Why I recomend 1hour candle charts, if your a new trader..
So I want to discuss the old videos that im linking to this blog, and why its important to stick to my safe method. Im really not sure how many of these older videos I will upload to my new YouTube channel, because much of the subject matter is trading PennyStocks and I dont want to confuse or distract my followers with more than one strategy..
A two month 1hr candle chart is all you really need in cryptos, and its the safest method.
What moves price part 1
What moves price part 2
Thanks for watching and I hope you find these videos helpful in making safe profitable trades,
Luc
Hey man, just came across your post here. And I want to say thanks!! You are one of the first people I ever watched on YouTube about trading. "Look for the arguments" haha
It helped me out a ton and I've since done fairly well at trading. Still a novice though, and the last couple weeks has been a bit harder. But I keep plugging away.
Always enjoyed your videos though. Super informative. Easy to understand. I didn't realize it was you until I scrolled down your post and was like, "I know that guy"
Awesome, Im my videos helped.. This is only the begining, as more and more people enter this market, and more and more big coins get developed, its going to get even better trading here.. I am planning to leave the stock market eventually and trade only coins.. Its a little to quiet still, but soon.
Anyway, thanks for the vote and comment.
Hi, Just thought i'd share a few of my trades on VOX.
Happy Trading!!
WOW, that is perfect.. it looks almost identical to my chart and buys and sells.. Brilliant!! good job!!
Why the first buys at that level? Is it following the base strategy? I can only see the last one logic, with the third one being maybe the bottom of the dip.
I am very new to this, so im by no means do i know exactly what i was doing in the first few trades.(or even now, there is still so much to learn!) I started watching Luc a few months ago. Its taken a while to get the emotion out of trading, FOMO and just trade by the charts . I was just showing that I actually made some decent trades and made a little $. I think I got lucky on first two buys that the bounce was so big.
Excellent trading there! Some solid news came out today about VOX on Twitter. I'm sure that was the driving force for the sudden increase of buys coming in. Congrats!
I have a question about orders being executed. I have tried setting orders over night just to have the bars run through them and stay in the queue when I wake up. Then this morning I wanted to buy something for $20 but they wanted BTC so I popped over to make a trade and it doesn't execute.
How do I ensure that my orders will execute regardless of size? Is there any sizing that I should be looking at?
PS - Really like your videos and posts, I'm learning a lot about reading charts that I haven't had any luck with in the past.
You have to get familiar with level 2 and time and sales data .. its the tab over from trade on your coinigy platform.. if your in the bid and the price passed your bid you will get executed.. They dont skip prices, especially not Kraken exchange.. I would just review when you entered your order and what prices past through the time and sales since you entered your order.. But i have never seen any of my orders ever get skiped
I've been wondering about something since I read one of your comments, are your bases at the end of the long wicks or the candles themselves? It seems that it's around the lowest point of the wicks, but you mentioned once that the order book on the coin can be thin, so the base isn't really at the bottom of a long wick. Or is it coin dependent?
yeah it depends on the situation.. sometimes a drop might sit there for 15mins and then bounce back up.. so on a one hour candle you cant tell that it was a thin book or an actual base that took 15-20 mins to bounce.. So you have to look deeper than 1hour candles if you want to make the call.. but if its a really long tail, then I would think you mark your base a little closer to the body.. if its a short tail than you can just mark the bottom..
This is a very insightful post, thanks for the awesome content! I have been around Steemit since May, 2016 and was looking for solid trade related content before I came across your account. I definitely think that looking at 1hr candles is a great strategy for beginner traders.
Thanks for the support.. Although I do trade the stockmarket, I am working hard to make plenty of video resources here for everyone to see how to trade coins safe and very profitably. Eventually Coinigy or some other platform will get a coin market scanner.. When that day comes, I may move right out of stocks for good. A scanner would increase my trades in crypto by a big factor. At that point I will likely do a daily video recap, explaining all my daily trades or figure out a way to alert them as they happen.
Sorry for the noob question but what's a scanner? And why is it such a game changer?
if you look at the top of Coinigy in Apps you will see that there is a market scanner in the works, they say coming soon. No human can keep an eye on every coin all at once, but a scanner can.. you can set up your scanner to watch for exactly what your looking for, across the whole market.. then when the conditions you inputed are met, it alerts you.. as an example, i would tell my scanner to watch for coins that trade a min of $5,000 a day, and that dipped below a 3 day low.. then everytime that happens on any coin I would get an alert and could see if its in a panic dive and if the chart is good.
Ah wow that sounds pretty damn cool and def sounds like a way to take your trading to a whole new level.
Yeah, if we get a scanner then I will start a chatroom, so that I can alert everyone as my trades are happening.. because with a scanner I would just move from the stockmarket to this market and trade here fulltime .. A scanner would give me trades all day long.. so everyone should request that scanner from Coinigy so they get working on it..
Luc, I know this is totally off this subject, but there is so much talk about the SegWit softfork. People are suggesting to pull your Bitcoin and wait for the smoke to clear. Any thoughts? Thanks.
I have no idea whats gonna happen.. I cannot see them Hardforking bitcoin.. but as a precaution I will pull all btc off the exchanges and have it all safely in cold wallets.. so that if there was a fork I would get double coins.. as far as a soft fork, some exchanges might freeze trading for a few hours.. no biggie
Luc, does this comment you made have any bearing on "Investment" coins that you're long on, that are tied to BTC? I have a descent investment portfolio - all tied to BTC and the talk of the fork concerns me.
