⚡️ Crypto Insights ⚡️ #1What people tend to miss is the bigger picture.....
Let us look at the overall trend in the crypto space, which yesterday broke to ATHs. It is looking extremely strong with an uptrend on the weekly chart and a convergent MACD. For me this shows real strength, not just in BTC but in the whole crypto space.
It is a common misconception that ATH are a bad place to be getting into a market... yes it is a time to be cautious but it also shows incredible confidence and strength!
Crypotcurrency
Position 000008 Has Been Closed With 26.56% ProfitSince march 2018, 9 positions have been closed, all 9 positions have been closed with profits.
9 WIN - 0 LOSS
DISCLAIMER:
I'm not a certified financial planner/advisor nor a certified financial analyst nor an economist. I'm not a finance professional through formal education. Trading is just one of my hobbies!
The Trading Signal of my Crypto Trading System is not a financial advice, there is no guarantee that you will make profit from my Trading Signals. Crypto trading is very risky, so don’t trade with money you can’t afford to lose.
Important Candlestick Pattern Definitions!Hello followers and other TradingView users!
In this topic, I would like to describe some candlestick pattern to find confirmation on the strong price levels!
"Engulfing"
The Engulfing pattern is a two-candle reversal pattern. A reversal pattern that can be bearish or
bullish, depending upon whether it appears at the end of an uptrend (bearish engulfing pattern) or a
downtrend (bullish engulfing pattern). The first day is characterized by a small body, followed by a
day whose body completely engulfs the previous day's body and closes in the opposite direction of
the trend.
"Railroad Tracks"
A bearish railway track pattern has the first candlestick bullish and the second candlestick bearish.
That fact that there’s a sudden change from bullish to bearish candlestick should be a good indication
that there might be a bearish trend forming. If you see it on the levels of resistance or downward
trendlines the more powerful it is!
"Morning Star"
The morning star is a bullish, bottom reversal pattern. It warns of weakness in a downtrend that could
potentially lead to a trend reversal. The morning star consists of three candlesticks with the middle candlestick
forming a star. The first candlestick in the morning star pattern must be a red candlestick with a relatively
large real body. The second candlestick is the star, which has a short real body that is separated from the
real body of the first candlestick. The star does not need to form below the low of the first candlestick and
can exist within the lower shadow of that candlestick. The star is the first indication of weakness as
it indicates that the sellers were not able to drive the price close much lower than the close of the previous period.
This weakness is confirmed by the third candlestick, which must be green in colour and must close 50% above from the body of the first candlestick.
"Evening Star"
The Evening Star is a bearish, top trend reversal pattern that warns of a potential reversal of an uptrend. It is the opposite of the Morning Star and,
like the morning star, consists of three candlesticks, with the middle candlestick being a star. The first candlestick in the evening star must be green in
colour and must have a relatively large real body. The second candlestick is the star, which is a candlestick with a short real body that does not touch
the real body of the preceding candlestick. The star can also form within the upper shadow of the first candlestick. The star is the first indication of weakness as it indicates that the buyers were
unable to push the price up to close much higher than the close of the previous period. This weakness is confirmed by the candlestick that follows the star.
This candlestick must be a red candlestick and must close 50% above from the body of the first candlestick.
"Hammer"
The Hammer is a bullish reversal pattern, which signals that an asset is nearing a bottom in a
downtrend. The body of the candle is short with a longer lower shadow (wick) which is a sign of
sellers driving prices lower during the trading session, only to be followed by strong buying pressure
to end the session on a higher close.
"Shooting Star"
A shooting star is a bearish candle with a long upper shadow, little or no lower shadow and a small
real body near the day's low. It comes after an uptrend. For a candlestick to be considered a shooting star, the formation
must be on an upward or bullish trend, and the distance between the highest price for the day and the opening price must
be more than twice as large as the shooting star's body. The distance between the lowest price for the day and the closing price must be very small or nonexistent.
The important of Pin bar/the Candle With a Long Wick The important of Pin bar/the candle with a long wick
If you are wondering, on which candle or bar has the best degree of accuracy, I'd vouch for the pin bar/the candle with a long wick.
Example, If we long pin candle/bar in D1 timeframe, that means, we had a very strong/tough tug of war going on between the bulls and bear forces during the day and someone has come out as a win.
It is the signs of unbalancedness in the market and the traders only made money when the markets have become imbalanced. The longer the pin the stronger, the trend will be.
During the day, if we have a candle with the long wick/tail at the lower level, it shows that bull has come in "at the low" and push up the price up.
See (Tweezer Bottomings are spotted) in the chart.
So, pay extra attention to a potentially profitable trade whenever a long pinbar appears.
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Sonic
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