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TA Won't Save You, Automation WillI'm sharing my TA here mostly for learning purposes. I'm learning hard lessons with my own money. Yesterday i perfectly timed the last bounce within the bearish flag. Price went up as i predicted, however u-turned back down and hit so hard and so fast while i was asleep. Luckily, i've set a stop loss on the hourly close of the bottom of triangle at 53308.92. This meant my perfectly timed previous trade went busted and i had to swallow the loss. But, look at the price level now at $48.400. Had i not swalled that little loss, i could have been rekt now! Who could imagine this huge drop in just a matter of hours, slashing $50.996.15 in a snap. I might have not set a stop loss yesterday and got caught in this huge drop. Luckily i did. But more importantly i'm also using a trailing stop loss indicator, which calculates the stop loss continuously. If optimized correctly it will save you big time. Look at this one hour chart. The sell signal triggered one day before the so called blackout. Someone was selling before the drop and indicator did not miss it. This indicator is Twin Optimized Tracker by Anıl Özekşi and published by Kivanc Ozbilgic on TradingView. My TA saved me from this drop and the one before. But OTT would have saved me even earlier with prace of mind. Now i'm just waiting for OTT to put me back in the game. And one more thing, I have connected this indicator to my 3commas DCA bot. It will put me back in the game even when i'm sleeping. I don't need to do more TA work in order to figure out where the next dip is. I'll enjoy my brunch now!
Education
by BitcoinMillio18
2
Mitigating High Risk Long Positions with CoveringStop losses are an, often unwelcome, but ultimately necessary and life saving tactic to day trading. When going long, setting a high stop loss can be beneficial for getting out of bad trades quickly with small losses, and opening yourself up up more opportunities for good trades. Setting a low stop loss on the other hand, can be beneficial by greatly increasing your profit. Many trades that seem bad initially end up rallying and turning profitable. Generally speaking, the lower your stop loss, the higher your percentage of good trades. The downside to a low stop loss of course is that trades take longer, locking your funds up, and what if price actually hits your super low stop loss? You've lost a super amount of money. In my trading career so far, I've preferred a low stop loss. Losing out on a good trade due to a conservative stop loss is more painful to me than the risk presented by a liberal one. But this is a high risk to accept. Losing, say, 20% of my trading capital is definitely something I want to avoid, but not at the cost of a high stop loss. So, I can hedge my position, mitigate my risk, in one of a few ways. I can open a short position when I see my long position go south. Or I can engage in Dollar Cost Averaging: I buy more as the price falls to lower my average position size and ultimately my target profit. These are good options, but come with their own side effects. Opening a short position opens you up to risks associated with a short position, i.e. price suddenly shoots up. And Dollar Cost Averaging requires additional funds to keep buying. What else can I do? Enter "Covering". From Investopedia: "To cover is to take a defensive action to lower the risk exposure of a position" The graph attached here is a demonstration of Covering (the exact spots for buying/selling were picked hastily; this example is purely conceptual and an ideal situation). The basic idea is: when price begins to fall, sell it, just like a stop loss. However, unlike a stop loss, the intention is to buy back in at a lower price when price begins to rise again. This is like dollar cost averaging, because you're, in a sense, lowering your average position size. The difference is you don't need additional funds. This is also like short selling, because you rely on the price continuing to fall, but you haven't borrowed anything in order to benefit from this fall. As you can see in the diagram, as you sell and buy back, the amount of shares/coins/whatever you can afford off your initial capital increases, thus either increasing your profit if the trade hits the profit target, or decreasing your losses if the trade hits your actual stop loss. Here's how Ive been setting up my covers: When price begins to fall, I set a conditional market sell somewhere below the nearest support. If price falls to this level, I immediately sell everything Once I've sold all my shares, I set a trailing stop loss for the cover; I generally do ~1.2%. If, after I sell, price rises 1.2%, I buy back as many shares as I can with the money I got from selling earlier. Ideally, this trailing stop falls well below where I sold. Rinse and repeat until price either hits your original take profit or your original stop loss. Some things to note. Do not buy below your original stop loss! The purpose of this strategy is to respect your original decision, not make new ones . This is meant to mitigate a high risk situation, don't expose yourself to more risk in doing so. Also, you theoretically want to buy back above your original stop loss, even if it looks like it's going to fall through. Make your own call here, but by not buying back, you've essentially just changed where your original stop loss is, and thus changed your original trade decision. Of course, nothing is without its own risks. It's quite possible that you get stopped out for a loss every time you sell, i.e. you sold, price went up, so you buy back at a higher price to stay in the trade. This will eat into your profit if the profit target is eventually hit, or simply add to your losses if the stop loss is hit. From my point of view, that risk is less painful than the risk of hitting a low stop loss without covering. You theoretically give yourself more chances of being right with these micro trades inside of your larger trade, and if you get lucky, as is the case in my diagram, you might actually profit even if your original stop loss is hit. This strategy requires attention, for sure, but if you're both strategic and lucky, you can really save yourself from the downsides of a high risk trade without adding money to the pool, or exposing yourself to short selling risk.
