JellyJelly's Retail Investors Were Hit by Both Sides

Last night, JellyJelly was very lively, with HLP, whales, CEX, and retail investors all participating, and I was no exception. This time, Lady Luck did not favor me; I became a retail investor and got cut several times.

I mainly operated on Binance. The JellyJelly contract went live on Binance at 00:00 today. At the beginning, I watched for a while, and after observing a suitable position after an initial rise followed by a drop, I assessed various events from HLP and thought there was some room for an increase. I was looking for a proper entry point, and when the price gradually rose at 00:12 and encountered a pullback, I decisively opened a long position with 10x leverage. Looking back now, that entry point was just right, and for the next 10 minutes, I was quite pleased as the price went up significantly. However, I made a fatal mistake: I was greedy. I could have exited directly, but the market was hot, and I was unwilling to settle for just a small profit, so I decided to hold on, which led me to fall for the first ambush—hitting long positions.

After a brief rise, the price plummeted, crashing to 0.021, and I was close to being liquidated, having to endure the pain of cutting losses. I then decided to stop looking and rest, planning to find opportunities during the day, which led me to encounter the second ambush—hitting short positions.

After waking up, there were a few small rises in JellyJelly, and I thought it was just a brief rebound, so I continued to open short positions at 0.019 and 0.021. Then the nightmare began; starting at 12 o'clock, there were two consecutive explosive rises, peaking at 0.023, which wiped out one of my positions. In extreme panic, I also closed another position at a significant loss. At this point, I had almost given up thinking and could only accept my fate. However, after this wave of explosive rises, the price began to fall consistently, returning to my break-even and profit price.

As I write this article and look back at the K-line, I realize this is a clear example of being hit by both sides. I don't know how I made so many wrong judgments in a row at that time.

When I stared at the K-line, the K-line was also staring into the depths of my inner fears and greed.