Thank u so much for this video. It did aid in clarifying things to me -- well, I was especially curious on how one can extreme strength on a chart !
Did NOT mind that it was 20 min, btw ☻☻
Too bad you were "MIA" w/ your brother, and subsequently missed out on an Opportunity. Thanks for explaining about 'Taking #Profits'; guess this is an important thing with #Bitcoin. (For you readers, Luc discusses this at the 7 Minute mark).
He explains (and uses the term 'Base crack' throughout, btw ). Just because he was waiting & hoping for a good crackdown in the price, so he could sneak in there & make a #trade.
Thanks, yeah, you will always miss opportunities in trading, I didn't even catch that bitcoincash trade. I missed it by a few cents.. But as long as you trade safe and wait for the right trades to come to you, you will make a killing. And with cryptos, it doesnt take long to turn a small account into a fortune.. Hopefully, a few of my followers get to experience huge account growth because they understand the big picture.
@quickfingersluc, thanks again for the great video. I'd love to see Bitcoin go back to $3k and fill that gap.
I have a question for you about position trading. I often see that when a coin breaks it's base, it will drop twice and then return to the base twice.
For instance, take this chart of Bitcoin this past weekend. I know you had it lower, but if you were to call 4500 a base, it dropped to ~4000 twice before returning to 4500 twice.
I ask because I bought in pretty big for ETH this weekend seeing 335 as a base (i know you had it at 275). I had my sell orders slightly above 333 and went out for the day. I came back later and things had already dropped back down to around 300.
I didn't know if they'd head down to the 275 base, so i dumped it all for a very small profit. Then it rose back up to 335 and beyond.
Should I trust that i'll only return to a base once? Is the second attempt considered gambling?
Yeah, I only trust the first bounce. After it has retested the base then who knows where it will go.. The idea is that there was a panic because it broke a base that everyone trusted, so they panic sold their position.. Then after the panic, the price will try to move up and return back above that previous base where it belongs, but if it is not able to get back above the base, then a new lower price is now been validated.. Everyone will now start putting there stop losses below the new low, and others will buy at that low thinking its good support... and the whloe thing plays out over again..
Thanks for another Video! I was hoping you would be back with a new one and seemed to be checking every day. This one is another valuable slab of knowledge to add to the arsenal. To apply my learning I went and looked at some other charts, particularly OMG, because I have been watching it take off. In the chart below, is this another example of a gap that needs to be filled? If so we should anticipate the price to drop back to around $3.00 - $5.00?
While it would be awesome, for that gap to be filled in a timely manner, it often doesnt happen for a longer than you may expect .. The fact that it is gaping up is eveidence that the buyers way way outnumber the sellers, and that means its showing extreme strength. And then you have to consider the history of OMG, does it fill its gaps? Well, there really is no history so far, so maybe that gap will not get filled.. It's hard to predict, but yes most of the time gaps get filled, and in bitcoins case, it has a good history of filling gaps.. But OMG is very new and who knows...
Hey @quickfingersluc, I love the strategy, however waiting for the base to break on 60 minute charts can take forever! I see a lot of opportunity at lower timeframes but the "Big Base" at 60min may not crack while others higher up do. I would love to hear what your opinions are on lowering timeframe. It is still safe? How far back should we look for bases on lower timeframes? Thanks ahead of time ;) for your input!
Hey coinhead, thanks for the reply. I was also wondering if I was doing this right. On BTC right now on GDAX there was a break in support/the base along with a few little bounces along the slope. Are we supposed to wait for a big rally back to 4100 (old base) or take these smaller bounces as selling points? Thanks! :)
That depends on how involved you want to be. How much time do you have to be sitting at your computer. If you know its going up to 4100 and you try trading little bounces it can easily get away from you and run up with out you. Especially if you get lost in the little bounces like luck did on his last video. Looks like it came within $50 of your $4,100 I wonder if that base is satisfied. It was a pretty week base I think.
Hey Luc, I've been trading for a few months using your method and I have a few questions. If u were just starting again with little money, would you just stick to position trading & daytrading with scanner? I've grinded myself up to 0.9btc from 0.3btc in 2 months or so thanks to your method. The trades on account builders seem kinda crappy so I don't really want to keep doing it forever. I'm on the lookout for fat fingers(which are hard to get) & position trades, and I do some daytrades with bases for less profit. Can't really trade other moves in the market without a good startegy, so it's just a gamble for me. Also I feel like splitting my account in maybe 3 parts per trade is still better, cause for me a nibble will be few dollars profit, wonder if you think the same.
And if a bounce doesn't return to the base right away, but stops 5-10% short of it, then is it better to wait(if it was returned 9/10 times) or just exit anyway? I think u mentioned that u sell instantly if there's a bounce and layer your sells if it doesn't. Feels wrong but unless I make that money faster elsewhere then waiting seems to be the correct choice.
Anyway, thanks for your hard work and explaining your method.
Hi Luc,
My first post here and I want to say thank you for sharing your talent. I also Just finished watching all your videos and am extremely excited about applying your approach to trading.
