Mike Fishy Traders Summary

The biggest problem of moving money into and out of Gold, is that the amount of Gold sold is 24 times the amount of Gold which actually exists. You are buying a promissory note that isn’t actually backed by any Gold.

This is why a lot of traders look for alternatives to Gold and funds are being spread over Bitcoin and other assets (Property is also popular).

However, your article is almost correct. The current MOAB is not at it’s peak yet, we are likely to see it either late next year or early 2020 from information I have been able to gather. If it extends past 2020, then things are really not going to go well.

The trigger will be something no one will be expecting.

Stay Fishy

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Great points Mike,any more summaries before the weekend?

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Keep stacking up on bitcoin then?

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Precious metals have always been another asset class and a way of diversifying any portfolio, but SULREY cryptocurrencies are the next logical step for people especially millennial minds to diversify their portfolios? Albeit cryptocurrencies are still in their infancy.

We all know the stock market is going to go bang, I don’t want to be around to find out what that’s going to look like so crypto is my hedge. What’s your thoughts?

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I agreebut I still DCA into Wealthfront (stocks,municipal bonds and ETFs) along with Crypto and Real Estate (Fundrise)

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Morning all,

Using crypto as a hedge is a bit risky, no telling what might happen to crypto if the traditional markets hit trouble. In the recent past, when the Dow took a dip, so did most of the crypto space. However, given the crypto markets were consolidating anyway, might not be the most reliable indicator that they are linked in any way.

Interestingly, the market did not consolidate much over the weekend, in fact volume has been the highest over the weekend than it has been in the last two months. Appears we may be in more bullish territory again leading up to the end of the quarter and many traditional traders are long on several crypto projects (over 80% long on the top 3 being BTC, Ethereum and Ripple). BTC now appears to be trading in the $6500 to $6800 band, might break through and reach over $7000 before Wednesday. If this happens, those going long might start selling their positions, but we shall see.

Today’s items:

“Experts” Now Predict Bitcoin to Hit USD $10,000 This Year (CNN)

Last night the Dodgers introduced 20,000+ people to crypto/blockchain with the first ever Crypto Bobble Head give away on the Ethereum blockchain.

XRP vs Bitcoin - Banks vs. The People (will people still use banks 10 years from now? Probably. But banks will be forced to be more competitive and transparent).

Advancements with Ted Danson (CNBC) Blockchain with VeChain (was not a bad video considering it is CNBC)

The Creator of Litecoin, Charlie Lee, Address Major Critic Strikes About Litecoin.
(while LTC is struggling on price, once the Lightning Network integrations are done, it might end up being the most used cryptocurrency on the Lightning Network)

Brave Browser Taps Blockchain Identity Startup Civic for Secure KYC

Cybermiles just released the Lity language to help devs write smart contracts on the CMT blockchain
(YAL - yet another language)

VIBE - Mainnet release today

Dragon Coin (DRG) Partnership with Ultimo Hombre announcement today

Fedora Coin (TIPS) Mainnet launch today

High Performance Blockchain (HPB) Mainnet launch today

Several CDA are being delisted from Poloniex and Bit-Z tomorrow, check your wallets if you use them.

Banca - New Product announcement Sept 26th

Ontology (ONT) Conference in Taiwan on Sept 26th

On Sept 30th (a Sunday), there is so many project updates and new products and partnerships from projects big and small, the amount is too much for a summary. Suffice to say, this could be a big week leading up to all the announcements.

Forex:
USD - t’s a busy week ahead on the data front, key stats due out including September consumer confidence numbers on Monday, finalised 2nd quarter GDP numbers and August durable goods orders on Wednesday, with the FED’s preferred core PCE price index figures, personal spending numbers and finalised September consumer sentiment numbers due out on Friday.
(Given recent performance - we could be looking at another bullish week for USD)

EURO - while a relatively quiet week on the data front, key stats that will influence the EUR include business expectations figures on Monday, consumer confidence and unemployment numbers out of Germany on Thursday and Friday.
(Indicators are bearish for the EURO this week - While the EURO is at two-month highs, the YEN is near two-month lows. Keep an eye on EURO/JPY pair for trading)

