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?
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.
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..
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 ;-).
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.
Hi Luc, you had a video a while back where you discussed a large loss you had. When getting into a trade in multiple locations, at what point do you actually just kill the trade and take a loss? This could either be due to less of a rebound occurring than expected, or possibly price just running against you too fast too far. Do you have any guidelines as to WHERE you would layer in on a given move?
The large loss you are refering to was news that came out, that was unexpected and changed everything.. News always trumps everything... But that loss was in pennystocks, which are dangerous.. Often I will get unexpected news like: they are disolving all shares and they will be worthless, or the company that I am trading has commited fraud and has no value. News like this cannot be traded.. and everyone scrambles to get out, while they still can.. In this type of situation, I just take the loss and move on..
However if your wondering about a trade going bad in cryptos, I would have to say, its not the same situation... My rule is no stops, no bailing, I just exit on the next bounce, regardless of its a loss or a win.. always sell on the next bounce, and even if you do take a loss, you will likely, in a few minutes or hours be saying: Omg, it bounced all the way back up without me, and i got scared and took a loss that I didnt have to.. Ill discuss trades gone bad in an upcoming video.
This is kind of a big deal. Every trading book says how important money management is and to cut the losers quickly and let the winners run, but true to form, you do something different!
Yup. .. there are sooo many trading systems out there, and books .. Indicators, Fibonacci, patterns (head sholders, w pattern) and so forth..
I just try to explain why price moves the way it does. How people react to surprises and fear. Where to buy based on reading the chart, not predicting the future. Im a daytrader, so I am used to making fast decisions based on price movement, and naked charts.. No hokie pokie forcasting baloney.
Nope, I dont use stops.. ever.. Ill talk about stops in an upcoming video and discuss how to get out of a bad trade... But since I rarely see a bad trade, its not a big deal if I ever get in one ..
I am a newbie and i must say this video, after watching has got me fired up.Can't wait to see more videos where you are going to be explaining different scenarios.Also, i would like to know, on a daily basis, how do you decide what coin you are trading or looking up its charts, like what are the things to look at before considering reading up the charts of a coin.Thanks for the good work you're doing
Thanks for the answer, but stuff like GDAX where people lost a lot of money because their ETH was sold for 0.10 Cents, was because they havent used stop limit? Im not sure. How can I prevent that from happening.
Oh my, where to start..
well, first, thats a crazy flash crash that is rare..
second, if you did buy a dip off that broken support, you would be quite happy no matter where you bought because the price returned right back to $300 in a few minutes.. But if you had set a stop you would have gotten stopped out at a low price and would be crying in your soup.
Third, you never get too big in any position, so if the unthinkable ever happens you will still be ok.. only trade 10% of your account at any given time if your worried about getting struck by lightning.
Another member commented on your new intro post that he has your old channel videos on file. Would you be ok with him or youself releasing those videos? So much knowledge got wiped when you took the channel down
I havent been this excited to learn about something in a long time. Thank you Luc
Yes I would love to get some advice on sell opportunities as well.. Let's say i've mastered the base.. How do I know when to exit before it give a much more bigger crack ?
USDT is an alt coin that is virtually "tethered" to USD fiat, with very small price fluctuations. Currently USDT is valued at $1.02, so technically its more valuable than USD. I use USDT as a way to leave the market without converting back to fiat. https://tether.to
Great video and post Luc, thank you for creating content once again. I'd love to see a "just the facts" video, a pure logic approach that streamlines the decision process for those of us who have a good grasp on probability and variance. I come from a statistical analysis background yet I have never been an active trader before now - your content is helping me move in the right direction. Thank you! (PS: This is also my first steemit post!)
)you talk about how you got out before the peak and the price continued to rise. I'm curious, if you are sitting there watching it rise, can't you hold out until the exact moment it looks like it is going to slow down and dive? Or is it too risky to hold?