Im having difficulty identifying "low volume coins" . One of your previous comments you stated,
"Low Volume coins should have a small market cap, a lot of buyers, people who are interested and the economy is really small.
Get used to identifying low volume coins by seeing the way it's trading on the chart.. and you can do the math if you are really unsure, You should be able to just tell by looking at the chart or reading the time and sales info".
What does that look like on a chart? I can see the economy and available supply but I just have not idea of what to look for on the chart?
Another great video. Following your strategies (albeit with far less experience and discipline) I jumped in heavy this weekend. Seemed like a good entry point on pretty much everything.
I came out about .18BTC ahead for the weekend playing very small practice positions. I see the power.
My main question is about how you, like, mentally internalize the nexus of positions that opportunities might drive you into. Before I knew it, I was in BTC/USDT; ETH/BTC; NEO/USTD,ETH,BTC; XRP/BTC..... and I'm thinking "I've got all these variable-value assets locked into positions and some pairs are just guaranteed to swing so much wider, why am I allocating BTC to what may be a lesser opportunity? But who knows how it'll play out?"
Not to ramble; I'm sure your trading world is far less chaotic. But, in general, how many active charts/positions are you monitoring at a given time and how do you decide where to focus?
Also, do you see ETH/BTC gaining ground any time soon? I've got a big position waiting to exit there and I haven't taken my profit yet. Feeling greedy...
Just started watching your videos and following your blog here, thanks for this, it's extremely helpful. How much do you recommend a person start with at a minimum to dip their toes into trading crypto like this? Is it even possible to work with $100?
fees are only a percentage so they are not the problem like they would be in regular stock trading. $100 is a nice number to learn with. each dollar you make represents 1% how easy is that? You may not make much for your time but thats ok when your learning. After you get the hang of it you will feel yourself wanting to invest more.
For sure, I decided to go ahead with $100 to start after I posted this and am already up over 10% so I'm learning quickly. Small gains in terms of the dollar amount but i'm more interested in how I do on the percentage gains.
This one is maybe one of the most important videos of all your series. Thank you for sharing. This is so important in order to for see when it is best to take profits and when to rebuy big-big times! Love it!
Thanks again for your great video, filled with knowledge and insight. Being new to trading, im struggling with two things: patience and anxiety :D But well, practice makes perfection. ;)
I have a question though for you Luc or anyone else: im having a lot of problems trading at Kraken. Im getting a lot of errors when i place orders over there and have to retry, like 2 to 3 times. This already made me lose nice oportunities...
Im thinking of buying BTC or other coins at Kraken and trade at other Exchange like Bittrex. What do you think?
Yeah, everyone has the same issue with Kraken.. I have to input my order over and over and keep refreshing .. But I don't need to put orders in quick generally, because I am usually layering orders in for a panic drop that hasnt occured yet. So for me this is not really an issue.. and As far as Bittrex goes, they are my favorite exchange, but, they are using USDT tether as their fiat so I dont have a big account with them anymore.
I was having the same issues with Kraken. Numerous error messages preventing my trade to go through. I informed support and they responded with this:
Jen (Kraken Support)
Sep 2, 16:07
Hi!
We're aware of the kind of error you're seeing, it's a problem from when our system gets overloaded with traffic. We're in the process of adding capacity to deal with it, but in the meantime we ask your patience while placing trades.
Thanks for using Kraken,
Jen
Hopefully, this will be resolved soon. I have an account with Bittrex too. However, I plan on staying with Kraken. Maybe, one day, I 'll learn enough from Luc's videos that I'll start layering my orders in advance of panic drops that I spotted using his trading methodology. Can't wait.
Good luck with trading on Kraken, hope all works out well and you make a ton of money.
Thanks velome.
Im also sticking with Kraken because it has low fees in exchanges from fiat currency (euro in my case). Neverthless, its a bit ridiculous that its server has low capacity. I also have a Bittrex account and never had this problem. Its very fast to setup and cancel orders and it has a LOT more coins listed, so i guess a lot more order traffic that Kraken...
Oh well, lets wait and see. Im also following Luc's suggestion and placing "panic buys". The worst it happens is to have to cancel the order 3 times... :)
Happy trading!
thatks for the update from kraken. I cant stick around with them any more. loosing potential profits are one thing but today it caused me to loose $150 and thats not cool. Im out.
These errors seems to persist on many exchanges.... not just Kraken. I've been frustrated by this too, but I'm finding that it's just part of the game. IN time this will get much better, but growing pains that early adopters have to deal with :/
These issues remind me of the pod races in Star Wars. It is not really a clean race. There are so many things that can happen, being shot off of your pod by a hacker, order errors, markets skimming off profits in tether (allegedly), other racers leapfrogging your bid for better positioning, pump and dumps.......on and on. Yet we race any way. Why, because there is a big pile of cash at the end. The plus side here however is that the odds of the really serious stuff taking us out completely are pretty slim and the race is only perceived as there is plenty for all, but I do find the whole thing pretty fun and exciting! That would make Luc somewhere on par with Yoda. ;)
Amazing work and insights, I truly appreciate your input. Keep doing long videos going deep on subjects, it's such priceless lessons and help. Thank you so much for everything and keep up the great work :)
Thanks for your insight, I've learned a lot following your videos over the past few weeks! Some very interesting stuff covered in this video that I hadn't considered before when reading the charts. I'm eager to see whether your theory about the bitcoin price holds true, I guess time will tell! Thanks again.
