Hi Luc,
Thanks for these videos they are great. I'm hoping to learn lots from you. I am a complete newbie, so apologies if I got this all wrong. I watched this video then tried to find the bases on the LTC chart. It would be appreciated if you could let me know if I've done this right.
So if i've done this right, I can see the 1st line I drew bounced back. Then the 2nd the same, but seems to be a very little crack. I've drawn a 3rd line of the next base does this mean that you wait until it goes below this or can another base develop further up if it shoots up lot as it did today? or is that 3rd line not really a base?
Thanks for your help, it is much appreciated.
That all looks pretty good.. that last line you asked about is a very strong base.. you have to think in terms of previous reaction to support/bases.. the last line you drew showed a huge pop off of that price, so it is significant in the future.. but to answer your question directly, yes, there will be more bases up above, but you have to wait for a pull back and then a reaction, and then you can draw a base.. you need the story to develop.. Im going to make my next video on this subject.
Thanks for the reply Luc. That all makes sense. Looking forward to your next video.
That would be great, a video on this subject. I have no problems buying on major support after an obvious crack or when a new price(a run up)cracks creating a new base, but it gets weird in other situations... Let's say major support bounces, forming a new argument that holds itself for a while, when there's a small crack of this argument(not enough to crack previous major support) should I buy in and close the deal quick? I get the feeling there are missed opportunities in these spots...
You can trade on different time frames and capture profit on many mini cracks.. theres 15 min bar bases and there are 1hour bar bases.. but I focus on the 1hour bases /support cracks because its just easier to juggle a bunch of coins if your trades are further apart and higher percentage plays..
I will try to keep my eye on those as well, gotta get those free beans
Yeah from the chart I'm seeing ethereum there's only 3 major base in a months time frame...
So my question is we just wait for the new base for days / weeks once we identified the crack and wait for the next pop above the crack ? what happens if it falls further?
Prozy, I would look at smaller time frames. You are looking at charts too macro, try going for 1 hr or even 30-15 min time frames until you try a few trades and you get the hang of it. Then you can even do 1 min trades, when you have time on your hands are feeling more confident. You can see how things develop pretty fast. Thats the style I preffer. But be warned, it can be pretty stressy that way ;-).
can't wait for that... I love your teaching luc... I'm forever grateful for you help because I want to learn to trade like you..
Im wondering the same thing, if the coin is trending up and staying up do you now have to adjust for a higher base?
For example: currently on PLNX ETH/USDT is the base around $245 or up around $267 now
For me, using one hour bar charts, on PLNX ETH/USDT .. i would say that there is a clear base at $245 as you mentioned and $215.. A crack of those price points would get me started taking a trade... Until then, its just a waiting game.. so you set alerts for a crack of those bases, or just set up orders where you would like to buy if they crack.
Good example. I presume that that $267 is the new floor? Hopefully Luc can shed some light.