GBP - stats include August CBI industrial trend orders on Monday and finalised 2nd quarter GDP and business investment figures on Friday. In one day (last Friday), sterling lost all of the gains that it had built up during the week and this shows just how sensitive the currency is to Brexit news.
(Mixed sentiment on GBP)

JPY - stats through the week include prelim industrial production, retail sales and inflation figures due out on Friday, with focus likely to be on the retail sales and industrial production numbers, though direction through the week will ultimately be hinged on market risk appetite.
(Mixed sentiment on Yen)

AUD/USD presently struggles with an intermediate resistance-line, at 0.7300, in order to justify its strength. If the pair reverses from said barrier, the 0.7260 (trading at now), the 0.7245 and the 0.7230 are likely following support lines, but broke through that support last week, might see it again this week. (#shtcoin)

USD/CAD initially traded lower on the back of stronger retail sales but trade headlines prevented loonie from extending its gains. Canadian Foreign Minister Freeland came back to the U.S. to continue talks but on Friday the White House said they are getting very close to NAFTA deal that involves Mexico and not Canada. :open_mouth:

Sentiment:
EURO - Mixed - 64% Short
GBP - Bearish - 63% Long
JPY - Mixed - 58% Short
AUD - Bearish - 52% Long (many traders expecting good end of quarter results, I doubt it though)
XAU - Bullish - 88% Long (Money going back into Gold again)
Bitcoin - Bearish - 79% Long
Ethereum - Bearish - 92% long! (highest ever)
Ripple - Bearish - 98% long!!! (landslide going long for last week of Sept!)

The indicators on Ripple and the shear landslide of everyone going long is positive for the Crypto market space. So, some short term consolidation today, then I suspect we could be headed into Bullish territory for most of the week.

Stay Fishy

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Regarding XRP or Crypto in general?

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In General the market “should” consolidate a bit today, does not mean all the CDA’s will, but the “majority” should if the market is to be healthy for growth this week. The cycles need to happen, otherwise investors get nervous.

Edit: it is trending upwards though, so it may not happen as much as it needs to.

Stay Fishy

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Excellent advice, trailing stops can be of value but more complicated, playing without a back stop even if you are a great catcher is not smart baseball. :baseball:

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Been watching things progress and the price range is tightening forming a Flag.

For the non-traders:

Flags and pennants are continuation patterns. They are traded in the same way, but each has a slightly different shape. The terms flag and pennant are often used interchangeably.

The sideways period is often followed by another sharp rise. This is where the trading opportunity comes in. Once the flag pole and a flag or pennant have formed, traders watch for the price to breakout above the upper flag/pennant trendline. When this occurs, enter a long trade.

Read more: Analyzing Chart Patterns: Flags And Pennants https://www.investopedia.com/university/charts/charts6.asp#ixzz5Rz80CdyC

Today and this week looks to be headed to some interesting outcomes.

Stay Fishy

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I just posted an article stating something similar here: Bullish Continuation Patterns for Lisk and Waves

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Upcoming $BTC Important Dates :

  • 28 SEPT - CME SPET. LAST TRADE
  • 30 SPET - SEC ETF DATE
  • 17 OCT - CBOE XBT EXPIRATION DATE
  • 26 OCT - CME OCT. LASTE TRADE
  • 14 NOV - CBOE XBT EXPIRATION DATE
  • 30 NOV - CME NOV. LAST TRADE.
  • 19 DEC - CBOE XBT EXPIRATION DATE.
  • 28 DEC - CME DEC. LAST TRADE.
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So if you know an announcement of some kind is coming out you can generally profit from it. Looking at the coin calendar is a must for traders along with TA or no?

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Thanks for the comments and the important dates @mwlang

Yes, one of the main reasons I have always done a daily summary is to keep an eye on what is going on to potentially make extra from it. Some have not been so great, some like NANO did a 4x (400%+). I have been making myself a summary for as long as I can remember, posting it was to show what to look for and how you can invest small amounts of time for a large amount of benefit.