Thanks Luc, very informative as always :) Quick question, you say that Bittrrex is a good exchange, but you don't like the fact that they use USDT. Which exchange would you recommend for real fiat currency, with good volume and solid rep?
Hey Luc, I've been loving your videos, thanks so much for the knowledge dump!
If a chart breaks your trust by not respecting bases, will you ever re-visit and re-evaluate or are there enough good charts that you just walk away from that coin?
Once the chart resumes respecting bases for atleast a month, then I will consider trading it.. I need the odds in my favor, so i need to be able to look back and see that in the last 10 panics, they all bounced.. (or atleast the most recent ones did, if 9 out of 10 bounced, and the most recent ones did, then I would play again)
Is Coinigy the only program you're using for daytrading cryptocurrencies? Also, as I understand, there are a lot of different exchange sites, such as GDAX, BITTREX, Kraken, Poloniex, etc. Which ones do you recommend using?
I've enjoyed learning about your method on YouTube. However, what I'd love to see is a tutorial to get started. All these different wallets and exchange sites are a jungle. Some of them supposedly take fees when exchanging currencies and some exchange sites are slow, something which would be devastating when daytrading cryptocurrencies. Which ones would you recommend when using your method?
Just getting into this game. I bought a few bitcoin a while back but have become more interested in building up a base of coins through trading. Your method is interesting.
So when you trade ETH and BTC you buy with USDT, sell back into USDT and hold there until the next dip and do it all over?
Same with altcoins, except you're using ETH or BTC as your holding currency?
Then once a week or so you take your profits and stash them in a secure wallet and leave your USDT/BTC/ETH stake in the market?
Does this all sound right?
Thanks so much. Hope you're enjoying the nice fake news generated dips today.
Hey Luc! Thanks so much for your great videos and commentary.
I placed some order at around $4,150 overnight based on your last video about the chart probably going to "fix" itself with some sort of correction. So picked up some really cheap!
Thanks again for the effort you put into these videos!
Thanks very much for all the information you share! I learned a lot.
I have a question about the NEO trade that I hugely missed out on (see below). I bought them pretty ok at the crack (at around 21,5 and at 19), but it didn't bounce back up to the base right away. So I was like: ok, let's wait it out. I had a sell setup at around 27, so the 25 peak was just a little too low. I waited and waited for it to come back up, but nothing happened. After two days it started to go down even further and I looked at the MACD, Stoch and RSI (thought) I saw bearish deviation and decided to sell with no loss. And then less than a day later: BOOM, huge percentages.
It still hurts, but I was hoping to get your view on it, of how you would have handled this trade. Would you have waited for the bounce three days later, or would you have exited earlier because the crack was caused by the ICO ban news? Maybe at the 25 peak? Or is it regular business that the bounce that you are looking for can also take a couple of days?
Hi Luc, I just wanted t say thank you for sharing your knowledge and style of trading!
When My alerts went off this morning at 6:30 in the morning ( I'm on the west coast) I was able to set up a couple good trades off the first bounce. I started trading about two weeks ago and happened on your blog right about when I started!
Hey guys, does anyone have any idea if a similar thing is happening with ether at the moment? Or really what on earth is happening with ether this week. I know the China rumors have thrown a wrench in the picture, but now I'm totally lost looking at the chart.
@quickfingersluc Thanks so much for this unique video. Showing the gaps in strength is such a valuable little piece of info that I had no idea about. Any information that relates to understanding chart patterns better is always helpful...knowledge is our toolbox. You have such a knack for explaining things in such an easy to understand manner. I appreciate it a lot. I'm trading every day...I would love to get a chance to spend some time with people in your slack group. Hopefully the slack channel can evolve into a group of dedicated people who all provide a value to the channel....not just for new people learning, but for all of us to collaborate our thoughts/ideas...sharing trades, ideas, charts, etc...The Crypto rabbit hole is a deep one, and there's a lot of info to filter through. I figure the more dedicated eyes on it who are working together, the better. Love to be a part of something like this.
@quickfingersluc ...Quick question... when a strong run like this happens on a chart (and doesn't come back down to re-test support)... Should it be expected that it comes back to retest always?...even if there are previous supports within that range in the history of the chart? Hope this question makes sense.
You can never really know if it will return to fill old gaps.. It's very very likely that it will, but there are no guarantees in the market.. But what you can be sure of is that there will be cracked bases in the future and plenty of panics for us to participate in.. therefor your account will only increase with time.. But I am hoping that we get a correction to $3,000 or below, sometime soon ..