Sorry. text got mixed in with the code or something. here is my comment: "Hey Luc, at 21:19 in the video you talk about how you got out before the peak and the price continued to rise. I'm curious, if you are sitting there watching it rise, can't you just hold out until the exact moment it looks like it is going to slow down and dive? Or is it too risky to hold?"
You cannot predict the future, and its like a hot potato, when your up big profits, thats why I like to start selling along the way.. but at some point I just give in and sell out sometimes.. things change fast in cryptos and there is always another trade about to show itself.. i just book profits and continue.. if you wait and it turns you will change and take some profits quicker next time.. So no, there is no way to predict the tops.. impossible..
Hi Luc. Could you please help me. Review this chart and drew the main Support Resistances in the past. It is interesting that the current price reacts to this levels. I have not enough time because my job so I set some alerts in the possible SR levels because the price could fall in some candles and not in one big panic. I am doing the same with all the coins that you recommended in your videos. Thanks for your help https://www.coinigy.com/s/i/595c5e79babc7/
First of all.. I dont care about resistance levels.. They dont play into my trading method... Secondly, I dont really worry about way way past support levels either.. I really only care about the current near term support.. (I will admit that old support levels often do end up being support months later if the price returns, but its very unecessary to draw them in.. all you need to figure out is where is the support over the past few days.
Im going to re-watch the video again. I dont know if i missed it but, how do you sell at the best possible price? you mentioned to buy when the buyer support is broken and 'surprise' in layers. Do you sell when they rise back up and break the resistance? do you sell in layers too?what about the huge climbs? how'd you predict them? or do we just have to set a percentage goals and be content with it?
Great video. Thank you for taking the time to explain your trading methods. I can't wait for more videos. I hope I will soon know how to read charts without any difficulty.
Hi Luc, awesome and informative video. I just have 3 quick questions:
Would you advise waiting until August 1 before making any major trades?
Does this strategy work on Bitcoin?
Can you check my supports? I drew some that didn't lead to profits (at least right away) and I was hoping you could explain why they're not correct https://www.tradingview.com/x/jnbe51A8/
I have no idea what will happen on Aug 1st, so its hard for me to recommend any action. However I will be keeping my BTC safely tucked away in cold wallets.. So yeas as we get closer to that date I will trade less size.
It works as well on BTC as it does on ETH.. flawless charts
Every base you drew on that chart gave you a panic and bounce back the base.. so Im not sure what you meant by not correct? I think you did pretty good with drawing bases.. I mean there are alot of bases missing.. but you drew some good ones..
I'm not trying to be nitpicky with your strategy, just playing devil's advocate: but when it broke line 5 it never seemed to resurface... Also, is there a maximum holding time?
I drew some yellow lines to show the crack and the bounce back to the crack.. your line 5 was not quite at the low of that base .. but you can see that it bounced back to that base.. As far as holding time, when your working off 1hour candles, then you should expect it to take a few days to return to the base.. however I often get a profitable trade in an hour or two... and then im reloaded to buy again..
This is a great stuff to learn for a completely TA newbie like me.
So far my investment in crypto are purely based on fundamentals.
I've done quite well only because the market on average are going up and almost all of few crypto I'm investing in breakout in prices.
But your simple TA trade rules made me see the potential I can achieve in crypto.
Thanks a lot @quickfingersluc
I'm glad I stumble upon your posts on Steemit
Keep posting stuff here
It helped me a lot
I'm sure it did the same to many others too :)
What chart style are you using? Started my trial and I can't get them to look like yours? All I can get is very blocky candles sticks while yours look smoother and more like a constant line.
Hi! I started watching your videos. I'm going to do some base assignments of my own right now. I just wanted to point out that Eth - BTC doesn't reveal much base unlike Eth - USD. Do you usually use conversions that shows good amount of volume in the candle sticks when trading?
I started with cryptos a few weeks ago and have been really enjoying your youtube videos on trading. Really well explained and encouraging. Thanks for going to the effort to make these.
