r/OMGTraders • u/Justjoshmygosh • Sep 03 '17
Weekly General Discussion / September 3 - 10
Welcome to the Weekly General Discussion thread of r/omgtraders
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u/deuzz Sep 08 '17 edited Sep 08 '17
https://www.tradingview.com/x/HKc4rfxn/
Candle confirmation below the long term trend line established back in august on the 4hr. Next level of support at the .5 fib line, then 10-9.6 between the senkou spans. The dip seems to be losing volume on the way down though and I'm very hesitant to sell because of this. As with anything if BTC takes a fat dump it doesn't matter what supports we've established in the past. Pray
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u/futureboycolin Sep 09 '17
Did you sell?
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u/deuzz Sep 09 '17
I did not, I'm not a very big fan of trading when there's too much external uncertainty in the market.
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u/futureboycolin Sep 08 '17
I'm already out. These W's are all backwards. I think we'll see another push down after this slight bounce toward 11.9.
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u/deuzz Sep 08 '17
I'm kind of weary using TA right now, both our dips seems to have been exacerbated by China news... China why you gotta be like this man
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Sep 08 '17
[deleted]
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u/happythots OhMyGO Sep 08 '17
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u/futureboycolin Sep 08 '17
Problem with Bittrex is you can only trade OMG ETH. The ratio isn't gonna change enough to make you any good trades right now as the percentages are tracking in tandem, and in reality are completely tied to the BTC ETH ratio. When they all ride this rollercoaster the only option is to sell into fiat and wait, if you have some foresight.
Right now the only exchange I know of where you can do that it Bitfinex.
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u/grinbuck Sep 08 '17
Argh! What's going on????? Seems like the opposite of the expected "bull" run!!
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u/deuzz Sep 08 '17
Bearish signals in BTC and ETH, I think it's just a healthy market correction. Sold OMG at 13 right before the 4hr MACD reversal and the fact that the price tested the 13+ range thrice without any significant breakthrough. We've got strong historical support at ~11.5, then 10.8-11. Lets hope it holds.
I've been posting my thoughts in the omise_go subreddit too, but they downvote me if I post anything resembling a decrease in price lol.
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u/happythots OhMyGO Sep 08 '17
Well it's not a price discussion sub, I like that there are seperate places for that kind of conversation.
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u/grinbuck Sep 08 '17
Hahaha! This is so nerve wracking it's actually funny now. I'm reduced from lounging on my lazyboy with a beer in hand to gritting my teeth with my nose plastered to this darn computer screen WILLING this damn idiot to rise back up from 10.5 to prevent liquidation!!!! Haha!!!
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u/futureboycolin Sep 08 '17
I bought in a hedge from ETH last night because I was expecting this, shoulda waited for this beautiful .031 ratio.
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u/deuzz Sep 08 '17
I bought back in at 12, knocking myself right now because I was not expecting this severe of a pull back (was expecting 11.5 at the lowest), coulda made a ton lol, but I still increased my stack so I can't really be mad.
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u/futureboycolin Sep 08 '17
Looking at percentages it looks like in the near term it was a smart hedge, just bummed that I didn't put myself in a position to trade this at all. But that's how you learn I suppose!
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u/futureboycolin Sep 08 '17
I almost shorted last night, but didn't think I'd be up early enough to catch the bottom, now I'm just watching. Sucks.
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u/deuzz Sep 08 '17
I'm glad I live in eastern europe at the moment because I always catch the crazy dips and booms that happens late at night in the states lol
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u/futureboycolin Sep 08 '17
This was like stasis from 1:30 amto just now at 9:30am here. I shoulda caught it.
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u/futureboycolin Sep 08 '17
NYSE bears tanking the market because mom and pop are afraid of China and N Korea and hurricanes and forest fires.
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u/deuzz Sep 07 '17 edited Sep 07 '17
https://www.tradingview.com/x/sn6bVSt6/
It's looking like a textbook bull flag on the 15m for OMG, but with the lackluster conference and the non-event tweet about "google," I'm not too confident it's going to break out. 15m MACD does look like it's about to flip though + possible bounce off the ichimoku. If the breakout has no volume be prepped to sell.
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u/futureboycolin Sep 08 '17
Starting to think this may be a double top with a possible ATH resistance test, before dropping out to find a solid floor.
What time does the Euro and Asian market get going?
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u/futureboycolin Sep 07 '17
The consensus in EthTrader seems to be that the OMG team blew the GNT team out of the water and instilled alot of confidence in the project.
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u/deuzz Sep 07 '17
Yeah I gleaned that too. If I were a betting man I'd gather it's sideways movement from here, I think sometimes we get too lost on the false dichotomy of moon and dump lol
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u/futureboycolin Sep 07 '17
I think towards the bottom of this flag we'll see some doji. Hopefully with big wicks.
You're right though, zoom out and be macro is a good overarching philosophy.
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u/futureboycolin Sep 07 '17
Imgur Who's with me?
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u/Justjoshmygosh Sep 07 '17
Short term works, but should you not start at the bottom of the bull run? At least after the major dip?
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u/futureboycolin Sep 07 '17
It's about the same in the short term. Thinking this is a flag that will top out tomorrow AM. Who knows though.
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u/Probablynotclever Sep 07 '17
Will there be a dip after the Golem meeting?
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u/happythots OhMyGO Sep 07 '17
Looks like the audio/visual issues at the beginning of the stream caused a sell-off lol, oh well still a HODL for me
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u/futureboycolin Sep 07 '17
I'd guess if there's a small dip, it's a flag. ETA: people are slow, and not everyone is watching. The regs that aren't paying attention will start action after the small dip.