Nope, im not going to liquidate anything.,. only going to hold my actual bitcoin off the exchanges for a few days around August 1st.. then put btc back on the exhanges afterwards.. You can make a case that everything is tied to BTC, if it dives the whole market dives... so there isnt really any point to mess around with all the coins prior to the forking... I just want to have double coins in the rare chance that they hard fork and some exchanges might only support one chain and since they hold your private keys your stuck with the chain they support..
My account should be funded and running on Kraken well before Aug 1st, as a new trader should I wait till after Aug 1st to start trading? Not sure what hard or soft forking even means, and if Bitcoin does take a dive the whole market will go with it for a while right?
I really cannot imagine a hard fork.. while I will take precautions, I dont think it will happen.. and as long as its just the soft fork, everything will probably go up, because the fear in the market will be over.. everyone is just worried about this forking.. many traders will likely move there money off exchanges or into other coins.. its really hard to know whats the best plan.. but yeah after august 1st things could get really good
Sitting out is a good call if you are not familiar with the technical background. On the 1st of August there will be some nodes on the main net which will change their protocol, the general test the proposing team did a couple of days ago was a complete mess (the test net split in 2 chains). If you think this can happen, then for sure it's better to sit it out. As an example you can look into the origin of ETH/ETC, much of the reasoning that were done back then can be applied also now.
So, where is a good place to park your BTC? I don't have a cold storage device.
Many thanks for taking the time to upload and share your old videos again, Luc!
nice thanks again!
Thanks Luc for the reminder to keep it simple with the 1-hour charts. I find myself trying to over analyze the 5 minute and end up wasting a lot of my time that I should be working.
ETH/BTC looks to be setting up for a nice bounce around .08?
sorry i dont play bounces off support.. i wait for a crack of support and then the panic dive.. thats my play
Thanks for the reply. Ok, Im getting a better understanding of how you play your strategy.
Luc, going to rephrase that question. So if ETH/BTC cracks the big base around .08 then you would be ok to start layering buy orders into the panic sale? Would you consider the drawings of the two small bases on the right at .0836 and .0867 actual bases or are they too small?
I define bases by the bounce they get off of them.. if there is no decent bounce then they are not bases.. so the last two on the right are too small in my opinion.. and you need to have your chart streched out to include 1to 2 months of data to make it easier to recognize bases.. but yeah if it cracks the .08 and then you see a good panic happenin.. (a bunch of red bars) then you should be good to start buying.. just set your alarms and let Coinigy do the work for you..
Thanks Luc, your the man! I am dialing in what to consider a base or not. Thanks for pointing out that we need to look 1-2 months out.
I fully understand the level of bounce to identify a base. What I'm having a little problem with, and it's almost making me paralyzed, is entry point if you miss the panic. In this chart, I've clearly missed the panic, and the nice bounce and now it's fluttering. Do you just stay away from this coin currently, because the drama to the story has already happened, and we're currently sitting through the setup for the next wave of drama - either way?
I find myself always going back to charts that seem to have produced a big panic dive and that haven't recovered from it. In short, this appears to be a "Not Today" chart - correct?
https://www.coinigy.com/s/i/5968bd306a75c/
Lastly, being that it's Friday - Do you ever stay in Crypto 'day trades' over the weekend? I know that's a NO-NO in the stock market.
Yes, i only buy the panic dives while they are happening.. Thats the safest set of conditions to enter.. after the bounce is done, why should bounce again? the reaction is over.. The reason a panic gets a bounce is price dicovery.. A base got cracked and as a reaction a group of novice traders paniced out of there position, usually due to stop losses getting hit and then leading to more panic as the price drops.. then when any big buyers step in and stop the drop, it bounces back to where the crack happened or even higher.. the panic is almost always novice players, and thats the best place to get coins, from inexperienced traders.... but if it bounces and then settles at a new price, then there is no telling where it will go next.. the odds are not stacked in your favor, like before when you were buying from panic sellers..
Oh and about the weekend thing, it doesnt apply to this market.. because its 24/7 .. everyday is the same for me..
Thank you sir. You say it, and i hit my forehead with my palm - cuz it's so obvious. BUT - how do you uncover the panics in time? I find myself looking at chart after chart and trying to predict the future. I would be very grateful if you could answer this 1 question in detail please. When i get to my computer at 5am, what is my first step (and possibly several steps) to uncover a good dive about to happen? - OR - is there something i should do from the day before, such as identifying coins that rose abnormally high the previous day?
I am close to being able to trade daily. However, im the type of person, that unless i fully understand the strategy, I find it hard to apply the principles. I feel like a blind squirrel that stumbled upon a nut when i think i 'might' see a dive coming - then question my entire process. Sorry for the incredible lack of confidence post. The simple truth, is I'm a family man, and take that responsibility very seriously. I know there'll be mistakes made along the way, and that's ok, I just want to know that each mistake will lead me closer to more knowledge to the entire process. Thanks Again..
Here is my process:
I have a list of favorites, coins that I like the chart and some that I like the project that the coin represents.. (we dont have a merket scanner yet, so I cannot monitor the entire market, but I, just today, again requested that Coinigy work on the market scanner)
Ok so every morning I pull up my Coinigy platform and I go over all the alerts from the night before and make sure I place sell orders on anything I bought while I was sleeping.. Then I go through every chart in my favorites and set alerts or nibble buy orders, anywhere below a base that might get cracked.. then I go to trading my stockmarket, but i listen for any alert going off throughout the day.. after 430 pm when the stockmarket is closed, i raise the volume on my computer, so I can hear any alerts or orders that get triggered throughout the evening.. and thats basically it.. I let the market come to me. I only take trades that are in safe circles (below clear bases) easy peasy
Loving these older videos Luc....there's a lot to learn from them!