Small updates during the day is great. I think i'm getting the hang of this now. I keep on saying it, but i'm gonna say it again, thanks for sharing your knowledge.
Would be great for us new guys to go over your thoughts on which currency is best to buy when initially buying in from coinbase for example. Do you recommend buying Bitcoin, Ethereum or Litecoin since certain coin can only be traded using specific coins and markets? Also, which markets should we be setting up getting ready for trades like these? Do we only need Kraken and Bitrex in your opinion?
I cant really help with this question, maybe some other followers can help you.. I have never used coinbase, I only bought $300 of bitcoin from CAVirtex Canada (Closed, bought by kraken) 2 years ago and never bought anything more..
I really appreciate the insight here on the Amp chart and implications of a small bounce. These trading techniques have actually gotten me excited about when the market is "bleeding" and, even better, buying with confidence even if it keeps going down or doesn't bounce right away. That confidence has been worth everything. Thanks as always Luc.
Thanks Luc for sharing. Good to know I'm buying at the right places you are using your technique. I have a question tho. Instead of just focusing on a couple of trades, I have bought a total of 12 different coins on this crash but exhausted all my ethers now. Is it better to scale back and save some for more of a dive like you're placing your buy order, or diversify like I am? Or doesn't matter? thanks.
I really use most of my money in big trades.. and all these small coins are just tiny trades.. Im all about safe trades, so I buy big on the charts that seem absolutly safe... In the stock market buying small on lots of places takes tons of commissions and that eats the little guys account, but in cryptos you really have the advantage of spreading out your money all over.. as long as your really reading the charts and making sure your getting in safe charts, i would say its best to buy a bunch of different coins, but if you are unsure about the process still, because your new.. then maybe make a favorites list of only the safes coins you can find and trade only from that list
Thank you Luc!!! This makes much sense, and I will put this into my arsenal. BTW, I've seen all your videos on YouTube before you took it down and commented under TypeRob. Now I'll be using Steemit for now on. I have been implementing your style with real money trading only cryptos in the past month and it has really paid off. thank you for all you do, I'm a fan and you're my mentor.
Hey, thanks for letting me know that you are making some $$.. That make my day, to hear some traders understand what Im doing and are making money with it..
Hi Luc, thanks for sharing your strategy with us. I used to trade forex but stopped due the unpredicabilty of it, unless you have an advanced strategy. Now cryptos are attracting me back to trading. I am setup to go but waiting for the whole Bitcoin Cash thing to die down from the first of Aug before making my first trade. In the comment above you said ' I really use most of my money in big trades'. I would just like clarity on what you mean by most of my money (in percentages of my total amount). I notice that you sometimes increase your buy-in as the price goes down after cracking, expecting the bounce. What would you recommend the percentages be. 2%, 5%, 10%? - Also, does you strategy allow for selling (going short), as it cracks base? It seems logical to make some money as it plummets?
could take a week or more....unless there is some news, a rumor, or the entire market bounces, then it could happen fast.. but the most important thing is I want to own it anyways, so im not to worried about it.. but likely it will start to bounce soon.. Im still hoping it goes down a little more, so i can get in big..
Luc could you help me understand how you calculate the percentages? I tried going off the % chart on coinigy but their results are off compared to yours. Like your PTOY trade .00005/.00006= 0.83. Is that less than 1% difference? You said it was 20%. These decimals confuse me
i do it in my head... its around 20% .. not exact numbers.. so think of 100, and 10 is 10% of 100.. so whats 10 of 50.. 10 of 100 = 10% so 10 of 50 = 20% ... so .000050 to .000060 = 18ish %
In coinigy, along the left side where the drawing tools are, there's a "long position" tool right above the arrow that faces left. If you hit the drop down menu in that "long position", there is a "price range" tool that will give you the %. You can also use the long % tool if you want to test how far you'd want it to fall, but not necessary with Luc's method.
Oh wow. I feel like I made some bad choices today. Fortunately, I'm still learning so I'm only making tiny trades. I'm trading on GDAX so only trading BTC/ETH/LTC vs USD. If I bought wrong and am now holding coins that are way down, should I hold them or sell at a loss and try again? How long to hold bad buys?
Usually trade close up in a day or two.. but since we got a really good dip this week, its hard to say.. please look at my most recent blog post to see yesterdays trades.