I really appreciate the insight about gaps...I feel like you gave me such a valuable little piece of the puzzle I didn't know about before. I've been digging through so many crypto charts and finding endless examples of these gaps, and the charts seem to eventually correct them....some faster than others. Crypto is unique in that it's not uncommon for a coin to pump 30%, 50%, even 100%+ in short periods...which is the perfect storm to produce these gaps. Gaps are also the perfect ingredient to motivate a cracked base. Such valuable information. Just recently KMD ran 300% in just a few days....and there was a very small gap left behind...well, it's on it's way to correct that gap as we speak. The forces of nature at work ;)
I'm really itching to get into your slack group @quickfingersluc ... I'm trading daily, and hungry for more info. Really need to surround myself with more like-minded people who are inspired by learning, and sharing quality chart/crypto info. Hoping to offer some value to the group just the same. Thanks for sharing such valuable insight. I'm super grateful.
Thanks for the comments.. Hopefully there will be an invite soon and you can join the slack chatroom. I did not create the room, so I can't offer you an invite.. But I do join in on the conversations/treads quite often..
@quickfingersluc ... I've also noticed that the concept of gaps seems to work in inverse scenarios as well. If there's a huge crack that leaves a big gap...that gap needs to be filled just the same.
@quickfingersluc I am wondering on one thing regarding the gap that needs to be filled you talk about in the video above. Its regarding the gap in the 1300 to 1500 USD back in April-Mail 2017.
In your video you show BTC USDT chart from the Bittrex exchange as example and on this exchange this 1300-1500 gap was filled.
BUT if I look at BTC/USD chart from Bitstamp or Bitfinex the gap still looks like a gap to me that want to be filled.
Question: Is it generally speaking enough if the gap was filled on one exchange only (BTC/USDT Bittrex) but is still a gap that wants to be filled on other charts from other exchanges (BTC/USD Bitfinex, Bitstamp, Hitbit) or could we expect a pullback that fill fix this gap on all charts of all exchanges?
I wish I had a good answer for you. But this market is its infancy stages still and so there is often big differences in prices between the exchanges. Especially in a panic dive, some exchanges dive much further faster than others. So we cannot expect all charts for the same coin to fill there gaps. Play out the panic with me: all exchanges are trying to move in sync, so there never is an exchange that is still dropping while another exchange is running up. Timewise they are atleast moving in the same direction at the same time, or very very close. So when one exchange hits area of support, because it dropped futher on its chart then the rest, I will bounce, and the other exchanges will follow, because timewise they all try to follow each other.. You cannot expect the exchange that made it $500 lower than everyone, to stay at the bottom and keep handing out that deal until all the other exchanges catch up. And as soon as it starts to bounce hard, you cannot expect the other exchanges not to start a bounce even though they didnt panic as deep.. Its a baby market right now and there is a lot of arbitrage opportunity still. So its really hard to know if these gaps on some charts will ever fill, because these coins are not moving in sync yet (timewise and distance, only timewise)..
Hi Luc,
yeah your answer makes sense. On the other hand one could also argue that there are exchanges where the bulk of trade volume are handled and others with a limited amount of trade volumen. I dont know for sure but my feeling is that the exchanges with the major trade volume are bitfinex, Bitstamp and Coinbase to some extend.
In addition, Bittrex "only" trades the Tether version of BTC/USD pair and not "real" Dollars. So USDT is not always exactly wort 1 real USD. So one could also very well reason that what you said might hold true if the occurrance was on one of the exchange mit major trade volume and might not hold true if the price movement was recorded on another less exchange with less trade volume.
Probably time will tell if it was a gap that still needed to be filled or if the little appatizer it had was enough to be a satisfied gap.
Keep up the great work and thank you for you elaborate answer!
Thank u so much for this video. It did aid in clarifying things to me -- well, I was especially curious on how one can extreme strength on a chart !
Did NOT mind that it was 20 min, btw ☻☻
Too bad you were "MIA" w/ your brother, and subsequently missed out on an Opportunity. Thanks for explaining about 'Taking #Profits'; guess this is an important thing with #Bitcoin. (For you readers, Luc discusses this at the 7 Minute mark).
He explains (and uses the term 'Base crack' throughout, btw ). Just because he was waiting & hoping for a good crackdown in the price, so he could sneak in there & make a #trade.
QUITE Illuminating..
Hope u have a WONDERFUL DAY !
Thanks, yeah, you will always miss opportunities in trading, I didn't even catch that bitcoincash trade. I missed it by a few cents.. But as long as you trade safe and wait for the right trades to come to you, you will make a killing. And with cryptos, it doesnt take long to turn a small account into a fortune.. Hopefully, a few of my followers get to experience huge account growth because they understand the big picture.
Thank you, Luc. You are part of my life now. Love you like a big brother, man!
@quickfingersluc, thanks again for the great video. I'd love to see Bitcoin go back to $3k and fill that gap.
I have a question for you about position trading. I often see that when a coin breaks it's base, it will drop twice and then return to the base twice.