COINBASE:COMPUSDEducation
by tapRoot_coding
1
BTCUSD - You like volatility? Over USD10,000 worth!BTC did a major turn overnight (or day for some people). Price collapsed suddenly for the unsuspecting. But for those who were watching ATRs, the warning signs were in plan sight. Only on Friday, I was saying to a colleague (not on Tradingview)," Something ain't right. You gotta have bottle to hold on to a peak like that ." (referring to the daily trend). The person said, " I'm holding on. " No problem. I don't tell people what to do with their investments. So I'll find out on Monday or Tuesday if my mate bailed out before that >$10,000 slide. I was actually about $14,000 from the peak and I say that's a lot. But some can spin that all different ways. Getting out of a good run is not an easy thing. You also need 'bottle' to be able to say " I'm at the top. Made enough. I'm out. " Why is it so hard? It's the thing that's hardly spoken about but which is the most important in trading. What's that? It's called ' individual psychology. ' That's about two main hidden enemies that bends minds. They're called ' greed ' and ' hope '. Few self-respecting traders will admit to another person, that they were greedy before bailing out. After losses it's easier to hold hands up and say, " Jeez.. I was too greedy. I should have bailed out. " Why is it so hard to spot the devious work of 'the enemies within' before bad stuff happens? Think about it and share your experiences if you want. Of course, some who got this far are wondering if I'm going to do a prediction - which is what 90% of trading models are about. I've said so many times before, that in trend-following " There is no need to predict anything! Because 'you're allowing the market to take you to it's destination and the market tells you when you're out. " Some will see the ATR switch on the 1H chart. It's two things: a) indication of probability to get out, if 'in the money' b) time to consider shorting with a decent stop loss. Where and for how long will the 1H trend survive? How would I know? I let the market tell me. It might end tonight. I don't care. But now is not really a great time to short. The key opportunity to bailout or short was around 05:00 GMT on 17th April 2021. Those who are still in the in the money and hadn't set a stop-loss are scratching their heads, with self-talk such as, " Should I get out now. Nah.. It'll probably shoot to $75,000 next week. " I call that guess work. I'm only showing the dilemma. If it goes to $75,000 next week, those folk will be punching the air. If it falls to $30,000 there will be a deafening silence from that lot. Just to be 100% clear. I am totally happy for BTC to go to $100,000 or more. I don't care where it goes. I care where a suitable trend is going. Some want to understand the probable 'fundamental under-pinnings' of the sudden price collapse. Well that's in the news: stuff about Turkey and India. But people who focus on that are missing far bigger probabilities. Note I didn't say 'predictions'. Bitcoin is likely to come under 'attack' from many nations over the next few months for similar reasons cited by Turkey and India. It doesn't matter if those reasons make sense to you. What's important is, " Who has the power ." Of course, what some will do is dismiss that Nations have the power to crush bitcoin - until it happens. I've said before that BTC is heading into a similar situation before Gold was banned for a while (many moons ago - you may have reading to do). That usually brings out a bunch of folk saying, " Gold and bitcoin can never be banned! " Never? Never say never! Bitcoin has become a conspicuous challenge to fiat currency. I'm sorry, I can't believe that Govts around the world are gonna allow that go grow and continue indefinitely. If you were Jay Powell, I don't think you'd like it. But I could be wrong. As I always say, " What you don't know is more important. " Disclaimer: This is not advice or encouragement to trade securities or any asset class. This is not investment advice. Chart positions shown are not suggestions and not intended to assure you of an advantage. No predictions and no guarantees are supplied or implied. The author trades mostly trend following set ups which has a low win rate of approximately 40%. Heavy losses can be expected if trading live accounts or investing in any asset class. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
