Fibonacci Tool and Price Action. | Bitcointalksearch.org

borovichok

hero member

Activity: 1148

Merit: 518

Quote from: RajeshKarwa on June 15, 2023, 12:44:56 PM

Hey friends!!

I am a long-term trader who do not have any expertise. My plan is to buy at a low and sell at a high, but it takes a lot of time and patience, so I decided to start short term trading. My friend told me that using the Fibonacci tool in conjunction with price action is the most successful trading method. I'm attempting to investigate and learn about it. Can someone suggest a good instructional video or book to help me learn both?

Thank you!!

Surfing online, particularly on YouTube, might yield solid answers; Fibonacci is fueled by price movements. I would suggest you to keep on functioning long-term trades that demand patience and time, as long as they produce massive gains; there is no better way to catch up trading than with a well-planned strategy. Short-term trades do not always end well; one can experience daily losses when the market fluctuates; this is primarily due to the market's state, rather than the trader's technique. Long-term trading is solid; we trade based on the current market environment. It's nothing unusual to see the market disintegrate during the bear season; we're all used to it.

el kaka22

legendary

Activity: 3752

Merit: 1170

www.Crypto.Games: Multiple coins, multiple games

I understand the need and the want, but I do not understand how it could be done in any other way. Think about it, we are talking about a situation where it is going to be a tough one, and in order for that to work we need to make sure that it works properly for a long time. I know that it is not going to be easy, but lets make it not so hard as it is right now by giving it some time as well.

So, hopefully we get to see some great videos that help OP but at the very end we all know that what will help is time, learn what you want to or need to learn about these tools and actions, but eventually what it comes down to is time, no matter how much you learn, experience beats them all and you will end up with a good result in the end without a doubt, just stick to it and not give up.

Mpamaegbu

legendary

Activity: 2716

Merit: 1225

Once a man, twice a child!

Quote from: RajeshKarwa on June 15, 2023, 12:44:56 PM

My friend told me that using the Fibonacci tool in conjunction with price action is the most successful trading method. I'm attempting to investigate and learn about it.

To start with, Price Action (PA) isn't an indicator. It's just you viewing price movement in relation to candle patterns and guessing where it heads to. In essence, PA is trading handsfree. As for Fibs, I used that a lot when I began trading but along the line I realized there's no perfect way to draw it. It was more of guessing as it could be plotted or drawn from any top or bottom. By that I mean, top/bottom of 1hr, 4hrs, daily or weekly etc could be used and they give different vibes. For me, anything that's not near clarity in trading is second guessing and that's gambling. May be there are better ways to look at Fibs than I do and I wouldn't mind to have opinions on that. This day, I'm more confident relying on pivots, trendlines and S&R than any other indis.

GreatArkansas

legendary

Activity: 2534

Merit: 1397

Quote from: Sebas.tian on June 16, 2023, 01:10:17 AM

Quote from: RajeshKarwa

(....)

I don't think, short term trading will favour you in this season because the market price is reducing everyday which is causing serious worry to Short team traders because the ability to make a daily profits from their trading is no longer there in the market.
(....)

I believe it will work on short-term trading, just be resourceful and verify it with multiple timeframes. And besides that, using other technical chart indicators will also help, you can add moving averages or momentum indicators like RSI, which will help.
For me, short-term or long-term will not matter, as long as you do proper risk management, it will be good.

RajeshKarwa

jr. member

Activity: 153

Merit: 3

@tvplus006, @Sebas.tian, @Husires, @palle11, @Woodie, @Aanuoluwatofunmi, @jeraldskie11 and @Eternad -

Thank you very much, mates, for the helpful suggestions you gave me. I appreciate your time and effort in assisting me in understanding the complexities of trading and navigating the market with greater confidence. I sincerely appreciate your unwavering support.

Thank you!!

Eternad

hero member

Activity: 1400

Merit: 623

Quote from: RajeshKarwa on June 15, 2023, 12:44:56 PM

Hey friends!!

I am a long-term trader who do not have any expertise. My plan is to buy at a low and sell at a high, but it takes a lot of time and patience, so I decided to start short term trading. My friend told me that using the Fibonacci tool in conjunction with price action is the most successful trading method. I'm attempting to investigate and learn about it. Can someone suggest a good instructional video or book to help me learn both?

