How you can trade Ethereum and win on every trade!!! Wow EOS rocketing 178% today
I thought I would discuss Ethereum for a few minutes with everyone tonight.
I just want new traders to have a starting point where they could put a few trades on with confidence. And I can't think of anything safer to trade than Ethereum. So lets take a look at the chart together, and where I would put my buy orders.
Please forgive me for not being very proficient with the drawing tools on Coinigy, I always trade naked charts. I never even draw a line anywhere on a chart or use an indicator.
Also we will briefly talk about EOS, its big jump of 178% today.. Yet another ico that getting everyone excited.
Thanks for watching, and supporting my efforts with your Upvotes :) I will try to make some videos on the basics of trading soon. But I hope the content in this last video will inspire some new traders to see the huge potential in taking safe trades, and reading charts with my mindset.
Luc
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!