Topic: How to know the short term trend to trade on? (Read 128 times)
I have one paricular coin on my wallet, that makes me mad, lol. It goes up and down significantly, maybe I should start to trade it?
You said it yourself. It is a sort of gamble. At least in my experience. I know there are experienced traders that make a lot of money. They claim to use indicators, but no indicator can protect you from some sudden changes. So, I don't think they make money consistently too.
check this chart
https://www.tradingview.com/x/WD4Gu5iR/
as u can see xrp was on a rally and then start to go down
my problem with trading is that i tend to trade against the trend
as u can see the overall trend is bullish as the daily chart is still in an uptrend
but it look like it can go lower from here
my question is, if i want to be a daytrader, wich trend should i go for?
i like to trade in the 4hr, i dont use indicator since they use past price as their calculation, i trade pure price action
in that chart for example i would go long if u ask me, since its been bullish for the past 20 days, i would wait for it to hit a support then wait for a good entry, its what i have been doing latetly without luck, dont get me wrong im profitable since my risk management allow me to lose like 3 or 4 trades and make it up in just one trade, but almost all time i have to hit 3 or 4 lose before getting it right
https://www.tradingview.com/x/WD4Gu5iR/
as u can see xrp was on a rally and then start to go down
my problem with trading is that i tend to trade against the trend
as u can see the overall trend is bullish as the daily chart is still in an uptrend
but it look like it can go lower from here
my question is, if i want to be a daytrader, wich trend should i go for?
i like to trade in the 4hr, i dont use indicator since they use past price as their calculation, i trade pure price action
in that chart for example i would go long if u ask me, since its been bullish for the past 20 days, i would wait for it to hit a support then wait for a good entry, its what i have been doing latetly without luck, dont get me wrong im profitable since my risk management allow me to lose like 3 or 4 trades and make it up in just one trade, but almost all time i have to hit 3 or 4 lose before getting it right
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