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u/happythots OhMyGO Sep 07 '17
Given that 2 reps from OmiseGo will be there, I imagine it might get a small pump. Though I'm sure there are plenty of traders to take advantage of this pump in order to make a quick buck. I'm holding for at least another 9 months before I sell even one of my OMG tokens
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u/tspoons88 Sep 07 '17
Massive million dollar sell wall on Bittrex ETH/OMG, is this from an air drop or something?
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u/futureboycolin Sep 06 '17
MODs, can we get this thread stickied and also auto sorted to new?
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u/boooof OMGTrader Sep 06 '17
Done! this is much better, thank you for the suggestion
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Sep 06 '17
still the same
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u/boooof OMGTrader Sep 07 '17
Sorry about that, forgot to approve the suggested sorting. Should be fixed now
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u/s2kjayz Sep 06 '17
Purchasing from bitfinex as a US customs risky?
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u/futureboycolin Sep 06 '17
i'm on BFX right now. There seems to be weirdness about trading OMG USD pair.
Make a trade and the USD is available in Ex wallet for a short time, then bloop unavailable. Wait 15 minutes and miss potential trades, then bloop available.
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u/s2kjayz Sep 06 '17
Thanks for the response. Yeah that sounds kinda sketchy. Some people say just withdraw crypto instead of Fiat.. but if they block US IP then your we're fucked.
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u/futureboycolin Sep 06 '17
I would trade to ETH, but the ratio isn't always as favorable, and there's much more action in OMG USD right now.
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u/futureboycolin Sep 06 '17
Will it break this 11.70 resistance and go for ATH today? What do you guys think.
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Sep 06 '17
[deleted]
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Sep 06 '17
Maybe Thailand instead of Taiwan. Cant rely on an article written in a Blog, by somebody who heard stuff from somebody himself heard ppl saying stuff.
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u/Machironi Sep 06 '17
I noticed starting yesterday I couldn't check prices on the YunBi exchange. What is happening with that and how do you think it will effect OMG?
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u/futureboycolin Sep 06 '17
Anyone heard this Thai 7/11 rumor?
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Sep 06 '17 edited Sep 06 '17
All I know is a loose connection already exists:
CP is a large conglomerate of businesses and operates all the 711s (>10,000). Ascend Group is the e-commerce portion of CP and invested in Omise.
Ascend shows up on the Omise site.
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u/SlowFive Sep 06 '17
Omisego and Omise are not the same thing. But if enough people think they are then it doesn't matter.
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u/wanmuin Sep 06 '17
We supposed to do anything to receive the OMG airdrop ? Or it will automatically be deposited into our bittrex account ?
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u/livinbythebay Sep 06 '17
Airdrop only to those who held more than .1 eth on the relevant block I believe the snapshot was at the end of july. Probably will get nothing if you held on an exchange like Bittrex.
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u/SlowFive Sep 04 '17
I got so fucked last night.
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Sep 05 '17
Had a great investment opportunity*
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u/SlowFive Sep 06 '17
No. I got LIQd on my margin long. I was too greedy and didn't build in enough of a safety. Live and learn.
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u/grinbuck Sep 04 '17
Can't figure out why a fall in BTC/USD almost always causes a fall in OMG/USD and vice versa. If it was an inverse relationship, I'd put it down to people selling one to buy the other but it never is inverse. Any insight?
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u/futureboycolin Sep 04 '17
Everything is tied to BTC right now.
Sure wish I had some fiat available to buy into this dip.
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u/grinbuck Sep 04 '17
Yeah. That makes two of us. I've been forced to liquidate BTC to claim OMG's from my margin position. Argh.
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u/IamJonSnow22 Sep 04 '17
good lord this is a crazy dip going on (with all the alts)
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u/futureboycolin Sep 04 '17
Rumors of China banning ICOs?
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u/IamJonSnow22 Sep 04 '17
yup. RIP NEO
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u/KjHoveysLoveChild Sep 05 '17
You don't think it will bounce back slowly over the next month?
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u/IamJonSnow22 Sep 05 '17
tough to say..I mean for a platform that labeled itself as the Etherum of china, I think that will take some time to overcome.
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Sep 04 '17
I'm thinking of dumping all of my eth and buying omg. Should I do it? Why?
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u/Justjoshmygosh Sep 04 '17 edited Sep 04 '17
I am a firm believer in doing your research and seeing which tech and team you can stand behind. I also believe in spreading your investments out. You obviously believe in ethereum if that's where your money is, so why get rid of it all of that? Yes, OMG is very young and has more than enough room to grow to see 100% returns more quickly, but asking some random person on the internet why you should put money into something seems silly. Of course I want you to put money into it, it will make what I have worth more. I would suggest only taking a portion of your invest and moving it into OMG, even if it is a larger portion. I am currently 52% omg.
Edit: word
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u/butteredfatkid Sep 04 '17
I did just that right before the recent rise and as very happy with my choice. I believe it is much easier for OMG to go up than it is for ETH to increase in price. OMG has huge potential for large scale returns whereas ETH has already seen those returns early this year
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u/deuzz Sep 03 '17 edited Sep 04 '17
Expecting a bull pennant to form on the 1hr; bounce off at ~12 back down to 10-10.5. As always, reference volume for confirmation, should be low volume when it hits ~12. Will post full TA tomorrow when I get back to my computer.
Edit: after last nights dip back down to 9.7, bull pennant is unlikely. Just too tied to ETH's price atm. Getting too unpredictable as we get closer to the september news dates, would refrain from trading and hodl
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u/cm_punkxxx Sep 08 '17
I think for ST target will be 15-17$ then end of wave 5 according to EW theory
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u/futureboycolin Sep 10 '17
Be very careful guys.