Just checked out the current chart for AMP/BTC on BTRX, I drew in what I see as the last 3 bases (actually upon looking again I think I missed another decent base right after 2). The 1st two barely got a bounce and if you missed that bounce you'd still be holding or selling at a loss, the 3rd is the the one that has not seen it return to base and if you count the one i missed right after 2 that one hasn't either.
Would you be a little weary of this chart at the moment? And even if you would trade it would you recommend newbies to avoid charts looking like this?
Yes.. I took some trades on this and I am in the red at the moment on it.. It has shown some extreme weakness, and would need to start to trade properly again for a month or so before I would start trading it again.. this is where im in ..
the circles should have been save areas, and the X Xs represent the bounces that didnt reach there base.. so yeah, im not buying more unless we get a bounce.. the chart is no longer a high probability chart, so I will just hold and watch for now.. but you should not add money to a chart that is not trading properly..
What position sizes are you taking per entry? Layering is great when price eventually recovers, but then are we just making really small nibbles when we don't get a chance to layer? If we take an account and partition off say 5% across each of 20 coins, are we entering something like 0.5%, 1%, 1.5%, 2% (4 trades of increasing size)? Seems like lots of small wins in that case until we can find a falling knife.
I often dont get a chance to layer, and am stuck making a small insignificant trade.. but its still profit and still safe.. I trade really small for my size.. I would guess that I dont even put 1% of my capital in all the little individual coin trades.. But on those big coins like ETH or BTC I will sometimes go up to 20 or 40% of my capital.. for huge trades.. it all comes down to risk reward, and making sure that your big money is in big moves on big coins but still in only the safest spots.. I wish i could give you some math formula, but no two trades are the same for me..
I've gotten this far into your series and decided to start trading live for myself. Now it seems a little harder... Anyway, is the base here are at the very bottom?
Or is it 3 or 4 bars before the bar whose low I used for this line?
Additional question: on a chart like this, where bars retrace bars in the same color (I'm guessing that means high volatility low volume) should I trade and which of the lines is the correct one?
One more question: I've been trading on Coinigy using Bittrex and it seems that my orders have been executed late i.e. the price already breaks through the limit order but it does not buy until several (30ish) minutes later. Do you know if that problem is specific to Bittrex or Coinigy?
Coinigy lags terribly.. I love the platform, but its data feed really need improvement.. so because of that lag.. you may think you are placing an order at bid or ask that you see on your screen, but in reality the market has already moved away from your order and it will appear like you got skipped, but its coinigy's slooooooooooooooow data... i cannot wait till they make some improvement to this
So are we safe with setting up our buy orders through Coinigy? Or is this more of an issue with seeing a current price on Coinigy and then trying to buy then only to find out the price changed already?
More questions (yay): how do you find pairs that have large profit margins; sometimes I'll see a good setup and it'll go from 41 to 42 sigh. Also, how long do you think this market will remain easy?
I define a base by the bounce it has off it.. so in this case those .00038s would be a clear base.. and then today that base was broken and it fell to 34s but bounced right back up to that base and is presently at 39s... however your timeframe is too small in this chart.. you need alot more data to base your decisions off.. 1-2month view
I got 9% off today's BAT bounce in less than an hour, I'm kinda happy about that. I probably could have gotten 15% if I waited a bit longer, but I have no regrets.
Never mind, it worked out in the end. One more question: which exchanges do you use to get the 30, 50, 80, 120 % returns? On Btc, Eth, I'm lucky if I get 15%
I wish I could help you with these charts, but you have drawn no bases, so I cant even tell where you thought they were? But I looked over the charts on my end, and even though you bought in not the best spots.. all your trades worked out... your in the positive now
Hi Luc. I'm a beginner in crypto trading and enjoying your videos, thank you very much. It would be interesting to know how some of your older trades were finalised. For instance, in this video you've been expecting a bounce of AMP to a base of around 0.00014 BTC. However, the bounce never happened and most of AMP coins you had bought and were going to but in this video should have been a loss for you (current price is 0.00004847). Having studied charts of other coins, I can see similar patterns: nice up-and-down charts and then things go south. Do you expect them to bounce back eventually (in quite a long run) or consider such trades as a loss?