BITFINEX:BTCUSD
by Captain_Walker
8
Aiming for a loss!Loss? Nobody wants to hear about that. Right? Am I saying this position is going to make money? Nope. I said it is an opportunity for a loss. It's a thing called a stop loss. Why would I go there? Price is close to the 1D ATR line. If it goes south, I won't know how far. If it goes north, I control how much it'll take. The best way to secure zero losses of money, is to not trade at all. 🙄😉 Disclaimers : Disclaimer: This is not advice or encouragement to trade securities or any asset class. This is not investment advice. Chart positions shown are not suggestions and not intended to assure you of an advantage. No predictions and no guarantees are supplied or implied. The author trades mostly trend following set ups which has a low win rate of approximately 40%. Heavy losses can be expected if trading live accounts or investing in any asset class. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
U
by Captain_Walker
Most common mistakes in tradingHello my friends today i want to talk with you about most common mistakes in trading from my experience (any market but specially in crypto) And after reading this i hope you will avoid them 1- Not Patient Enough : I think this is one of top major reasons for failure in cryptomarket Most newbies in this Field are thinking they will be rich in few days thats completely wrong ...Any old trader here will tell you how the patience will paid off 2- More Than You Can Afford To Lose : only risk what you can afford to lose ... more than that will lead to alot of mistakes and you may close your position after any small drop before reaching stoploss point and thats wrong my friends 3- Not Using Stoploss : Stoploss is important but i recommend manual stoploss by candles closing not automatic one to avoid manipulation in market.. if you dont know difference between manual and automatic read my previous idea about it 4- Over Trading : Alot of trades every day wont make more money ...instead, it will make you more stressful and staring at charts all day resulting in more mistakes 👉Fewer in numbers and higher in quality trades per week or even month are enough sometimes best thing you can do is not trading at all when market is uncertain 5- Emotional Trading : Both fear and greed play big role in the market movement When you see most of people are greedy you should start taking profits partially ..and also try to avoid selling during panic sells 6- Revenge Trading : Like using all wallet to buy one coin (all in) or doing high leverage postion to recover losses fast usually end in liqudation or big lose and leaving market completely This market need you to be flexible 7- Ignoring Your First Plan alot of very good plans and managements from start but you continusoly change it by listening to other random people opinions trust in your self and trust in chart no problem from taking advices from more experience people but you should trust in yourself first by have your own view and own plan How many mistakes you find yourself doing it ...choose the number from above and tell us in comments
Education
by Babenski
43
Candle in the wind?Sometimes a single candle can make a difference. How? It could trigger a trend change. This is not a prediction. It is vigilance for a trend change. Single candles on any time frame often fail. Position is everything (well not exactly). Some say it's luck. I say it is a chance to see how wrong I am. Acceptance of being wrong for a controlled loss is the business. If one cannot afford to lose in this business, then winning is practically impossible. Disclaimers : This is not advice or encouragement to trade securities on live accounts. Chart positions shown are not suggestions and not intended to assure you of an advantage. No predictions and no guarantees are supplied or implied. The author trades mostly trend following set ups which has a low win rate of approximately 40%. Heavy losses can be expected if trading live accounts. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
WHSELFINVEST:GERMANY40CFD
by Captain_Walker