Do you mind checking have I got the bases correct in the ETH/USD chart attached. I made 4 buys yesterday and overnight, the yellow x's - do they look placed alright? Not sure should I place one buy order at a time or add if/as they get filled.
I have placed 2 sell orders - do they look ok or should they be higher?
It looks like there is a recent base and it might drop further first but I'm all bought up for now.
Much appreciate any pointers and thanks for the great videos - great stuff man! I have watched the ones you made during the Summer and will watch the more recent ones next.
Hi, I have been trading for about a year, but I did not know you a year ago, I know you now. I hope you are still active in your tutelage. I have a feeling that in the near future you will see an influx of late-early adopters :D ... thanks for all your efforts.
Good to see you back on YouTube
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.
Hi Luc, you had a video a while back where you discussed a large loss you had. When getting into a trade in multiple locations, at what point do you actually just kill the trade and take a loss? This could either be due to less of a rebound occurring than expected, or possibly price just running against you too fast too far. Do you have any guidelines as to WHERE you would layer in on a given move?
The large loss you are refering to was news that came out, that was unexpected and changed everything.. News always trumps everything... But that loss was in pennystocks, which are dangerous.. Often I will get unexpected news like: they are disolving all shares and they will be worthless, or the company that I am trading has commited fraud and has no value. News like this cannot be traded.. and everyone scrambles to get out, while they still can.. In this type of situation, I just take the loss and move on..
However if your wondering about a trade going bad in cryptos, I would have to say, its not the same situation... My rule is no stops, no bailing, I just exit on the next bounce, regardless of its a loss or a win.. always sell on the next bounce, and even if you do take a loss, you will likely, in a few minutes or hours be saying: Omg, it bounced all the way back up without me, and i got scared and took a loss that I didnt have to.. Ill discuss trades gone bad in an upcoming video.
This is kind of a big deal. Every trading book says how important money management is and to cut the losers quickly and let the winners run, but true to form, you do something different!
Yup. .. there are sooo many trading systems out there, and books .. Indicators, Fibonacci, patterns (head sholders, w pattern) and so forth..
I just try to explain why price moves the way it does. How people react to surprises and fear. Where to buy based on reading the chart, not predicting the future. Im a daytrader, so I am used to making fast decisions based on price movement, and naked charts.. No hokie pokie forcasting baloney.
Thanks those videos help a lot. Are you using the StopLimit Sell function on coinigy? Im not sure how it works.
Nope, I dont use stops.. ever.. Ill talk about stops in an upcoming video and discuss how to get out of a bad trade... But since I rarely see a bad trade, its not a big deal if I ever get in one ..
I am a newbie and i must say this video, after watching has got me fired up.Can't wait to see more videos where you are going to be explaining different scenarios.Also, i would like to know, on a daily basis, how do you decide what coin you are trading or looking up its charts, like what are the things to look at before considering reading up the charts of a coin.Thanks for the good work you're doing
Thanks for the answer, but stuff like GDAX where people lost a lot of money because their ETH was sold for 0.10 Cents, was because they havent used stop limit? Im not sure. How can I prevent that from happening.
Oh my, where to start..
well, first, thats a crazy flash crash that is rare..
second, if you did buy a dip off that broken support, you would be quite happy no matter where you bought because the price returned right back to $300 in a few minutes.. But if you had set a stop you would have gotten stopped out at a low price and would be crying in your soup.
Third, you never get too big in any position, so if the unthinkable ever happens you will still be ok.. only trade 10% of your account at any given time if your worried about getting struck by lightning.
Hey Luc,
Another member commented on your new intro post that he has your old channel videos on file. Would you be ok with him or youself releasing those videos? So much knowledge got wiped when you took the channel down
I havent been this excited to learn about something in a long time. Thank you Luc
Nice video. What's your strategy for identifying sell opportunities? Can you do a video?
Yes I would love to get some advice on sell opportunities as well.. Let's say i've mastered the base.. How do I know when to exit before it give a much more bigger crack ?