For instance, take this chart of Bitcoin this past weekend. I know you had it lower, but if you were to call 4500 a base, it dropped to ~4000 twice before returning to 4500 twice.
Do you only buy the first drop?
https://www.coinigy.com/s/i/59b1ff5a2acde/
I ask because I bought in pretty big for ETH this weekend seeing 335 as a base (i know you had it at 275). I had my sell orders slightly above 333 and went out for the day. I came back later and things had already dropped back down to around 300.
I didn't know if they'd head down to the 275 base, so i dumped it all for a very small profit. Then it rose back up to 335 and beyond.
Should I trust that i'll only return to a base once? Is the second attempt considered gambling?
Thanks!
Yeah, I only trust the first bounce. After it has retested the base then who knows where it will go.. The idea is that there was a panic because it broke a base that everyone trusted, so they panic sold their position.. Then after the panic, the price will try to move up and return back above that previous base where it belongs, but if it is not able to get back above the base, then a new lower price is now been validated.. Everyone will now start putting there stop losses below the new low, and others will buy at that low thinking its good support... and the whloe thing plays out over again..
Thanks Luc!
Thanks for another Video! I was hoping you would be back with a new one and seemed to be checking every day. This one is another valuable slab of knowledge to add to the arsenal. To apply my learning I went and looked at some other charts, particularly OMG, because I have been watching it take off. In the chart below, is this another example of a gap that needs to be filled? If so we should anticipate the price to drop back to around $3.00 - $5.00?
While it would be awesome, for that gap to be filled in a timely manner, it often doesnt happen for a longer than you may expect .. The fact that it is gaping up is eveidence that the buyers way way outnumber the sellers, and that means its showing extreme strength. And then you have to consider the history of OMG, does it fill its gaps? Well, there really is no history so far, so maybe that gap will not get filled.. It's hard to predict, but yes most of the time gaps get filled, and in bitcoins case, it has a good history of filling gaps.. But OMG is very new and who knows...
Thank you and I appreciate the response. That makes a lot of sense!
Hey @quickfingersluc, I love the strategy, however waiting for the base to break on 60 minute charts can take forever! I see a lot of opportunity at lower timeframes but the "Big Base" at 60min may not crack while others higher up do. I would love to hear what your opinions are on lowering timeframe. It is still safe? How far back should we look for bases on lower timeframes? Thanks ahead of time ;) for your input!
Dont try low time frames on kraken because sometimes it takes me 15 minutes to have success at placing an order. . Works for me on bittrex though.
One problem I have on small timeframes is often I find that it wont fill larger orders.
Hey coinhead, thanks for the reply. I was also wondering if I was doing this right. On BTC right now on GDAX there was a break in support/the base along with a few little bounces along the slope. Are we supposed to wait for a big rally back to 4100 (old base) or take these smaller bounces as selling points? Thanks! :)
That depends on how involved you want to be. How much time do you have to be sitting at your computer. If you know its going up to 4100 and you try trading little bounces it can easily get away from you and run up with out you. Especially if you get lost in the little bounces like luck did on his last video. Looks like it came within $50 of your $4,100 I wonder if that base is satisfied. It was a pretty week base I think.
Hey Luc, I've been trading for a few months using your method and I have a few questions. If u were just starting again with little money, would you just stick to position trading & daytrading with scanner? I've grinded myself up to 0.9btc from 0.3btc in 2 months or so thanks to your method. The trades on account builders seem kinda crappy so I don't really want to keep doing it forever. I'm on the lookout for fat fingers(which are hard to get) & position trades, and I do some daytrades with bases for less profit. Can't really trade other moves in the market without a good startegy, so it's just a gamble for me. Also I feel like splitting my account in maybe 3 parts per trade is still better, cause for me a nibble will be few dollars profit, wonder if you think the same.
And if a bounce doesn't return to the base right away, but stops 5-10% short of it, then is it better to wait(if it was returned 9/10 times) or just exit anyway? I think u mentioned that u sell instantly if there's a bounce and layer your sells if it doesn't. Feels wrong but unless I make that money faster elsewhere then waiting seems to be the correct choice.
Anyway, thanks for your hard work and explaining your method.
Some of my trades:
Hi Luc,
My first post here and I want to say thank you for sharing your talent. I also Just finished watching all your videos and am extremely excited about applying your approach to trading.
Im having difficulty identifying "low volume coins" . One of your previous comments you stated,
"Low Volume coins should have a small market cap, a lot of buyers, people who are interested and the economy is really small.
Get used to identifying low volume coins by seeing the way it's trading on the chart.. and you can do the math if you are really unsure, You should be able to just tell by looking at the chart or reading the time and sales info".
What does that look like on a chart? I can see the economy and available supply but I just have not idea of what to look for on the chart?
Another great video. Following your strategies (albeit with far less experience and discipline) I jumped in heavy this weekend. Seemed like a good entry point on pretty much everything.
I came out about .18BTC ahead for the weekend playing very small practice positions. I see the power.