IS GOLD BACK?Gold just did an important trend switch on the 2H time frame coming off what appears to be a double bottom at 1680. The switch is better seen on 15 min to 30 min time frames. Normally the first pulse which this might be is followed by a minor correction before further movement in direction fo the switch. But strange things do happen. This is a trend following situation, which means you get no targets, stop-losses or predictions. Why? Because nobody knows where how far a trend might go. I provide no other figures because this is not advice. If going long on Gold a safer situation will be in a 15 to 30 min trend. Disclaimers : This is not advice or encouragement to trade securities on live accounts. Chart positions shown are not suggestions and not intended to assure you of an advantage. No predictions and no guarantees are supplied or implied. The author trades mostly trend following set ups which has a low win rate of approximately 40%. Heavy losses can be expected if trading live accounts. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
OANDA:XAUUSD
by Captain_Walker
2
Go Go BNB! 🔥I did this charting on 4H time-frame, Let's look at it.. Binance Coin was ranging in nice triangle for about a month, now it breaks it upwards. It's time for a little pull back to test it's lower support level above the triangle.. This is good opportunity for us to step in and buy some BNB. I did this analysis buy combining Triangle classic pattern and Fibonacci Levels: Buy position: 260 - 270 Target 1: 390 - 410 Target 2: 468 - 484 Stop-Loss: 213 What is your point of view or analysis on BNB, I like you to share it in the comment section for me, so we can share our knowledge together. And, As always feel free to ask any question about this chart in comment section, I will happily answer you :) If you like this idea, hitting like button, sharing it to the ones who will find it useful and giving me comment will give me a lot of motivation :)
Long
by ArshiaZojaji
8
What price to take profits? DOGE COIN & Price action (ĐOGECOIN)Perhaps the dollar is in accumulation from the last month. We have four times Doge test the trend line and proves to be a very strong support line. We can see price react very strongly to take profit at 0.382. But in my opinion on this 3rd test it will fail and head towards the target of the 0.5 zone. Be careful at 0.618 zone, this strongest resistance, we should be take profit 50% if the price reacts strongly in this area. Entry: < 0.06$ Stoploss: 0.0535$ Take profits: 0.0696$ and 0.0762$ and 0.0855$ and more..
Long
by BMynameX
2
Is the DAX burning down?This is a 15 min time frame, trend following set up. Price action looks uncertain and nosing slightly south. As a trend follower, you know that you have to give the market much room to oscillate. Trend is more important than price. Nothing in this set up means that I know the trend will continue south. All I can do is take an affordable loss. Hence, you find no predictions here. Why? Because I'm not predicting. I'm following. New traders need to be very careful in these set ups. Expect a loss. Control it. Make it affordable. I always talk about losses - that thing that lots of traders don't want to hear about. If the trend continues south, I can't know how far it will go. Disclaimers : This is not advice or encouragement to trade securities on live accounts. Chart positions shown are not suggestions. No predictions and no guarantees supplied or implied. Heavy losses can be expected if trading live accounts. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
WHSELFINVEST:GERMANY40CFDShort
by Captain_Walker
DOT Ready To Fly? 💸DOT is reaching to end of it's ascending pattern.. Markets parameters show me bullish move for crypto.. So I suggest to bye some DOT at "Buy position 1" and wait for the break-out.. If it happened add some more to your bag.. There are two possible targets for this bullish break-out. First, the important resistance around 42 as you can see on the chart. If this resistance is broken DOT can move to the second target, the green box around 50-52.. --- Don't forget to put your stop-loss at 30.5-30.6 --- Let's hop in together and enjoy the ride.. I like to see your ideas about DOT/USDT or DOT/BTC, So leave it in comment section..
Long
by ArshiaZojaji
11