Scalping ETH

ETH

I woke up to ETH hitting a high of 420 (lol 4 20.. get it ?) and saw a massive wall at the ask.  I sold 3.17 ETH that I playscalp with but knowing with that ridiculous 160$ move over the weekend, it can correct on a massive scale with stoplosses being triggered along the way down.

I tried transferring 10ETH from my wallet to gdax but the network was bogged down and I couldn't get any transferred.  The plan was to sell at 400 and have buy orders at $350/$360.  I eventually gave up and went to sleep.  Woke up a few hrs later and saw it dipped all the way down to $320 which is insane.

So normally, I won't trade the bounce back down since it'll be trading in a range.  It's now trading back 400 but with lower highs and a huge wall at the ask and STILL extended on the 6h /1day timeframes. It's still a huge range with a potential for a scalp.  I didn't get filled at 399 with the momentum stopping at 398.  So i lowered half down just below 398 for the next push up and the rest just below 400.  The big downside on this is that the momentum has jst been massive and I risk not getting filled on the dip.

The plan:
Sell order 1/2 size just below 400
Sell order 1/2 size just below 398

Buy order 1/2 size just above 370
Buy order 1/2 size just above 380

The reasoning behind this is there's over 12,000+ ether of supply from $395> $401 and only 5,000 ether of demand from $395 down to $370.  There's a chance it can go below 370 but I've been conservative on my buys since I'd rather get filled at higher price than not get filled at all.  I'll update how this trade goes if the sell orders get executed.

Update: 8:26 PM CST

So the book depth only shows orders that are listed, it doesn't show people on the sidelines who are still yet to put their orders in.  I raised my buy prices just because of the increased bid orders that are newly posted.

Update: 8:32 PM CST

Some huge buyer/bid just showed up at 399 with an additional 1.5k worth of ETH.  He disappeared a few minutes later lol.. New bid orders are coming up, i might have to raise my bids again just to ensure a fill... =.=

Update: 8:55 PM CST

I have nothing against TA chartists, I use TA myself in stocks.  But all these new traders who praise TA as god doesn't realize nothing is 100% in the market.  Yes the chart is showing a support level at $394. but it doesn't show the depth of how many orders are currently at that level. There are still 7k ETH on the ask to $400 and only 3.5k ETH on the bid til $380.  Once this break $395, they'll cry foul on facebook group..

Update: 10:18 PM CST

So this is why I don't like playing more than the first bounce since it gets choppy and annoying to trade.  I put a sell order on what I just bought just to play around even more since there's a new set of sellers that popped up.

Update: 11:21 PM CST

So, I got a little greedy and moved my $380 bid down to $370 and missed the bottom which was at $375.. It's whatever right now, it's consolidating in a range that's going to get narrower and narrower and I'm not going to babysit this anymore.  I'm raising the buy order back to $380 and will get back to this in the morning.

Update: 01:21 AM CST

Drove home from the coffee shop I was at.  Been messing around trying to figure out how to mine with 3 GPUs on my desktop when I noticed I got filled.  Here's the end result of today's trade which spanned about 5hrs ish.

We started out with 10 ETH.

We finished with 10.42 ETH.  

At the current price of $385.  We made $161 in unrealized gains in ~5hrs.  I didn't catch the bottom of the move, but the thing is.. You don't need to perfect, ya just need to get the meat of the move. 

This turned out alot better than I thought, Next time I see a selling pressure the same size again I saw when I first woke up.  I might go with a bigger size. Gotta love the no commission fees on GDAX.