My main question is about how you, like, mentally internalize the nexus of positions that opportunities might drive you into. Before I knew it, I was in BTC/USDT; ETH/BTC; NEO/USTD,ETH,BTC; XRP/BTC..... and I'm thinking "I've got all these variable-value assets locked into positions and some pairs are just guaranteed to swing so much wider, why am I allocating BTC to what may be a lesser opportunity? But who knows how it'll play out?"
Not to ramble; I'm sure your trading world is far less chaotic. But, in general, how many active charts/positions are you monitoring at a given time and how do you decide where to focus?
Also, do you see ETH/BTC gaining ground any time soon? I've got a big position waiting to exit there and I haven't taken my profit yet. Feeling greedy...
PS - Lucky exit of the week. #NeosNotDeadButISoldAnyway
May or may not be luck, but good catch!
Just started watching your videos and following your blog here, thanks for this, it's extremely helpful. How much do you recommend a person start with at a minimum to dip their toes into trading crypto like this? Is it even possible to work with $100?
fees are only a percentage so they are not the problem like they would be in regular stock trading. $100 is a nice number to learn with. each dollar you make represents 1% how easy is that? You may not make much for your time but thats ok when your learning. After you get the hang of it you will feel yourself wanting to invest more.
For sure, I decided to go ahead with $100 to start after I posted this and am already up over 10% so I'm learning quickly. Small gains in terms of the dollar amount but i'm more interested in how I do on the percentage gains.
This one is maybe one of the most important videos of all your series. Thank you for sharing. This is so important in order to for see when it is best to take profits and when to rebuy big-big times! Love it!
I'd love to join your slack Luc! Great BTC analysis. Thank you.
Me too! please invite if you can and thanks again.
Didn't yet watch the video.. I am going to do so.. Just commenting to be the first one to comment on this video and be the first one to thank you :-)
Thank you very much.. You are a diamond
+1
Thanks again for the clarity Luc MUCH appreciated! Cheers Paul
Just to clarify, when you talk about taking profits, are you saying that each time you sell BTC you're selling 30% of your total holdings?
Thanks for all the knowledge!
yes, but not each individual sell.. when I say I want to take some profit around $5,000 area, I will sell around 30% of my holdings in a few sells..
Thanks again for your great video, filled with knowledge and insight. Being new to trading, im struggling with two things: patience and anxiety :D But well, practice makes perfection. ;)
I have a question though for you Luc or anyone else: im having a lot of problems trading at Kraken. Im getting a lot of errors when i place orders over there and have to retry, like 2 to 3 times. This already made me lose nice oportunities...
Im thinking of buying BTC or other coins at Kraken and trade at other Exchange like Bittrex. What do you think?
Thanks again for all your knowledge!
Yeah, everyone has the same issue with Kraken.. I have to input my order over and over and keep refreshing .. But I don't need to put orders in quick generally, because I am usually layering orders in for a panic drop that hasnt occured yet. So for me this is not really an issue.. and As far as Bittrex goes, they are my favorite exchange, but, they are using USDT tether as their fiat so I dont have a big account with them anymore.
I was having the same issues with Kraken. Numerous error messages preventing my trade to go through. I informed support and they responded with this:
Jen (Kraken Support)
Sep 2, 16:07
Hi!
We're aware of the kind of error you're seeing, it's a problem from when our system gets overloaded with traffic. We're in the process of adding capacity to deal with it, but in the meantime we ask your patience while placing trades.
Thanks for using Kraken,
Jen
Hopefully, this will be resolved soon. I have an account with Bittrex too. However, I plan on staying with Kraken. Maybe, one day, I 'll learn enough from Luc's videos that I'll start layering my orders in advance of panic drops that I spotted using his trading methodology. Can't wait.
Good luck with trading on Kraken, hope all works out well and you make a ton of money.
Thanks velome.
Im also sticking with Kraken because it has low fees in exchanges from fiat currency (euro in my case). Neverthless, its a bit ridiculous that its server has low capacity. I also have a Bittrex account and never had this problem. Its very fast to setup and cancel orders and it has a LOT more coins listed, so i guess a lot more order traffic that Kraken...
Oh well, lets wait and see. Im also following Luc's suggestion and placing "panic buys". The worst it happens is to have to cancel the order 3 times... :)
Happy trading!
thatks for the update from kraken. I cant stick around with them any more. loosing potential profits are one thing but today it caused me to loose $150 and thats not cool. Im out.
These errors seems to persist on many exchanges.... not just Kraken. I've been frustrated by this too, but I'm finding that it's just part of the game. IN time this will get much better, but growing pains that early adopters have to deal with :/
These issues remind me of the pod races in Star Wars. It is not really a clean race. There are so many things that can happen, being shot off of your pod by a hacker, order errors, markets skimming off profits in tether (allegedly), other racers leapfrogging your bid for better positioning, pump and dumps.......on and on. Yet we race any way. Why, because there is a big pile of cash at the end. The plus side here however is that the odds of the really serious stuff taking us out completely are pretty slim and the race is only perceived as there is plenty for all, but I do find the whole thing pretty fun and exciting! That would make Luc somewhere on par with Yoda. ;)
Amazing work and insights, I truly appreciate your input. Keep doing long videos going deep on subjects, it's such priceless lessons and help. Thank you so much for everything and keep up the great work :)
Thanks for your insight, I've learned a lot following your videos over the past few weeks! Some very interesting stuff covered in this video that I hadn't considered before when reading the charts. I'm eager to see whether your theory about the bitcoin price holds true, I guess time will tell! Thanks again.