Thank you!!

Success rate depends on the user of that indicator because we have different placement of the indicator based on the time frame we are using. Saying that it is the most successful method on trading is debatable. It’s really the most popular indicator on short term trading because you can determine the price support and the movement of the price properly but this does not guarantee your successful because timing to enter is still the key to success because there is always a time that the price breaks all the support set by the Fibonacci if there is a strong trend.

I suggest to combine it with chart patterns so that you will have a general overview on what will be the outcome of the price in general.

jeraldskie11

sr. member

Activity: 1316

Merit: 356

Quote from: RajeshKarwa on June 15, 2023, 12:44:56 PM

Hey friends!!

I am a long-term trader who do not have any expertise. My plan is to buy at a low and sell at a high, but it takes a lot of time and patience, so I decided to start short term trading. My friend told me that using the Fibonacci tool in conjunction with price action is the most successful trading method. I'm attempting to investigate and learn about it. Can someone suggest a good instructional video or book to help me learn both?

Thank you!!

If you are a day trader or a scalper, you are a short-term trader. Both are difficult to accomplish because your position will be on for minutes to several hours. This is extremely risky because a minor percentage increase in price will gain you a lot in a matter of minutes or hours also if the price decreases. If you want to be successful with something, don't just blindly accept what others teach you. If that strategy works for him, it may not necessarily work for you since we have different market execution even though we have the same strategy. That is, before funding the account, you must back test the strategy numerous times to ensure that it truly works for you.

Aanuoluwatofunmi

sr. member

Activity: 812

Merit: 436

Quote from: RajeshKarwa on June 15, 2023, 12:44:56 PM

My friend told me that using the Fibonacci tool in conjunction with price action is the most successful trading method. I'm attempting to investigate and learn about it. Can someone suggest a good instructional video or book to help me learn both?

Let me start by telling you this as an advise that you're free to develop any strategy or adopt any you feels could deliver you with best results because if everyone should come up with what they use here you may be lost with varieties of options given, but i will want you to be active and tryout some of this strategies using different indicators to see where you could arrived the best result, here's for your learning as well:

New to trading?
https://bitcointalksearch.org/topic/m.61999785

Woodie

hero member

Activity: 1834

Merit: 879

Rollbit.com ⚔️Crypto Futures

Quote from: RajeshKarwa on June 15, 2023, 12:44:56 PM

Hey friends!!

I am a long-term trader who do not have any expertise. My plan is to buy at a low and sell at a high, but it takes a lot of time and patience,

Patience is the name of the game when it comes to trading , and just so you know, the most profitable traders don't take a lot of trades in a month...if you can make anything from 1% to 10% of your portfolio in a year this is a lot.

As for the long waiting times, you can try use the lower time frames on a chart to see more trades and just buy or sell from there.

Quote from: RajeshKarwa on June 15, 2023, 12:44:56 PM

so I decided to start short term trading. My friend told me that using the Fibonacci tool in conjunction with price action is the most successful trading method. I'm attempting to investigate and learn about it. Can someone suggest a good instructional video or book to help me learn both?

Thank you!!

It all goes with your strategy, on the Fib using the 0.786 for entry its quite effective if you ask me, but remember structure is king!

palle11

sr. member

Activity: 2366

Merit: 332

Quote from: RajeshKarwa on June 15, 2023, 12:44:56 PM

Hey friends!!

My friend told me that using the Fibonacci tool in conjunction with price action is the most successful trading method. I'm attempting to investigate and learn about it.

This is not true because no indicator or indicators are better than others but it depends on our understanding on them, how fulfill we are from how they make us feel and the profit we make from them as against others. IMO I prefer price action than Fibonacci. Fibonacci is more of a biase indicator that you only draw based on your trading subjectivity and what you feel with the market but most times it doesn't come that way and you need to draw another chasing the price chart.

Quote from: RajeshKarwa on June 15, 2023, 12:44:56 PM

Can someone suggest a good instructional video or book to help me learn both?

Thank you!!

No matter the spectacular kind of video you watch, you need your own training by yourself to help you better understand what you are trading. You don't need to ask for such video because no one is better than others, you can only use them for learning process or learning sake. Therefore, you can search on Google.

