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MAIN ELEMENTS OF YOUR TRADING PLAN | Trading Basics 📝 Hey traders, One month ago I wrote an article about the importance of a trading plan. Now it is time to discuss what should be inside your trading plan. Before we start let me note that a trading plan is a very personal thing and depending on your personality you may have some other elements. In this article, we discuss key elements that must be in every trading plan. 🔰Trading Strategy. I want you to realize that a trading strategy is not a trading plan. A trading strategy is simply one of its main elements. A trading strategy defines a set of rules and market conditions that one is looking for to open a trade and then manage that. 🔰Trading Time. Relying on your trading strategy you should know exactly when you trade. The time range must be precise and fixed. If you think that today you can trade the opening of the London session, tomorrow the Asian one, and then the US opening, I have very bad news for you. Your trading hours must be fixed and objective. 🔰Trading Instruments. As with your trading time, you should have a fixed trading list. A set of financial instruments that you monitor on a daily basis. 🔰Trading Journal. You should learn to journal your trades. Just a single performance is not enough. You should note the exact market conditions that made you open the trade and many other factors that you consider to be important. Then learn from your mistakes and improve your trading strategy based on your journal. 🔰Risk Management. Having the best trading strategy in the world one can fail simply because of neglecting the rules of risk management. Define your risk per trade, maximum drawdown, and biggest losing streak you can take. Optimize your trading to keep your losses under control. Of course, that list can be extended. We can add, for example, trading psychology into that. As I said, a trading plan is a very personal thing and while you mature in trading it will become more and more sophisticated. The elements that we discussed in this article are crucial for your success in trading. In my view, their absence will lead you to a failure. What do you want to learn in the next article? ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
BITSTAMP:BTCUSDEducation
by VasilyTrader
9
DOT - Targets of this buyingBYBIT:DOTUSDT 4H trend chart - DOT is breaking out the downtrend line currently. So here is a good entry for long, and trading strategy as below. - Profit Targets: a) 19.665-----Fib(1 b) 20.365~20.650-----Fib(1.272~1.382) c) 22.245-----Fib(2) Stop losses: a) 17.860-----Red horizontal ray - If you like this analysis, smash the "like button" and leave a comment below to share your thoughts or let me know what crypto you want to see! Trading is a reflection of yourself. Learn more daily and be ready for every opportunity. Have a nice trading!
by EthanTW
1
TRACKING MARKET MAKER BOTS TP EDITION- MUST READ!!Mater Jedi`s, Sith Lord`s and Padawan`s Tonight I show you in in depth details How I use the Sith Hunter along with other indicators to set up a trade after tracking the Market maker whale bot and using multiple confirmations to confirm whether my idea is correct. The trade is still ongoing. 1. April 18th 11 pm EST the Market maker BOT entered the market. 2. April 19th 10 am the Market maker BOT entered the Market . 3. The RSI on 5 timeframes at this point is super oversold. 4. The coin has broken 5 resistance levels and flipped them to support(Green Lines) 5. The coin has risen 15% in 2 hours as the Market maker is building short positions, Lulling retail traders to Fomo in trapping there liquidity at Higher Prices (Padawan`s this is a fatal mistake). 6. Then I post the signal with my entry band being at the 3rd resistance level and My confirmation is rejection here and I am in at the top because I am waiting. 7. Then you move your stop Loss to entry while u ride that rejection wave down. Because you entered higher, You adjust and take some profit earlier. 9. This is just one method you can use confirmation Trading along with tracking the Whale Bots to create a trade 10. I invite you to read the rest of my series and the indicator is below. May the force be with you Jedi. I am coming for you Sith and my Lightsaber with me.
Short
by Skywalker-thelastjedi
2
BIT - Great buying timing here!BYBIT:BITUSDT 4H trend chart - BIT is breaking out the long-term downtrend line, also overcoming the neckline of double bottom. So we can buy it here with trading strategy as below. - Profit Targets: a) 1.262~1.280-----Fib(1.272~1.382) b) 1307-----Fib(1.618) c) 1.350-----Fib(2) Stop losses: a) 1.153-----Red horizontal ray - If you like this analysis, smash the "like button" and leave a comment below to share your thoughts or let me know what crypto you want to see! Trading is a reflection of yourself. Learn more daily and be ready for every opportunity. Have a nice trading!