Thanks for the question. I cannot remember what I said in the video you are refering to, but I currently still hold AMP at an average price of around .00012ish and its now at .00004 .. While this is a losing trade, I don't take it off the books. Because it is an alt coin, I didnt put much money into that trade, and since it didnt bounce properly, I cannot buy more until it trades well (respects its bases) for atleast a month.. Looking at the present chart, I may start trading AMP again in a week or two, because it has been behaving. Im positive that when I start trading it again I will quickly make up for that bad trade and resume collecting free AMP coins.. Honestly I don't get a losing trade often, almost never, so it doesnt bother me much when I hold one, and it will resolve itself eventually..
Hey Luc. Amazing content you have here.
Have been following for some time and have read many of your comments and posts to get some understanding of your point.
I would appreciate if you could spare a moment to share an answer for my question.
I understand that you make the profit of dips by getting in them where it is "safe", but I just had a look on all the coin's in this post (AMP,BSD,PTOY) and it seems like they are all having a bad time few months later.
Is this such a common thing in crypto's where the coin might be trading volatile for a while and then just loosing it's steam? Is it worth then looking back in to the coin once it has dropped to all time low's or just rather move to the next one?
You want to always calculate your odds for every trade.. If a coin has not been respecting its bases, then you should avoid it.. however, coins that are making new lows are often your best opportunities.. So you really have to mark up those charts and get a good feel for what is a base and what is panic on the coin you are checking.. I would have no problem trading AMP/BTC as an example.. I like the chart
quick 20% at 2:30 pm
Small updates during the day is great. I think i'm getting the hang of this now. I keep on saying it, but i'm gonna say it again, thanks for sharing your knowledge.
yup, no problem.. I want to make a huge group/community of rich traders :)
Thank you very much luc, after we got some knowledge we could discover more oppotunities in a very short time and try to grab it!
awesome!
Would be great for us new guys to go over your thoughts on which currency is best to buy when initially buying in from coinbase for example. Do you recommend buying Bitcoin, Ethereum or Litecoin since certain coin can only be traded using specific coins and markets? Also, which markets should we be setting up getting ready for trades like these? Do we only need Kraken and Bitrex in your opinion?
I cant really help with this question, maybe some other followers can help you.. I have never used coinbase, I only bought $300 of bitcoin from CAVirtex Canada (Closed, bought by kraken) 2 years ago and never bought anything more..
Oh and for the second question, yeah, i do like bittrex, and kraken, and many others too.. but probably id start with a big one like kraken
I'd buy bitcoin first. It's the base trading currency for for all alt trading and is relatively less volatile.
I really appreciate the insight here on the Amp chart and implications of a small bounce. These trading techniques have actually gotten me excited about when the market is "bleeding" and, even better, buying with confidence even if it keeps going down or doesn't bounce right away. That confidence has been worth everything. Thanks as always Luc.
I love the long videos, but the short ones are great too! Thank you!
Yes Your good
Thanks Luc for sharing. Good to know I'm buying at the right places you are using your technique. I have a question tho. Instead of just focusing on a couple of trades, I have bought a total of 12 different coins on this crash but exhausted all my ethers now. Is it better to scale back and save some for more of a dive like you're placing your buy order, or diversify like I am? Or doesn't matter? thanks.
I really use most of my money in big trades.. and all these small coins are just tiny trades.. Im all about safe trades, so I buy big on the charts that seem absolutly safe... In the stock market buying small on lots of places takes tons of commissions and that eats the little guys account, but in cryptos you really have the advantage of spreading out your money all over.. as long as your really reading the charts and making sure your getting in safe charts, i would say its best to buy a bunch of different coins, but if you are unsure about the process still, because your new.. then maybe make a favorites list of only the safes coins you can find and trade only from that list
Thank you Luc!!! This makes much sense, and I will put this into my arsenal. BTW, I've seen all your videos on YouTube before you took it down and commented under TypeRob. Now I'll be using Steemit for now on. I have been implementing your style with real money trading only cryptos in the past month and it has really paid off. thank you for all you do, I'm a fan and you're my mentor.