Husires

legendary

Activity: 1596

Merit: 1288

Quote from: tvplus006 on June 15, 2023, 07:26:01 PM

I will teach you how to find the necessary information in just a few minutes. You go to https://www.youtube.com / and in the search bar you write: "Fibonacci Trading Strategy". If you still have questions and a desire to read, you can ask them at https://www.google.com/

Unfortunately,YouTube videos are overly optimistic or are not specifically dedicated to Bitcoin, it is better to listen to several channels before starting trading, and using Fibonacci alone does not guarantee that you will get good results because it is an indicator and it is used with several indicators before making a decision to buy or sell, so without Knowing technical analysis indicators and support and resistance levels, you will not be able to make the right decision from a single trading indicator.

trading cryptocurrencies is completely different from trading in the stock market, as with time you know when the indicators are a good measure for trading, when the price of 200-Week MA was broken, it was an excellent opportunity to buy for everyone who is good at technical analysis.

As a beginner, the best advice is to learn, stay away from short-term trading, and use DCA if you do not know how to make a decision.

Sebas.tian

full member

Activity: 2254

Merit: 188

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: RajeshKarwa

Hey friends!!

I am a long-term trader who do not have any expertise. My plan is to buy at a low and sell at a high, but it takes a lot of time and patience, so I decided to start short term trading. My friend told me that using the Fibonacci tool in conjunction with price action is the most successful trading method. I'm attempting to investigate and learn about it. Can someone suggest a good instructional video or book to help me learn both?

I don't think, short term trading will favour you in this season because the market price is reducing everyday which is causing serious worry to Short team traders because the ability to make a daily profits from their trading is no longer there in the market. Well, I don't have any instructions video or books to give to you but I will advise you to return back to your long term trading which is more favourable than short term trading because many successful traders in the community today used that method to achieved what they have today. If you can carry out your personal research to know what is about to happen to long term traders soon, I think you will maintain the long term trading.

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

Quote from: RajeshKarwa on June 15, 2023, 12:44:56 PM

...I'm attempting to investigate and learn about it. Can someone suggest a good instructional video or book to help me learn both? ..

I will teach you how to find the necessary information in just a few minutes. You go to https://www.youtube.com / and in the search bar you write: "Fibonacci Trading Strategy". If you still have questions and a desire to read, you can ask them at https://www.google.com/

RajeshKarwa

jr. member

Activity: 153

Merit: 3

@Wiwo -

Noted and will practice the process. DCA i am doing in different way, just like SIP till BTC do not cross last swing. After that will hold till new ATH and start selling after reaching double from last high which is approx $1,40,000 but this is my simple and long process. I want to learn short term trading which can be done with price action along with fib tool.

Thanks for your valuable suggestion.

Wiwo

hero member

Activity: 1260

Merit: 765

Top Crypto Casino

Quote from: RajeshKarwa on June 15, 2023, 12:44:56 PM

Hey friends!!

I am a long-term trader who do not have any expertise. My plan is to buy at a low and sell at a high, but it takes a lot of time and patience, so I decided to start short term trading. My friend told me that using the Fibonacci tool in conjunction with price action is the most successful trading method. I'm attempting to investigate and learn about it. Can someone suggest a good instructional video or book to help me learn both?

Thank you!!

Even though you watch videos and read a lot of articles, you still need to allow yourself to go through the process in other to build your experience and skills, because the method you employ in buying bitcoin and selling on the way up and buying when there is discount in price, this is Bitcoin vs $ cost average (DCA) methods and it has a lot of processes most especially in what percentage you decide to take the action and also how long you ready and willing before taking any action.

RajeshKarwa

jr. member

Activity: 153

Merit: 3

Hey friends!!

I am a long-term trader who do not have any expertise. My plan is to buy at a low and sell at a high, but it takes a lot of time and patience, so I decided to start short term trading. My friend told me that using the Fibonacci tool in conjunction with price action is the most successful trading method. I'm attempting to investigate and learn about it. Can someone suggest a good instructional video or book to help me learn both?

Thank you!!

Topic: Fibonacci Tool and Price Action. (Read 146 times)