Thanks again for these videos Luc, I am loving them! BTW, are you a fellow Canadian? Lol, only ask because of the Canadian stock add popping up.
Thanks Again!
Thanks Luc, very informative as always :) Quick question, you say that Bittrrex is a good exchange, but you don't like the fact that they use USDT. Which exchange would you recommend for real fiat currency, with good volume and solid rep?
Thanks
Thanks again Luc! I made my first trade and profited during Saturday's bloodbath using your method.
Can I please have an invite to the BaseBreaking Scanner slack channel?
Hey Luc, I've been loving your videos, thanks so much for the knowledge dump!
If a chart breaks your trust by not respecting bases, will you ever re-visit and re-evaluate or are there enough good charts that you just walk away from that coin?
Once the chart resumes respecting bases for atleast a month, then I will consider trading it.. I need the odds in my favor, so i need to be able to look back and see that in the last 10 panics, they all bounced.. (or atleast the most recent ones did, if 9 out of 10 bounced, and the most recent ones did, then I would play again)
Luc - Do you do any type of ICO investing? Curious if you have thoughts on this... Thanks!
Hey Luc!
Is Coinigy the only program you're using for daytrading cryptocurrencies? Also, as I understand, there are a lot of different exchange sites, such as GDAX, BITTREX, Kraken, Poloniex, etc. Which ones do you recommend using?
I've enjoyed learning about your method on YouTube. However, what I'd love to see is a tutorial to get started. All these different wallets and exchange sites are a jungle. Some of them supposedly take fees when exchanging currencies and some exchange sites are slow, something which would be devastating when daytrading cryptocurrencies. Which ones would you recommend when using your method?
Thank you!
Hey Luc,
Just getting into this game. I bought a few bitcoin a while back but have become more interested in building up a base of coins through trading. Your method is interesting.
So when you trade ETH and BTC you buy with USDT, sell back into USDT and hold there until the next dip and do it all over?
Same with altcoins, except you're using ETH or BTC as your holding currency?
Then once a week or so you take your profits and stash them in a secure wallet and leave your USDT/BTC/ETH stake in the market?
Does this all sound right?
Thanks so much. Hope you're enjoying the nice fake news generated dips today.
Cheers,
Brady
Hey Luc! Thanks so much for your great videos and commentary.
I placed some order at around $4,150 overnight based on your last video about the chart probably going to "fix" itself with some sort of correction. So picked up some really cheap!
Thanks again for the effort you put into these videos!
Thanks very much for all the information you share! I learned a lot.
I have a question about the NEO trade that I hugely missed out on (see below). I bought them pretty ok at the crack (at around 21,5 and at 19), but it didn't bounce back up to the base right away. So I was like: ok, let's wait it out. I had a sell setup at around 27, so the 25 peak was just a little too low. I waited and waited for it to come back up, but nothing happened. After two days it started to go down even further and I looked at the MACD, Stoch and RSI (thought) I saw bearish deviation and decided to sell with no loss. And then less than a day later: BOOM, huge percentages.
It still hurts, but I was hoping to get your view on it, of how you would have handled this trade. Would you have waited for the bounce three days later, or would you have exited earlier because the crack was caused by the ICO ban news? Maybe at the 25 peak? Or is it regular business that the bounce that you are looking for can also take a couple of days?
cid:9ED2E14A-670F-441B-B658-F51969C66B87@lan
Thanks in advance! Jose
Hi Luc, I just wanted t say thank you for sharing your knowledge and style of trading!
When My alerts went off this morning at 6:30 in the morning ( I'm on the west coast) I was able to set up a couple good trades off the first bounce. I started trading about two weeks ago and happened on your blog right about when I started!
Hey guys, does anyone have any idea if a similar thing is happening with ether at the moment? Or really what on earth is happening with ether this week. I know the China rumors have thrown a wrench in the picture, but now I'm totally lost looking at the chart.
@quickfingersluc Thanks so much for this unique video. Showing the gaps in strength is such a valuable little piece of info that I had no idea about. Any information that relates to understanding chart patterns better is always helpful...knowledge is our toolbox. You have such a knack for explaining things in such an easy to understand manner. I appreciate it a lot. I'm trading every day...I would love to get a chance to spend some time with people in your slack group. Hopefully the slack channel can evolve into a group of dedicated people who all provide a value to the channel....not just for new people learning, but for all of us to collaborate our thoughts/ideas...sharing trades, ideas, charts, etc...The Crypto rabbit hole is a deep one, and there's a lot of info to filter through. I figure the more dedicated eyes on it who are working together, the better. Love to be a part of something like this.
