to catch those drops on quick day trades too ..
Something I'll have to get used to. I've seen you set alerts for trades below your bases.
Do you ever set low-ball bids overnight? Not the nibbles, to get a feel...but a modest position (nothing crazy) far off from market?
It's something I've been considering, although I imagine I'll only be comfortable after a few months learning the personality of certain coins.
Thank you. I'm trying to better understand this. Are you saying when the ask is still at or near the 'change to' low? Instead of just the bid being at the low? I know you're super busy and I appreciate you taking the time to answer a question but could you give an example of what you mean exactly because I'm trying to picture what this scenario would look like as you describe it. Wouldn't there be asks in front of his limit order if the price drops?
Think off it as a box of apples.. say Ryan has 20 apples in his box and wants to sell them, and jack wants 2 apples at $4 (so she puts out a bid at 4.00)an apple and jill wants 3 apples at 3.75 (so he bids ) and peter want 3 apples at 3.65 (so he bids) and tom want 2 apples at 3.50 (s0 he bids)... But Ryan decided to sell his apples no lower than $2.00.. So he puts a limit order to sell them at 2.00 .. Well than Jack Jill Peter and Tom all get bid orders filled, but Ryan still has 10 Apples in his box, for sale at 2.00.. Ryan now sitting on the ask, and he is the low of the day.. He is asking $2.00 still for his apples.. but at $2.00 people are going to come in quick and buy up his ask
Thank you, Luc. That was a very clear explanation and I get it now.