Aussie Crypto Enthusiast Shares Profitable Trading Experience
Australian crypto enthusiast Eunice Wong has disclosed how she financed her recent vacation to Los Angeles through two swift trades that each lasted under an hour, capitalizing on a significant surge in a lesser-known altcoin. Last week, a dramatic rally in NuCypher occurred following its listing on the Korean exchange Upbit, propelling the price of the ERC-20 token from $0.29 to $2.51 within a mere six hours on October 15.
Entering a Volatile Market
Wong was initially unaware of NuCypher prior to this surge and did not enter the market at the outset, opting to buy in after the price had already skyrocketed by 500 percent. “Jumping in without understanding the market can be risky… especially if investors are unsure about when to sell,” she cautioned in an interview with Stockhead. Despite the risks, Wong noted that the conditions appeared favorable for a short-term trade, as she specializes in breakout patterns typically observed over longer timeframes. She shared her trading journey live with her audience of over 25,000 followers on Twitter.
Quick Gains from NuCypher
Wong initiated her trade on Binance when NuCypher was already up by 500 percent, choosing to sell just 20 minutes later for an impressive 22 percent profit. After observing the upward trend, she mentioned, “It’s making higher highs; I’ve taken some profits but will let the remainder continue to ride as I monitor the market. I managed to pocket a quick 200% from that entry. #NU can cover my flight costs!”
Re-entering for More Profit
Not finished yet, Wong re-entered the trade less than half an hour later. Utilizing the 30-second charts to analyze the price movements, she executed another buy at $1.75 around 8:15 PM, selling at approximately $2.45 by 8:35 PM. She bought again shortly before 9 PM at around $2.40, eventually selling that position for an additional profit of 45 percent. Although Wong preferred to keep the specifics of her earnings private, she indicated that her profits comfortably covered her travel expenses.
Consistent Trading Strategy
Wong’s trading approach remains consistent, relying on the same successful breakout pattern repeatedly. She describes this strategy as an “ascending triangle/pennant flag,” which appears visually reminiscent of a flag.
A Word of Caution for New Traders
Wong emphasizes that while her method may yield quick profits through day trading, she strongly advises against inexperienced individuals attempting similar strategies. “I’m not encouraging anyone to replicate this unless they are seasoned traders,” she stated, highlighting the importance of careful decision-making. She cautioned new traders against liquidating other investments to jump into a rapidly rising coin, as this could lead to significant losses.
Trading Experience Can Be Intense
Despite the high-stakes nature of her trades, Wong described the experience as exhilarating rather than nerve-wracking. “It was all about having fun and it ultimately paid for my flight!” She usually employs stop-loss strategies, but in this case, she opted not to use them, closely monitoring her trades instead and sticking to her rule of taking partial profits once gains reached 20 percent.
Success with Other Cryptos
Wong also found success with the Keep Network, although this trade unfolded over a longer timeframe. She identified a promising setup on October 7, just before Keep broke out of its accumulation phase with another significant surge on October 15, right before her flight to Los Angeles.
Nimiq and Other Notable Trades
Another cryptocurrency that Wong profited from earlier this month was Nimiq (NIM). She recognized its potential on October 7, and it quickly appreciated by 110 percent within a day. “Why did it surge? I can’t say,” she tweeted, reflecting on the unpredictable nature of the market.
Future Trading Prospects
Looking ahead, Wong has her sights set on several cryptocurrencies, including Algorand (ALGO) and Solana (SOL), along with lesser-known tokens like Fetch.ai (FET) and bZx Protocol (BZRX). She believes these assets exhibit promising setups for future trades. “They’re solid coins with great breakout patterns,” she mentioned, noting that they are still in their foundational stages, making them potentially lucrative investments.
The insights and experiences discussed in this article represent Wong’s personal trading journey and do not reflect the views or recommendations of Stockhead. Readers should exercise caution and conduct their own research before engaging in cryptocurrency trading.