This is my favorite video of yours! I've watched pretty much all of them, but I love the way you explained your mindset looking at the coin's history.
@quickfingersluc ...Quick question... when a strong run like this happens on a chart (and doesn't come back down to re-test support)... Should it be expected that it comes back to retest always?...even if there are previous supports within that range in the history of the chart? Hope this question makes sense.
You can never really know if it will return to fill old gaps.. It's very very likely that it will, but there are no guarantees in the market.. But what you can be sure of is that there will be cracked bases in the future and plenty of panics for us to participate in.. therefor your account will only increase with time.. But I am hoping that we get a correction to $3,000 or below, sometime soon ..
I really appreciate the insight about gaps...I feel like you gave me such a valuable little piece of the puzzle I didn't know about before. I've been digging through so many crypto charts and finding endless examples of these gaps, and the charts seem to eventually correct them....some faster than others. Crypto is unique in that it's not uncommon for a coin to pump 30%, 50%, even 100%+ in short periods...which is the perfect storm to produce these gaps. Gaps are also the perfect ingredient to motivate a cracked base. Such valuable information. Just recently KMD ran 300% in just a few days....and there was a very small gap left behind...well, it's on it's way to correct that gap as we speak. The forces of nature at work ;)
I'm really itching to get into your slack group @quickfingersluc ... I'm trading daily, and hungry for more info. Really need to surround myself with more like-minded people who are inspired by learning, and sharing quality chart/crypto info. Hoping to offer some value to the group just the same. Thanks for sharing such valuable insight. I'm super grateful.
Thanks for the comments.. Hopefully there will be an invite soon and you can join the slack chatroom. I did not create the room, so I can't offer you an invite.. But I do join in on the conversations/treads quite often..
Hey Luc and guys! Who to contact or where to apply for Slack invite :)? https://quickfingerstraders.slack.com/ doesn't have any info
theres an invite in his next post.
@quickfingersluc ... I've also noticed that the concept of gaps seems to work in inverse scenarios as well. If there's a huge crack that leaves a big gap...that gap needs to be filled just the same.
How about ETH I know it is still quite young but I see many huge unfilled gaps . Am I just missing something on ETH?
lite coin also has unfilled boxes clear down to $5. Bitcoin is the master and must adhere to the rules more strictly?
I was playing with the charts the other day and ranged it anywhere between $3,200-$4,200 was waiting on a signal to confirm but we'll see !
did you get your signal?
@quickfingersluc I am wondering on one thing regarding the gap that needs to be filled you talk about in the video above. Its regarding the gap in the 1300 to 1500 USD back in April-Mail 2017.
In your video you show BTC USDT chart from the Bittrex exchange as example and on this exchange this 1300-1500 gap was filled.
BUT if I look at BTC/USD chart from Bitstamp or Bitfinex the gap still looks like a gap to me that want to be filled.
Question: Is it generally speaking enough if the gap was filled on one exchange only (BTC/USDT Bittrex) but is still a gap that wants to be filled on other charts from other exchanges (BTC/USD Bitfinex, Bitstamp, Hitbit) or could we expect a pullback that fill fix this gap on all charts of all exchanges?
Thanks for you effort, great insights and cheers!
I wish I had a good answer for you. But this market is its infancy stages still and so there is often big differences in prices between the exchanges. Especially in a panic dive, some exchanges dive much further faster than others. So we cannot expect all charts for the same coin to fill there gaps. Play out the panic with me: all exchanges are trying to move in sync, so there never is an exchange that is still dropping while another exchange is running up. Timewise they are atleast moving in the same direction at the same time, or very very close. So when one exchange hits area of support, because it dropped futher on its chart then the rest, I will bounce, and the other exchanges will follow, because timewise they all try to follow each other.. You cannot expect the exchange that made it $500 lower than everyone, to stay at the bottom and keep handing out that deal until all the other exchanges catch up. And as soon as it starts to bounce hard, you cannot expect the other exchanges not to start a bounce even though they didnt panic as deep.. Its a baby market right now and there is a lot of arbitrage opportunity still. So its really hard to know if these gaps on some charts will ever fill, because these coins are not moving in sync yet (timewise and distance, only timewise)..
Hi Luc,
yeah your answer makes sense. On the other hand one could also argue that there are exchanges where the bulk of trade volume are handled and others with a limited amount of trade volumen. I dont know for sure but my feeling is that the exchanges with the major trade volume are bitfinex, Bitstamp and Coinbase to some extend.
In addition, Bittrex "only" trades the Tether version of BTC/USD pair and not "real" Dollars. So USDT is not always exactly wort 1 real USD. So one could also very well reason that what you said might hold true if the occurrance was on one of the exchange mit major trade volume and might not hold true if the price movement was recorded on another less exchange with less trade volume.
Probably time will tell if it was a gap that still needed to be filled or if the little appatizer it had was enough to be a satisfied gap.
Keep up the great work and thank you for you elaborate answer!