Keep it up Mr. Luc!!! Very informative videos and posts!
One day when I grow up I want to be like Luc!
Luc is the man!!!
Do you think this is just working with ETH/USD or can you figure out the bases and trade with ETH/BTC as well this way?
Is USDT considered a normal altcoin?
USDT is an alt coin that is virtually "tethered" to USD fiat, with very small price fluctuations. Currently USDT is valued at $1.02, so technically its more valuable than USD. I use USDT as a way to leave the market without converting back to fiat. https://tether.to
Yeh it will be fine with any crypto with enough volume paired against BTC
Yup, it will work the same, there are many traders who only use BTC as their base currency to pair.
This was the most helpfull video i' ve seen so far.. (not that i' ve seen a lot, but still) thanks.
Hey, thanks, glad it helps.
Great video, I myself have been doing some Ethereum trading, super profitable!
Yeah, I've been using a technique similar to this one. I got on the EOS train and today has been nuts.
Great video. Upvoted., and subbed on your youtube channel.
Please do an in depth video regarding identifying the base.
That would be great. If I watch your video it all seems pretty obvious but when I try to do the same with the ETH/BTC chart I'm really not sure 🤔
Hey Luc,
I really appreciate what your doing.
Any chance that you will create a video on how to properly set up your Coinigy and linking everything togther? Thank You!
Great video and post Luc, thank you for creating content once again. I'd love to see a "just the facts" video, a pure logic approach that streamlines the decision process for those of us who have a good grasp on probability and variance. I come from a statistical analysis background yet I have never been an active trader before now - your content is helping me move in the right direction. Thank you! (PS: This is also my first steemit post!)
Awesome, i feel more confident in when to buy now. Could you please share how to determine a good time to sell
Hey Luc, at 21:19 (
)you talk about how you got out before the peak and the price continued to rise. I'm curious, if you are sitting there watching it rise, can't you hold out until the exact moment it looks like it is going to slow down and dive? Or is it too risky to hold?for some reason i cannot see your text in this post... i think you wrote your question, without leaven a space between your link and comment.. i dunno
Sorry. text got mixed in with the code or something. here is my comment: "Hey Luc, at 21:19 in the video you talk about how you got out before the peak and the price continued to rise. I'm curious, if you are sitting there watching it rise, can't you just hold out until the exact moment it looks like it is going to slow down and dive? Or is it too risky to hold?"
You cannot predict the future, and its like a hot potato, when your up big profits, thats why I like to start selling along the way.. but at some point I just give in and sell out sometimes.. things change fast in cryptos and there is always another trade about to show itself.. i just book profits and continue.. if you wait and it turns you will change and take some profits quicker next time.. So no, there is no way to predict the tops.. impossible..
For me it would be usefull how i can use this tool. like how to set up an trade. now i have connected my bittrex api with coinergy.
Wow, this video was so informative! Its really exciting how consistent your method is with ethereum. Perfect for a noobie like me.
Hi Luc! Which exchange do you recommend is best to sing up with in order to trade Ethereum?
Poloniex or Bittrex is my favorite, and they both A.P.I with Coinigy
Great Video.. This was super helpful.. I am a subscriber for sure, keep the great videos coming !!
Hi Luc. Could you please help me. Review this chart and drew the main Support Resistances in the past. It is interesting that the current price reacts to this levels. I have not enough time because my job so I set some alerts in the possible SR levels because the price could fall in some candles and not in one big panic. I am doing the same with all the coins that you recommended in your videos. Thanks for your help
https://www.coinigy.com/s/i/595c5e79babc7/
First of all.. I dont care about resistance levels.. They dont play into my trading method... Secondly, I dont really worry about way way past support levels either.. I really only care about the current near term support.. (I will admit that old support levels often do end up being support months later if the price returns, but its very unecessary to draw them in.. all you need to figure out is where is the support over the past few days.
Excellent. I watched your new video. Now it is clear for me. Thanks.
