Why I recomend 1hour candle charts, if your a new trader..
So I want to discuss the old videos that im linking to this blog, and why its important to stick to my safe method. Im really not sure how many of these older videos I will upload to my new YouTube channel, because much of the subject matter is trading PennyStocks and I dont want to confuse or distract my followers with more than one strategy..
A two month 1hr candle chart is all you really need in cryptos, and its the safest method.
What moves price part 1
What moves price part 2
Thanks for watching and I hope you find these videos helpful in making safe profitable trades,
Luc
Hey man, just came across your post here. And I want to say thanks!! You are one of the first people I ever watched on YouTube about trading. "Look for the arguments" haha
It helped me out a ton and I've since done fairly well at trading. Still a novice though, and the last couple weeks has been a bit harder. But I keep plugging away.
Always enjoyed your videos though. Super informative. Easy to understand. I didn't realize it was you until I scrolled down your post and was like, "I know that guy"
Awesome, Im my videos helped.. This is only the begining, as more and more people enter this market, and more and more big coins get developed, its going to get even better trading here.. I am planning to leave the stock market eventually and trade only coins.. Its a little to quiet still, but soon.
Anyway, thanks for the vote and comment.
Hi, Just thought i'd share a few of my trades on VOX.
Happy Trading!!
WOW, that is perfect.. it looks almost identical to my chart and buys and sells.. Brilliant!! good job!!
Why the first buys at that level? Is it following the base strategy? I can only see the last one logic, with the third one being maybe the bottom of the dip.
I am very new to this, so im by no means do i know exactly what i was doing in the first few trades.(or even now, there is still so much to learn!) I started watching Luc a few months ago. Its taken a while to get the emotion out of trading, FOMO and just trade by the charts . I was just showing that I actually made some decent trades and made a little $. I think I got lucky on first two buys that the bounce was so big.
Excellent trading there! Some solid news came out today about VOX on Twitter. I'm sure that was the driving force for the sudden increase of buys coming in. Congrats!
I have a question about orders being executed. I have tried setting orders over night just to have the bars run through them and stay in the queue when I wake up. Then this morning I wanted to buy something for $20 but they wanted BTC so I popped over to make a trade and it doesn't execute.
How do I ensure that my orders will execute regardless of size? Is there any sizing that I should be looking at?
PS - Really like your videos and posts, I'm learning a lot about reading charts that I haven't had any luck with in the past.
You have to get familiar with level 2 and time and sales data .. its the tab over from trade on your coinigy platform.. if your in the bid and the price passed your bid you will get executed.. They dont skip prices, especially not Kraken exchange.. I would just review when you entered your order and what prices past through the time and sales since you entered your order.. But i have never seen any of my orders ever get skiped
I've been wondering about something since I read one of your comments, are your bases at the end of the long wicks or the candles themselves? It seems that it's around the lowest point of the wicks, but you mentioned once that the order book on the coin can be thin, so the base isn't really at the bottom of a long wick. Or is it coin dependent?
yeah it depends on the situation.. sometimes a drop might sit there for 15mins and then bounce back up.. so on a one hour candle you cant tell that it was a thin book or an actual base that took 15-20 mins to bounce.. So you have to look deeper than 1hour candles if you want to make the call.. but if its a really long tail, then I would think you mark your base a little closer to the body.. if its a short tail than you can just mark the bottom..
This is a very insightful post, thanks for the awesome content! I have been around Steemit since May, 2016 and was looking for solid trade related content before I came across your account. I definitely think that looking at 1hr candles is a great strategy for beginner traders.
Thanks for the support.. Although I do trade the stockmarket, I am working hard to make plenty of video resources here for everyone to see how to trade coins safe and very profitably. Eventually Coinigy or some other platform will get a coin market scanner.. When that day comes, I may move right out of stocks for good. A scanner would increase my trades in crypto by a big factor. At that point I will likely do a daily video recap, explaining all my daily trades or figure out a way to alert them as they happen.
Sorry for the noob question but what's a scanner? And why is it such a game changer?
if you look at the top of Coinigy in Apps you will see that there is a market scanner in the works, they say coming soon. No human can keep an eye on every coin all at once, but a scanner can.. you can set up your scanner to watch for exactly what your looking for, across the whole market.. then when the conditions you inputed are met, it alerts you.. as an example, i would tell my scanner to watch for coins that trade a min of $5,000 a day, and that dipped below a 3 day low.. then everytime that happens on any coin I would get an alert and could see if its in a panic dive and if the chart is good.
Ah wow that sounds pretty damn cool and def sounds like a way to take your trading to a whole new level.
Yeah, if we get a scanner then I will start a chatroom, so that I can alert everyone as my trades are happening.. because with a scanner I would just move from the stockmarket to this market and trade here fulltime .. A scanner would give me trades all day long.. so everyone should request that scanner from Coinigy so they get working on it..
Luc, I know this is totally off this subject, but there is so much talk about the SegWit softfork. People are suggesting to pull your Bitcoin and wait for the smoke to clear. Any thoughts? Thanks.