The Summary is a daily routine that helps you identify potential trades and the sources you can use is many. The daily trades I perform manually, will often outperform my bots, as it is based on things a bot just cannot do yet without some seriously extensive coding. No bots have this level of AI to my knowledge and require human intervention on a regular basis.

On to today’s items.

Firstly, the consolidation is happening which is great, I thought with the flag forming it was going to have a breakout, but instead the market remained sane and consolidated, which is better. When the market behaves in the right cycles, investors have confidence in the technology and platforms.

BTC is compressing and trading between a tight range of $6500 to $6670. When BTC goes sideways like this in a tight range, the alt coins do the same but generally with more volatility. This is great for traders and the market in general and often leads to a breakout forming a higher range later on. If BTC has another breakout, we should expect the new trading range to be somewhere between $6800 and $7000, then hopefully the cycle repeats, each time gradually moving up until we meet the next dump. The dumps are also fairly healthy, it keep price sanity and the new cycle forms. Over the long term, good stable growth. Thats the traders dream :sunglasses:

Doesn’t always go this way, which is why I do this every day.

SWIFT Responds to Ripple Competition by Slashing Settlement Times to ONE DAY
(Ha! Finally the monopolies crumble!)

Bill Gates gives a new and positive view on Bitcoin saying “Bitcoin is exciting because it shows how cheap it can be. You do not need to be in the same place in the world to perform transactions and for large transactions, fiat is very inconvenient. Bitcoin is better than Fiat currency.”

Vitalik Buterin Trashes EOS’s On-Chain Governance
(When you can’t say anything positive about what you do, talk trash about someone else, this guy should be removed from the Ethereum Foundation, he is disruptive to the cause)

VeChain Thor Is Primed for Mass Enterprise Adoption
VeChain is going it right, they go after 2 specific niches:

  1. Mass data tracking/aggregation, which is turned into meaningful and valuable insights
  2. An efficient distributed platform for dApps
    Supply chain Management and goods tracking is a nightmare, platforms like VeChain could bring changes that are sorely needed.

A member of the Ethereum Enterprise Alliance has launched EthScanr - an app where you can track your portfolio and any wallet movements on the Ethereum blockchain
(if only Vitalik talked about that instead…)

ETN has instant transaction time. Also over 100% growth 7 day moving average
(Bet Richard Ellis is dancing a jig lolz)

Litecoin maker Charlie Lee is striking back at what he calls a “coordinated exertion to stifle” the LTC cost on the gathering of bearish brokers and speculative stock investments who are endeavouring to short the coin. (Fired up Charlie is best Charlie!)

Pundi X (NPXS) Is Pushing For Mass Adoption Of Verge (XVG), Stellar (XLM), And NEM (XEM)

Global Cryptocurrency Regulation is Moving in the Opposite Direction of Privacy Coins Like Monero (XMR)
(of course they are, means they are going to have their own)

Lots of de-listings of CDA’s from several exchanges today and tomorrow. Be sure to check on your exchange which ones are going and make sure you clean house as needed. In most cases, if you want to keep the CDA as you think it might make a comeback, you can still transfer to your wallet even after it has been de-listed, but exchanges generally only keep that option around for a month.

GVT is currently doing a beta test of the product before releasing the beta to all today. So far the feedback forums look very positive. I would have thought GVT to drop below $8 before now, but it seems everyone is very bullish on holding their GVT for the product launch. It is likely I will use the platform as well.

The rest of the announcements are the same as yesterday, there is so many and I filtered through as many as I could. Still believe this is going to be a big week, so keep an eye on the BTC breakout.

Forex:
USD Support Kicks in as Market Risk Appetite Sinks

There were no material stats released through the Asian session this morning, with China and Japan on holiday. Asia Market showing very mixed sentiment and bullish towards USD.

Very quiet on the Forex news today, this might lead investors to diversify more.