B
by EthanTW
expect a Breakouts at this point!!hello everyone We can see the accumulation in this market for almost all of the cryptocurrencies, and for most of the day trading strategies. this accumulation tightened the market spring and a breakout is Inevitable. We have symmetrical triangle form as the two trend lines touching,and we have the same pattern in our RSI too. Due to the spikes in volume and the amount of BITCOINS leaving the brokers, i expect most of the cryptocurrencies with the same pattern to break the upper trend lines.
by HubAlgo
SOL - can buy it in this scenario4H trend chart - SOL is converging in the descending tunnel and it is approaching to the upper downtrend line currently. If price overcomes the downtrend line, long it with the following trading strategy. - Profit Targets: a) 110.635-----Fib(0.5) b) 118.430-----Fib(0.618) c) 129.555-----Blue horizontal ray Stop losses: a) depend on the timing of break-out - If you like this analysis, smash the "like button" and leave a comment below to share your thoughts or let me know what crypto you want to see! Trading is a reflection of yourself. Learn more daily and be ready for every opportunity. Have a nice trading!
by EthanTW
XAUUSD - KOG REPORT!KOG Report: In last weeks KOG report we said we would like to see some bearish pressure on Gold as long as the price stayed below the 1960 region. We suggested that if the market opened and pushed to the upside we would be looking for the zones illustrated on last weeks report to hold and then we would be looking to go short. We wanted to see at least the 1910 level target completed, however, the market reached 1914 and then turned bullish again. We suggested during the week in the FOMC report that we had a target of 1945 which you can see has now been achieved. So what can we expect in the week ahead? We’re going to keep this report shorter than usual as our plan hasn’t really changed from last week, only the potential regions for reaction have changed which we have updated on the chart. We’re going to say again that we’re not convinced with the bullish movement at the moment, our bias is still neutral, but we feel there is an opportunity to get in on a short trade to target the lower support levels below 1900! That’s not to say we’re not seeing this go up a bit more. So, we have two targets in mind for the week ahead, the above target of 1970-75 and a lower target area of around 1890-95. We will be looking to either go long from support to target the higher level or 1975 or be looking to short the market from the higher level of 1975 down into lower support levels. So we will look at this as usual with two scenarios in mind: Scenario 1: It would be ideal for the market to open and push up a little to tap into that 1950 supply and face some resistance there. We are expecting a pullback into the regions of 1940, 1935 and potentially 1920. This is where we feel there will be an opportunity to exits any short trades and take the long entry into the higher resistance level of 1970-75 where we will again be looking to go short for the lower levels. Please note, breaking 1920 and staying below this level will take us lower into 1910. Scenario 2: Price opens and pushes towards the downside, we will be looking for support to hold first around the 1930-35 region, breaking this the lower price point is 1920. If we see strong support here we will be looking to go long into the higher resistance levels of 1970-75 where again we will be looking to go short to target the lower support levels. So in essence, there are two key levels we are looking at targeting, we either want to go long from below to target 1970-75 or we want to go short from above to target 1895. Based on the mildness of the breakout on Friday it is very possible that we see this now range again just to really frustrate traders before they actually make the move they want to. While it ranges we will be trading this level to level the KOG way. As usual, we will update the analysis throughout the week and keep you in sync with any changes. Please do hit the like button, give us a follow and leave a comment. Your support and following is very much appreciated. As always, trade safe. KOG
FX:XAUUSD
by KnightsofGold
33
Here are all the reasons I still like Dogecoin!Traders, Here are all the reasons I still like Doge here: #1 RSI at 54 with lots of overhead room. #2 After drawback, still above the 100 day #3 Retracement was exactly 50% (just like BTC) #4 Intersecting moving averages. 20 and 100 are intersecting right at support and just below the 50% fib retracement level, making this an extremely strong support level area. My next target would be the 200 day overhead, a full 24%+ profit from current price. Best to you all. LMK if you enter this trade here. - Stewdam.us
BITTREX:DOGEUSDLong
by stewdamus
AVAX/USDT by CryptoTradersWWOn a simple chart, the former support of $100 has now turned into resistance. Looking at the most recent price movement, it appears that the price has formed a prospective ascending triangle, implying that buyers are entering on every dip. We received another rejection at $100 yesterday, so if you're thinking about going long, this is a high-risk trade unless we see a reclaim of $100 as support. The first area of attention is the $80 region, which has numerous levels of confluence. We could see another move down to establish another higher low. Range point of control + daily support + 50-day moving average The ascending trendline provides support farther down. <----------------------------> ☑️ Follow, Comment & Like ☑️ Create a civil and healty discuss in the comments and share with me your thoughts Thanks and Happy Trading!
