I have decided to adopt a naked charting method. Very very simple indeed. Looking at 3 levels of resistance, 3 levels of support at any one time.
Notes below:
* after 2 years + of experience, my honest feeling is that I am a terrible trader
* I am however okay at looking at trends and the broader picture
* so will be moving to a long term ’naked charts’ approach to crypto gambling.
* read charts ‘backwards’ - more recent action has more weight
* establish 3 levels of resistance and 3 levels of support
* basic, robotic approach. allocate or withhold funds based on key levels
* example in practice: currently I am greedy above 9k, fearful below 7.5k
* if a market is ‘ranging’, drip feed in funds using a dollar cost average approach
* if a market ‘confirms’ to up or downside, use tight stop losses
Notes below:
* after 2 years + of experience, my honest feeling is that I am a terrible trader
* I am however okay at looking at trends and the broader picture
* so will be moving to a long term ’naked charts’ approach to crypto gambling.
* read charts ‘backwards’ - more recent action has more weight
* establish 3 levels of resistance and 3 levels of support
* basic, robotic approach. allocate or withhold funds based on key levels
* example in practice: currently I am greedy above 9k, fearful below 7.5k
* if a market is ‘ranging’, drip feed in funds using a dollar cost average approach
* if a market ‘confirms’ to up or downside, use tight stop losses
Comment:
I was right about 12.5k being the level to beat.
It didn't work.
I am still, in theory, bullish above 9k.
If this is a correction mid bull trend then it could be a 30-40% correction which takes us into the 8k's.
Would be tempted to look at an entry there... if not.. 5k's.
It didn't work.
I am still, in theory, bullish above 9k.
If this is a correction mid bull trend then it could be a 30-40% correction which takes us into the 8k's.
Would be tempted to look at an entry there... if not.. 5k's.
Comment:
In both June and July the 9k support was tested.
August - 3rd time the charm?
August - 3rd time the charm?
I only put 12500 because it has a rather rich history of being an important level in the past.
But it seems 12k is the nut to crack for the gamblers currently in the casino.
I try to look at what's happening "now" with the people actually putting down their chips, and give it slightly more weight than what's happened in the past. Essentially, reading the chart from right to left (as Luke Martin has said).