I have no idea whats gonna happen.. I cannot see them Hardforking bitcoin.. but as a precaution I will pull all btc off the exchanges and have it all safely in cold wallets.. so that if there was a fork I would get double coins.. as far as a soft fork, some exchanges might freeze trading for a few hours.. no biggie
Luc, does this comment you made have any bearing on "Investment" coins that you're long on, that are tied to BTC? I have a descent investment portfolio - all tied to BTC and the talk of the fork concerns me.
Nope, im not going to liquidate anything.,. only going to hold my actual bitcoin off the exchanges for a few days around August 1st.. then put btc back on the exhanges afterwards.. You can make a case that everything is tied to BTC, if it dives the whole market dives... so there isnt really any point to mess around with all the coins prior to the forking... I just want to have double coins in the rare chance that they hard fork and some exchanges might only support one chain and since they hold your private keys your stuck with the chain they support..
My account should be funded and running on Kraken well before Aug 1st, as a new trader should I wait till after Aug 1st to start trading? Not sure what hard or soft forking even means, and if Bitcoin does take a dive the whole market will go with it for a while right?
I really cannot imagine a hard fork.. while I will take precautions, I dont think it will happen.. and as long as its just the soft fork, everything will probably go up, because the fear in the market will be over.. everyone is just worried about this forking.. many traders will likely move there money off exchanges or into other coins.. its really hard to know whats the best plan.. but yeah after august 1st things could get really good
Sitting out is a good call if you are not familiar with the technical background. On the 1st of August there will be some nodes on the main net which will change their protocol, the general test the proposing team did a couple of days ago was a complete mess (the test net split in 2 chains). If you think this can happen, then for sure it's better to sit it out. As an example you can look into the origin of ETH/ETC, much of the reasoning that were done back then can be applied also now.
So, where is a good place to park your BTC? I don't have a cold storage device.
Hi epic posting as always :) I can see you bought eth/usdt at 196 or something and the little base is about 5-6% higher 205 or something. Do you trade eth with 5-6% cracks or does it have something to do with recent gapup and coming back to support. Do you plan to sell most that crack at 205? I would like to trade eth more efficiently so I am asking. Do you trade other than eth with usdt? I would like to learn little but your stucture also. You said you have large usdt bankroll waiting for big crack. How much of you usdt bankroll you trade with that 5% crack and how many % at 10 % crack. Just estimation so I am not way off. How many % you always have just in case for super panic sells like eth at 120. Thanks
Yeah i can see that those green arrows are deceptive.. That 196 buy was just a nibble.. where as I would normally trade 10 ETH or more here an there per entry, and alot more if it panic dives below 170.. I satisfy my need to buy some under 200 by buying nibbles here and there of just 1 or 2 ETH at a time.. but yeah it messes up my charts.. but I have a hard time resisting buying some of every pullback.. Its because ive been a daytrader for so long, i get impulsive on those pullbacks, so i play with it, but it does not help keep a clean chart..
Sorry I wish i could erase insignificant buys and only keep the serious ones.. But it was a slow day, and i was getting impatient..
Right now i have atleast 40% of my capital free in USDT for a panic dive.... and there is no formula for layering.. i just play it by ear,, if it drops fast, i get in heavy fast.. if it takes hours to panic lower, then i get in little bits every few hours..
A question about those very sharp wicks and alerts. I set an alert for EOS/USD on Kraken for 1.55280, however there was a real sharp dive today and you can see the wick go all way down to hit the low of 1.5200000. So it cracked slightly lower than my alert for a brief period in time, however my alert never went off?!?
Do alerts go off if the price only drops below them for such a short amount of time? And if I had an actual buy order down there would the buy have been executed? Kinda weird.
I see some cracked bases in that EOS chart earlier in July that have still not bounced back to support. I feel like this chart is one to stay away from for the time being. Even though the most recent base bounced.
I think your volume might be off or you messed up the alert somehow.. because they always work for me, everytime.. I havnt seen one not work, ever... very strange that yours didnt go off.. maybe set some up close, so you can witness them working..
Every other one has always worked for me too, that's why its odd that this one didn't, going to keep a close eye going forward.
it does happen... even if your odds of success are 95%, then 5% will give you trouble.. but its not over.. it may still bounce.. just dont add to the loser
Definitely agreed with this on several points, but in the end. Time Frame analysis is key. You look at the bigger time frames and work your way down, looking for them to be congruent in trend/move.
That's right the higher time frames usually reflect the real market bias and most of what is seen in lower time frames are market noise, wish newbies can make sense of that!
Hi luc !, thanks for the videos I am a beginner and I have a doubt: in the following chart, I draw two bases in blue, and then another in yellow.
According to I understand the ideal would be to buy in the blue circle but that time has passed, but which of the two options would be the best?
The most important part of that chart is that the price didnt bounce back to the previous base, on the earlier bases.. so that means there is extreme weakness showing on that chart, and so I wouldn't trade it. I would find another chart thats safer.. unless you really really want to own AMP and you dont care if it falls further.. .. but please watch my previous video on Support and Resistance to get a clear picture of where to draw your safety circles..
Btw.. I am stuck in AMP now because of those crappy no bounce bases.. But I wont sell ofcourse until i get my bounce.. but I also wont buy it either, now that the chart has gone bad..
IM right there with you Luc, I made several buys on the downward trend and didn't bounce. I think I should have sold on the 93 bounce and would have broke even.
disappointing, but it may still bounce.. atleast im not going to throw more money at it