Hey, thanks for letting me know that you are making some $$.. That make my day, to hear some traders understand what Im doing and are making money with it..
thanks for answering this, I was wondering same thing....buy big on few trades at safe zones...got it
Hi Luc, thanks for sharing your strategy with us. I used to trade forex but stopped due the unpredicabilty of it, unless you have an advanced strategy. Now cryptos are attracting me back to trading. I am setup to go but waiting for the whole Bitcoin Cash thing to die down from the first of Aug before making my first trade. In the comment above you said ' I really use most of my money in big trades'. I would just like clarity on what you mean by most of my money (in percentages of my total amount). I notice that you sometimes increase your buy-in as the price goes down after cracking, expecting the bounce. What would you recommend the percentages be. 2%, 5%, 10%? - Also, does you strategy allow for selling (going short), as it cracks base? It seems logical to make some money as it plummets?
Yes, These small updates are really helpful. I got in on AMP at a low price after seeing your video. Now waiting for it to get back to the base!!
For these kind of market dips, approx. how much time should we guestimate for these to get back to bases?
could take a week or more....unless there is some news, a rumor, or the entire market bounces, then it could happen fast.. but the most important thing is I want to own it anyways, so im not to worried about it.. but likely it will start to bounce soon.. Im still hoping it goes down a little more, so i can get in big..
Sounds good! Thanks Luc :)
Luc could you help me understand how you calculate the percentages? I tried going off the % chart on coinigy but their results are off compared to yours. Like your PTOY trade .00005/.00006= 0.83. Is that less than 1% difference? You said it was 20%. These decimals confuse me
Use Shift + Left Click and drag, you can see the percentage
hey that does work really good... thanks
tysm i was going to start using a calculator lol
i do it in my head... its around 20% .. not exact numbers.. so think of 100, and 10 is 10% of 100.. so whats 10 of 50.. 10 of 100 = 10% so 10 of 50 = 20% ... so .000050 to .000060 = 18ish %
In coinigy, along the left side where the drawing tools are, there's a "long position" tool right above the arrow that faces left. If you hit the drop down menu in that "long position", there is a "price range" tool that will give you the %. You can also use the long % tool if you want to test how far you'd want it to fall, but not necessary with Luc's method.
Oh wow. I feel like I made some bad choices today. Fortunately, I'm still learning so I'm only making tiny trades. I'm trading on GDAX so only trading BTC/ETH/LTC vs USD. If I bought wrong and am now holding coins that are way down, should I hold them or sell at a loss and try again? How long to hold bad buys?
everything is falling, or panic selling right now.. which means im buying buying buying
Awesome short update, really useful thanks for sharing your tactics/methods of identifying baselines. Please keep them coming!
Hi quickfingersluc,
How long do you tend to have trades open for? I'm finding that to fit your advice, I may have to wait days.
Usually trade close up in a day or two.. but since we got a really good dip this week, its hard to say.. please look at my most recent blog post to see yesterdays trades.
Awesome info. Thanks for the post. Upvoted and followed you. Please feel free to do the same. Cheers.
Just checked out the current chart for AMP/BTC on BTRX, I drew in what I see as the last 3 bases (actually upon looking again I think I missed another decent base right after 2). The 1st two barely got a bounce and if you missed that bounce you'd still be holding or selling at a loss, the 3rd is the the one that has not seen it return to base and if you count the one i missed right after 2 that one hasn't either.
Would you be a little weary of this chart at the moment? And even if you would trade it would you recommend newbies to avoid charts looking like this?
Yes.. I took some trades on this and I am in the red at the moment on it.. It has shown some extreme weakness, and would need to start to trade properly again for a month or so before I would start trading it again.. this is where im in ..
the circles should have been save areas, and the X Xs represent the bounces that didnt reach there base.. so yeah, im not buying more unless we get a bounce.. the chart is no longer a high probability chart, so I will just hold and watch for now.. but you should not add money to a chart that is not trading properly..
Thanks for the clarification, I think I'm really starting to read these charts better each day due to your blog!
What position sizes are you taking per entry? Layering is great when price eventually recovers, but then are we just making really small nibbles when we don't get a chance to layer? If we take an account and partition off say 5% across each of 20 coins, are we entering something like 0.5%, 1%, 1.5%, 2% (4 trades of increasing size)? Seems like lots of small wins in that case until we can find a falling knife.
I often dont get a chance to layer, and am stuck making a small insignificant trade.. but its still profit and still safe.. I trade really small for my size.. I would guess that I dont even put 1% of my capital in all the little individual coin trades.. But on those big coins like ETH or BTC I will sometimes go up to 20 or 40% of my capital.. for huge trades.. it all comes down to risk reward, and making sure that your big money is in big moves on big coins but still in only the safest spots.. I wish i could give you some math formula, but no two trades are the same for me..