by CryptoTradersWW
1
BTC/USDT by CryptoTradersWWThis month, keep it simple with BTC! The symmetrical triangle was perfectly retested, which is a bullish indicator. However, the market is encountering resistance at the TPO point of control drawn from the start of 2021, which, if broken and held above, would likely lead to additional highs. When price was within this pattern, the 50 - 3-day Moving average served as dynamic support, and it will serve as additional line of defense if price falls back into the triangle. <----------------------------> ☑️ Follow, Comment & Like ☑️ Create a civil and healty discuss in the comments and share with me your thoughts Thanks and Happy Trading!
by CryptoTradersWW
AAVE - Take entry with these targetsBYBIT:AAVEUSDT 1H trend chart - AAVE is converging in a descending tunnel. It is going to break out the downtrend line right now, so we can take entry with good rr ration here. - Profit Targets: a) 261.5----Fib(1) b) 277.25~283.65----Fib(1.272~1.382) c) 297.3----Fib(1.618) d) 319.45----Fib(2) Stop losses: a) 231.45-----Red horizontal ray - If you like this analysis, smash the "like button" and leave a comment below to share your thoughts or let me know what crypto you want to see! Trading is a reflection of yourself. Learn more daily and be ready for every opportunity. Have a nice trading!
by EthanTW
1
Moving Average Cross Over StrategyWe start by creating a visual for when all moving averages are in order and across the 200 moving average . In this example, I have used a vertical line in the colour of our bias direction, Long(Green) , when this condition has been met. We now have an increased confidence by filtering out trade setups that do not meet our bias giving a higher probability and focus. Levels of previous resistance give us a price that we can enter the market by turning into a new level of support . In this example I have highlighted this with a red arrow located on the left hand side. Now we have a trading bias and a methodology to set price restrictions to enter the market, we can now trade only long positions and trade setups . In this example I have highlighted long opportunities that have been triggered with arrows in green located on the right hand side. Entry points can be executed on either the daily , 4hour or 1hour charts depending on risk and trading style preference. Please note - Lower time frames may generate more signals which presents more risk.
Education
by Youza
DASH - Entry timing and targetsBYBIT:DASHUSDT 1H trend chart - DASH is forming a potential cup and handle on 1H. If price can breakout the downtrend line, trading strategy as below. - Profit Targets: a) 138.5----Fib(1) b) 142.9~144.7----Fib(1.272~1.382) c) 148.65----Fib(1.618) d) 155----Fib(2) Stop losses: a) 125.9-----Red horizontal ray - If you like this analysis, smash the "like button" and leave a comment below to share your thoughts or let me know what crypto you want to see! Trading is a reflection of yourself. Learn more daily and be ready for every opportunity. Have a nice trading!
by EthanTW
ALICE - Buy it with this strategyBYBIT:ALICEUSDT 1H trend chart - ALICE has broken out the neckline, there is the 1st timing to long it. Next, we can buy it if price gets pullback and support around the line( $7.925). Trading strategy as below. - Profit Targets: a) 8.145~8.235----Fib(1.272~1.382) b) 8.42----Fib(1.618) c) 8.730----Fib(2) Stop losses: a) 7.560-----Red horizontal ray - If you like this analysis, smash the "like button" and leave a comment below to share your thoughts or let me know what crypto you want to see! Trading is a reflection of yourself. Learn more daily and be ready for every opportunity. Have a nice trading!
by EthanTW
2
AXS - Buy it when break out this lineBYBIT:AXSUSDT 4H trend chart - AXS is consolidating and converging. It's good for it to accumulate around $65 If price can break out the downtrend line, trading strategy as bleow. - Profit Targets: a) 74.5----Fib(1) b) 80.995~83.625----Fib(1.272~1.382) c) 89.260----Fib(1.618) d) 98.385----Fib(2) Stop losses: a) 10.882-----Red horizontal ray - If you like this analysis, smash the "like button" and leave a comment below to share your thoughts or let me know what crypto you want to see! Trading is a reflection of yourself. Learn more daily and be ready for every opportunity. Have a nice trading!
by EthanTW
2
BTC/USD by CryptoTradersWWPrice had a strong breakout from the triangle, and is presently stalled at the point of control drawn from August 2021 to the current price action. Buying at this point is dangerous because the price is at a resistance level. If we see a retreat from here, $44600 is a potential bounce area, as it is a daily Naked point of control and will coincide with a retest of the broken triangle. If this doesn't hold and price returns to the triangle, it'll be bearish, and we may expect price to fall. The next level of resistance (daily level + Value area high) is around $50300. <----------------------------> ☑️ Follow, Comment & Like ☑️ Create a civil and healty discuss in the comments and share with me your thoughts Thanks and Happy Trading!
BITFINEX:BTCUSD
by CryptoTradersWW