I didn't spend any time looking into the project, the fundamentals, the community, or pretty much anything else. I don't care about any of those things because I'm a greedy capitalist.
In fact, I've charted no lines on this graph. All I did was look at it and saw red (low price), volume, and the price hovering around prior support.
Next, I took $2,640 and entered a position when the price was at 88 cents, meaning I bought $2,640 worth of ETP at that price.
My profit target was 20–30%, meaning that when the price hit $1–$1.3, I would sell at that price. Why did I choose that target, and why isn't it a specific number?
I don't know where it's going to go, but the price dropped 20–30% in a couple of days. I'm just looking for a quick and dirty bounce (buy low, sell high) that's worth my time. (Otherwise Fibonacci extensions/retracements are a good way determine my profit target).
You might stop me here and say, "wait a second, I don't have that kind of money to just blow!" Or "I can't risk that much!"
There's an image that you need to have a lot of money or take big risks or be a great technical analyst to make trades. Not really. You just have to be right some of the time, not even most of the time…just some of the time.