Thanks Luc for the reminder to keep it simple with the 1-hour charts. I find myself trying to over analyze the 5 minute and end up wasting a lot of my time that I should be working.
ETH/BTC looks to be setting up for a nice bounce around .08?
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sorry i dont play bounces off support.. i wait for a crack of support and then the panic dive.. thats my play
Thanks for the reply. Ok, Im getting a better understanding of how you play your strategy.
Luc, going to rephrase that question. So if ETH/BTC cracks the big base around .08 then you would be ok to start layering buy orders into the panic sale? Would you consider the drawings of the two small bases on the right at .0836 and .0867 actual bases or are they too small?
I define bases by the bounce they get off of them.. if there is no decent bounce then they are not bases.. so the last two on the right are too small in my opinion.. and you need to have your chart streched out to include 1to 2 months of data to make it easier to recognize bases.. but yeah if it cracks the .08 and then you see a good panic happenin.. (a bunch of red bars) then you should be good to start buying.. just set your alarms and let Coinigy do the work for you..
Thanks Luc, your the man! I am dialing in what to consider a base or not. Thanks for pointing out that we need to look 1-2 months out.
I fully understand the level of bounce to identify a base. What I'm having a little problem with, and it's almost making me paralyzed, is entry point if you miss the panic. In this chart, I've clearly missed the panic, and the nice bounce and now it's fluttering. Do you just stay away from this coin currently, because the drama to the story has already happened, and we're currently sitting through the setup for the next wave of drama - either way?
I find myself always going back to charts that seem to have produced a big panic dive and that haven't recovered from it. In short, this appears to be a "Not Today" chart - correct?
https://www.coinigy.com/s/i/5968bd306a75c/
Lastly, being that it's Friday - Do you ever stay in Crypto 'day trades' over the weekend? I know that's a NO-NO in the stock market.
Yes, i only buy the panic dives while they are happening.. Thats the safest set of conditions to enter.. after the bounce is done, why should bounce again? the reaction is over.. The reason a panic gets a bounce is price dicovery.. A base got cracked and as a reaction a group of novice traders paniced out of there position, usually due to stop losses getting hit and then leading to more panic as the price drops.. then when any big buyers step in and stop the drop, it bounces back to where the crack happened or even higher.. the panic is almost always novice players, and thats the best place to get coins, from inexperienced traders.... but if it bounces and then settles at a new price, then there is no telling where it will go next.. the odds are not stacked in your favor, like before when you were buying from panic sellers..
Oh and about the weekend thing, it doesnt apply to this market.. because its 24/7 .. everyday is the same for me..
Thank you sir. You say it, and i hit my forehead with my palm - cuz it's so obvious. BUT - how do you uncover the panics in time? I find myself looking at chart after chart and trying to predict the future. I would be very grateful if you could answer this 1 question in detail please. When i get to my computer at 5am, what is my first step (and possibly several steps) to uncover a good dive about to happen? - OR - is there something i should do from the day before, such as identifying coins that rose abnormally high the previous day?
I am close to being able to trade daily. However, im the type of person, that unless i fully understand the strategy, I find it hard to apply the principles. I feel like a blind squirrel that stumbled upon a nut when i think i 'might' see a dive coming - then question my entire process. Sorry for the incredible lack of confidence post. The simple truth, is I'm a family man, and take that responsibility very seriously. I know there'll be mistakes made along the way, and that's ok, I just want to know that each mistake will lead me closer to more knowledge to the entire process. Thanks Again..
Here is my process:
I have a list of favorites, coins that I like the chart and some that I like the project that the coin represents.. (we dont have a merket scanner yet, so I cannot monitor the entire market, but I, just today, again requested that Coinigy work on the market scanner)
Ok so every morning I pull up my Coinigy platform and I go over all the alerts from the night before and make sure I place sell orders on anything I bought while I was sleeping.. Then I go through every chart in my favorites and set alerts or nibble buy orders, anywhere below a base that might get cracked.. then I go to trading my stockmarket, but i listen for any alert going off throughout the day.. after 430 pm when the stockmarket is closed, i raise the volume on my computer, so I can hear any alerts or orders that get triggered throughout the evening.. and thats basically it.. I let the market come to me. I only take trades that are in safe circles (below clear bases) easy peasy