Forget everything after studying the chart
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(BTCUSDT 1D chart)
The key is whether it can rise along the trend line (2).
When a new candle is created, it is necessary to check whether the StochRSI indicator enters the overbought zone.
The zone marked with a circle corresponds to the important support and resistance zone.
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(BTCUSDT.P 1D chart)
When the Mid (50) line is created, whether there is support near it is the key.
The Mid (50) line is a position conversion line, so the trend is likely to be formed depending on whether the price is maintained above or below the Mid (50) line.
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When I learned about patterns while studying charts, I was amazed and thought I could stop studying charts.
However, as I traded, I realized that patterns are just the past appearances of charts.
You should forget all the studies you have done on charts after you finish studying them.
Otherwise, if you try to apply what you have studied to the current chart, you will likely end up analyzing charts or trading incorrectly.
So why should you study charts?
I think it is the same as studying in school as we grow up.
It is not necessary when you are living in real life, but it is the same reason you should study them.
Therefore, if you have studied and understood the arrangement or patterns of candles, forget them all.
If you are stuck in the framework of knowledge gained from studying charts, you may try to fit the pattern rather than respond to real-time movements.
Then, it may become a trade that you regret.
- How well you indicate support and resistance points,
- How much you trust those points,
- How much you can create a response strategy for those points are the things that remain after studying charts.
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Have a good time.
Thank you.
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- Big picture
It is expected that a full-scale uptrend will start after rising above 29K.
The section expected to touch in the next bull market is 81K-95K.
#BTCUSD 12M
1st: 44234.54
2nd: 61383.23
3rd: 89126.41
101875.70-106275.10 (overshooting)
4th: 134018.28
151166.97-157451.83 (overshooting)
5th: 178910.15
These are points where resistance is likely to occur in the future.
We need to check if these points can be broken upward.
We need to check the movement when this section is touched because I think a new trend can be created in the overshooting section.
#BTCUSD 1M
If the major uptrend continues until 2025, it is expected to start forming a pull back pattern after rising to around 57014.33.
1st: 43833.05
2nd: 32992.55
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Note
The point to watch is whether it can rise while receiving support within the box range of the HA-High indicator (62856.30-65618.80).
Note
#NAS100USD
It seems that the slope of the StochRSI indicator has changed.
Therefore, the key point is whether there is support near 20313.8.
The point to watch is whether it can rise with support within the box range of the HA-High indicator (19804.7-20792.0).
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If there is additional rise, we need to check whether there is support near the BW (100) line.
In order for the BW (100) line to be created, the BW indicator must touch the 100 point.
Touching the 100 point means that the strength of the rise is the highest.
Currently, the BW indicator has not touched the 100 point, so the previous BW (100) line continues to this day.
So, we can see that the current uptrend is weaker than before.
If it goes down, we need to check whether there is support near the Mid (50) line.
Note
#BTCUSDT
#BTCUSDT.P
Except for the price difference, the only difference between the BTCUSDT and BTCUSDT.P charts is the Mid (50) line.
Therefore, we need to check for support near 62839.8 on the BTCUSDT.P chart.
In order to maintain the uptrend, we need to keep the price above the M-Signal indicator on the 1D chart.
The StochRSI indicator is showing signs of entering the overbought zone.
Accordingly, even if the price rises, it is likely to fall over time, so we need to take countermeasures.
It is psychologically good to start trading at the BW (0) and BW (100) lines.
If you start trading at any other line, you will feel psychologically burdened, so you need to trade short or respond quickly.
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When touching the 5EMA on the 1D chart, the M-Signal on the 1D chart, and the M-Signal on the 1W chart, there is a high possibility of volatility, so you should think about how to respond to this.
Note
If you have shared the chart and it is displayed as a line chart, please leave a comment. The reason is because of the volume candle chart, so I will publish it as a regular candle chart in the future.Note
#SOLUSDT.P 1D
The 5EMA on the 1D chart, the M-Signal on the 1D chart, and the M-Signal on the 1W chart are showing an upward trend while converging.
At this time, the Mid (50) line is showing an upward trend.
Therefore, when a new candle is created, whether there is support near the Mid (50) line is an important issue.
If the price rises further and the BW indicator touches the 100 point and the BW (100) line is created, you should seek a response plan depending on whether there is support at that point.
Since the StochRSI indicator is showing a trend of rising to the overbought zone, it will face downward pressure as time passes.
If it falls, you should check whether it is supported near 147.645.
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(1M chart)
(1W chart)
(1D chart)
This chart is a chart created for trading on time frame charts below 1D charts.
Therefore, there is no need to mark support and resistance points on 1M, 1W, and 1D charts.
However, while applying it to this chart, draw BW (0), Mid (50), BW (100) lines on 1M, 1W, and 1D charts to mark support and resistance points and utilize them.
You can understand the charts a little faster.
Note
BW v1.0 and BW+ indicators are the same indicators.
BW v1.0 indicator was added to check the actual movement as a secondary indicator.
The StochRSI indicator was added here to increase its usability as a secondary indicator.
BW+ indicator is an indicator that displays a line near the price candle according to the movement of the BW indicator.
It was created so that trading can be conducted using the lines displayed in this way as support and resistance points.
This BW indicator is an indicator that comprehensively evaluates and displays MACD, DMI, and OBV indicators.
Comprehensive evaluation will make the movement displayed according to the trading start method of each indicator.
Therefore, it can be said to be an indicator specialized for trading.
However, since the general trend cannot be ignored, the M-Signal indicator of the 1D, 1W, and 1M charts was added to allow for an intuitive understanding of the overall trend.
The 5EMA line of the 1D chart, which is useful when conducting day trading, was also added.
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Anything created by someone else requires a long period of confirmation to be used for yourself.
Even if you understand the creator's intention accurately, you cannot use it properly without an actual adaptation period.
This is when you need Paper Trading.
You can adapt your trading strategy by conducting Paper Trading on this chart.
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