I've gotten this far into your series and decided to start trading live for myself. Now it seems a little harder... Anyway, is the base here are at the very bottom?
Or is it 3 or 4 bars before the bar whose low I used for this line?
Additional question: on a chart like this, where bars retrace bars in the same color (I'm guessing that means high volatility low volume) should I trade and which of the lines is the correct one?
this is an example of a low volume coin, thinly traded.. the strategy is not the same.. your only playing the range, and you need a larger view
One more question: I've been trading on Coinigy using Bittrex and it seems that my orders have been executed late i.e. the price already breaks through the limit order but it does not buy until several (30ish) minutes later. Do you know if that problem is specific to Bittrex or Coinigy?
Coinigy lags terribly.. I love the platform, but its data feed really need improvement.. so because of that lag.. you may think you are placing an order at bid or ask that you see on your screen, but in reality the market has already moved away from your order and it will appear like you got skipped, but its coinigy's slooooooooooooooow data... i cannot wait till they make some improvement to this
So are we safe with setting up our buy orders through Coinigy? Or is this more of an issue with seeing a current price on Coinigy and then trying to buy then only to find out the price changed already?
I use coinigy to set up all my buys and sells.. its very effective..
More questions (yay): how do you find pairs that have large profit margins; sometimes I'll see a good setup and it'll go from 41 to 42 sigh. Also, how long do you think this market will remain easy?
I define a base by the bounce it has off it.. so in this case those .00038s would be a clear base.. and then today that base was broken and it fell to 34s but bounced right back up to that base and is presently at 39s... however your timeframe is too small in this chart.. you need alot more data to base your decisions off.. 1-2month view
I got 9% off today's BAT bounce in less than an hour, I'm kinda happy about that. I probably could have gotten 15% if I waited a bit longer, but I have no regrets.
So today is a similar day in that the markets are all red. Now I'm in some positions that aren't winning. What do I do?
Never mind, it worked out in the end. One more question: which exchanges do you use to get the 30, 50, 80, 120 % returns? On Btc, Eth, I'm lucky if I get 15%
I wish I could help you with these charts, but you have drawn no bases, so I cant even tell where you thought they were? But I looked over the charts on my end, and even though you bought in not the best spots.. all your trades worked out... your in the positive now
Hi Luc. I'm a beginner in crypto trading and enjoying your videos, thank you very much. It would be interesting to know how some of your older trades were finalised. For instance, in this video you've been expecting a bounce of AMP to a base of around 0.00014 BTC. However, the bounce never happened and most of AMP coins you had bought and were going to but in this video should have been a loss for you (current price is 0.00004847). Having studied charts of other coins, I can see similar patterns: nice up-and-down charts and then things go south. Do you expect them to bounce back eventually (in quite a long run) or consider such trades as a loss?
Thanks for the question. I cannot remember what I said in the video you are refering to, but I currently still hold AMP at an average price of around .00012ish and its now at .00004 .. While this is a losing trade, I don't take it off the books. Because it is an alt coin, I didnt put much money into that trade, and since it didnt bounce properly, I cannot buy more until it trades well (respects its bases) for atleast a month.. Looking at the present chart, I may start trading AMP again in a week or two, because it has been behaving. Im positive that when I start trading it again I will quickly make up for that bad trade and resume collecting free AMP coins.. Honestly I don't get a losing trade often, almost never, so it doesnt bother me much when I hold one, and it will resolve itself eventually..
Hey Luc. Amazing content you have here.
Have been following for some time and have read many of your comments and posts to get some understanding of your point.
I would appreciate if you could spare a moment to share an answer for my question.
I understand that you make the profit of dips by getting in them where it is "safe", but I just had a look on all the coin's in this post (AMP,BSD,PTOY) and it seems like they are all having a bad time few months later.
Is this such a common thing in crypto's where the coin might be trading volatile for a while and then just loosing it's steam? Is it worth then looking back in to the coin once it has dropped to all time low's or just rather move to the next one?
Appreciate your content,
You want to always calculate your odds for every trade.. If a coin has not been respecting its bases, then you should avoid it.. however, coins that are making new lows are often your best opportunities.. So you really have to mark up those charts and get a good feel for what is a base and what is panic on the coin you are checking.. I would have no problem trading AMP/BTC as an example.. I like the chart