Excellent video and this is encouraging me to go ahead with this.
Amazing info! Im new to trading, do you use coinigy for trading? i think i need to invest in it and learn how to set alarms.
yes, Coinigy is my trading platform.
Im going to re-watch the video again. I dont know if i missed it but, how do you sell at the best possible price? you mentioned to buy when the buyer support is broken and 'surprise' in layers. Do you sell when they rise back up and break the resistance? do you sell in layers too?what about the huge climbs? how'd you predict them? or do we just have to set a percentage goals and be content with it?
Sorry I got so much questions.
Great video. Thank you for taking the time to explain your trading methods. I can't wait for more videos. I hope I will soon know how to read charts without any difficulty.
249.53
Solid Base in ETH/USD on Bitfinex @ 249.53 awaiting to be cracked?
Does that work the same with ETH/BTC?
Happy to see you back man! Your videos are so helpful
Great video Luc!
Hi Luc, awesome and informative video. I just have 3 quick questions:
https://www.tradingview.com/x/jnbe51A8/
I'm not trying to be nitpicky with your strategy, just playing devil's advocate: but when it broke line 5 it never seemed to resurface... Also, is there a maximum holding time?
I drew some yellow lines to show the crack and the bounce back to the crack.. your line 5 was not quite at the low of that base .. but you can see that it bounced back to that base.. As far as holding time, when your working off 1hour candles, then you should expect it to take a few days to return to the base.. however I often get a profitable trade in an hour or two... and then im reloaded to buy again..
Hi, I'm just starting with cripto and I think your videos are going to be a huge help..
This is a great stuff to learn for a completely TA newbie like me.
So far my investment in crypto are purely based on fundamentals.
I've done quite well only because the market on average are going up and almost all of few crypto I'm investing in breakout in prices.
But your simple TA trade rules made me see the potential I can achieve in crypto.
Thanks a lot @quickfingersluc
I'm glad I stumble upon your posts on Steemit
Keep posting stuff here
It helped me a lot
I'm sure it did the same to many others too :)
What chart style are you using? Started my trial and I can't get them to look like yours? All I can get is very blocky candles sticks while yours look smoother and more like a constant line.
https://www.coinigy.com/s/i/599dfd0bdd17f/
Hi Luc, Do I have the idea? Thanks for your informative videos!
nope, sorry.. you have to watch more videos
Okay, I'll watch your Ethereum video again then.
Any additional advice? Just interested in the ethereum trading on this video.
The advice is to study the charts and take your own risks.
It's starting to make a little more sense
Hi! I started watching your videos. I'm going to do some base assignments of my own right now. I just wanted to point out that Eth - BTC doesn't reveal much base unlike Eth - USD. Do you usually use conversions that shows good amount of volume in the candle sticks when trading?
Thanks for the very educational video Luc. I've never known how to read these charts and now I do. Keep up the good work.
I started with cryptos a few weeks ago and have been really enjoying your youtube videos on trading. Really well explained and encouraging. Thanks for going to the effort to make these.
Do you mind checking have I got the bases correct in the ETH/USD chart attached. I made 4 buys yesterday and overnight, the yellow x's - do they look placed alright? Not sure should I place one buy order at a time or add if/as they get filled.
I have placed 2 sell orders - do they look ok or should they be higher?
It looks like there is a recent base and it might drop further first but I'm all bought up for now.
Much appreciate any pointers and thanks for the great videos - great stuff man! I have watched the ones you made during the Summer and will watch the more recent ones next.
Luc, would you trade ETH against BTC today? What pairs do you trade ETH with when no USD/FIAT?
Hi, I have been trading for about a year, but I did not know you a year ago, I know you now. I hope you are still active in your tutelage. I have a feeling that in the near future you will see an influx of late-early adopters :D ... thanks for all your efforts.
Im still here.. Im just not as actively putting out new videos lately.. I have a few things Im working on, as well as trading all day everyday...