Sentiment:
EURO - Mixed - 59% Short
GBP - Mixed - 56% Long
JPY - Mixed - 56% Short
CAD - Mixed - 64% Long
AUD - Mixed - 49% Short (will the #shtcoin make a comeback? lol)
XAU - Bearish - 85% Long (small amount of funds leaving Gold is a good sign)
Bitcoin - Bearish - 79% Long
Ethereum - Bearish - 91% Long
Ripple - Bearish - 94% Long

For the sentiment, compare with numbers from yesterday and you can see which way the market is heading. The Mixed, Bullish and Bearish is today, the Long/Short is contract term. The average short/long contracts are for 2 weeks or a month depending on whom provides them.

Remember, during the lows it is the maximum potential, while during the highs it is the maximum risk.

Stay Fishy

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Love the posts as always man :weary::handshake:

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Thanks mate these are great rundowns.

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Not sure this is current. Pretty sure he made that comment in 2014.

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appreciate the frequent trader reports :slight_smile:

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Morning all,

Yes, did find it strange that Bill Gates was jumping fence, never can rely on the media…

It does appear BTC has consolidated and is now going sideways again, so we could be looking at a breakout later, otherwise just more sideways. Sideways is good for me though :slight_smile:

Bitcoin featured as a question on “Who wants to be a millionaire” show in Australia.

Bitcoin Bulls Winklevoss Twins Eye Huge New European Market
(They are making some moves, shall be interesting)

As predicted, Jed McCaleb is dumping billions of dollars worth XRP
(I would too, when markets spike like that, time to go short lol)

ConsenSys Has Begun Using Ethereum to Supply Electricity to Texas

Tether is Not a Bitcoin Manipulation Tool, New Study Finds (o’rly?)

Tron (TRX) CEO Justin Sun tells developers to do away with Ethereum

Crypto Giant Circle Lists EOS, Stellar, 0x and Qtum
(I am still quite bullish on QTUM, I think it is the real competitor to NEO)

IOTA’s Price Nosedives But The Foundation’s Projects Continue Strong

Introducing the new project on the Stellar network : Cross Hedge
Cross Hedge focuses on democratising the access to fund and asset management through Artificial Intelligence and Ledger Technology - namely to develop peer-to-peer distributed investment services and a wealth-management mobile application.

Brave Publishers Can Now Have Their Identities Verified with Civic

Lots of new listing and de-listings on several exchanges both today and tomorrow, so check your exchange for the updates as there was a long list.

Keeping it short today, I need to go finish some code.

Forex:
Greenback Remains at the Fulcrum - The major currencies are mixed in quiet turnover. Most of the European currencies are firmer, while the dollar-bloc currencies, yen and Swiss franc are softer. Emerging market currencies are steady to higher, though there are a few exceptions in Asia, where the Indonesian rupiah and the Chinese yuan are off about 0.3%, while the Indian rupee and Malaysian ringgit are around 0.2% lower. Asian equities were heavy, though the Nikkei rallied to its best level since February. European shares are mostly higher.

EURO - A total seesaw night in FX with EUR/USD first rising towards the 1.1800 level on news that Italian government promised to adhere to EU budget guidelines, only to tumble to a low of 1.1735 on comments from ECB’s Praet.

Overall there was little rhyme or reason to the action as the markets essentially traded back and forth awaiting today’s marquee event of the week - the FOMC rate decision.

Sentiment:
EURO - Mixed - 61% Short
GBP - Mixed - 57% Long
JPY - Mixed - 59% Short
CAD - Bearish - 63% Long
AUD - Mixed - 49% Short (trading sideways, but most investments from China have gone)
XAU - Bearish - 84% Long (small amount of funds leaving Gold again)
Bitcoin - Bearish - 79% Long (+3% on yesterday)
Ethereum - Bearish - 91% Long (No change)
Ripple - Bearish - 95% Long (+1% on yesterday)

Only other item of interest was Spot Copper prices, which has rallied the last few days, which was 20% correction from the downfall to Copper from June. This suggests demand for Copper is on the rise, which also suggest Industrial Manufacturing is on the up side.

The Dow Jones is at (or near) its 2018 high and is having a correction, the traders are 64% short.
Volatility was added back to the traditional stock market this past week, but it was in pursuit of reviving waylaid medium-term trends.

Last quarter is showing bullish signs fairly much all round.

Stay Fishy

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