Topic: I'm A Professional Trader, Here's My Strategy - page 7. (Read 21972 times)

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Quick Bitcoin Update.......

Thanks Rebrik, good to have you back on the thread.

Here's my update for Bitcoin........

Bitcoin Update: Small Drop Out Of Sell Zone

As expected, the price has dropped slightly since it entered the sell area yesterday evening.



The fact that no really significant drops have taken place during this decline indicates it is actually caused by profit taking, meaning there's a high probability we could see the price rise back into or break through the sell area today or tomorrow. The price did drop into the buy area I said to watch in the early hours of this morning but no Bullish Engulfing patterns or large Bullish Hammer candlesticks appeared, so you couldn't have used the area to enter a trade.

The focus now is still on the buy area.

The rise out of the area we saw this morning wasn't very strong, which suggests another drop into the area is likely to take place before the price rises back to the sell area.

As always, if you see the price enter the area keep an eye out for Bullish Engulfing patterns and large Bullish Hammer candlesticks. 

Bitcoin Update: Sell Area Broken, Price In New Sell Area

The large rise that started this afternoon has caused the price to break through the sell area that formed last weeks and move into the area above.



This large rise gives more evidence we are in fact seeing a major bottom form. It doesn't confirm that a bottom has formed, and that Bitcoin will now not drop below 6400, but it does make it less likely. At some point over the coming weeks/days I think we'll see a drop down to 3100 - 3200 take place followed by another big rise.

The reason why is because the whale traders can't buy all of the Crypto they want in one go. They have to buy it bits by making the price rise and fall over and over again. This is why you usually see reversals begin after multiple large rises have originated from lows found at similar prices.



Currently we're seeing some candlesticks with large wicks on top (blue arrow) form on the 1 hour timeframe. This is likely to be caused by the traders who made money from the large rise taking some profits off their trades. I think this profit taking could cause the price to fall slightly either tonight or tomorrow.

The point to watch for trades is the buy area created by the most recent leg of the rise.



This buy area is the most recent point where large traders and investors would have been able to buy Bitcoin, so is a likely place for the price to reverse if it falls.

If you see the price enter the area be on the look out for Bullish Hammer candlesticks and Bullish Engulfing patterns, as these usually indicate the price is about to reverse.

Note: Read my post below if you don't what bullish hammer candlestick or Bullish Engulfing Patterns look like.

https://www.cryptotradingschoolonline.com/make-100-a-day-with-this-crypto-day-trading-strategy/

Thanks for your kind comments, guys.

Here's a quick update on Bitcoin.......

This has been the most detailed trading site news i have ever visited and i must say a very big thank you, sir. Your strategy have help me to put it up again and continue with my spirit of trade, more also, i just got a tip from your analysis on this trend so easily. Few years ago i went into trade lesson which i paid for without it knowledge but here am proud to be your student.

your message apply to me honestly. i found it difficult learning the skills but i will never give up. since people can learn and trade. i also will learn and trade as well. that my believe.

Honestly i just bookmarked your site. i think its a good place to visit for treading skills. you did a nice work. keep it up. especially the beginners section for trading.

Told You It Would Reverse.........

Bitcoin Update: Rising Towards Sell Area After Reversal

Bitcoin is rising towards the sell area again, after a reversal took place In the early hours of this morning.



The candlestick I said to keep an eye on in my last update (red arrow) did end up closing as a Bullish Hammer (a candlestick with a large wick on the end). A rise began after the hammer closed but it was small, and only caused the price to rise up to yesterday's highs.

If we see the price continue to rise over the coming hours I think there's a good chance it could reach the sell area either today or tomorrow. A rise into the area would provide further evidence a major bottom is forming, as it signals the whales are buying large quantities of Bitcoin at the lows.

For now, keep monitoring the price.

A Bullish Hammer candlestick look as though it's forming on the 1 hour timeframe. This candle could cause the price to rise over the next few hours, so keep that in mind if you plan on placing any trades.

Bitcoin Update: Trendline Broken, Reversal Still Possible

i like your strategy .only using concept of support and resistance and helped with trend line enough for us to identify market trend.and also level that best opportunity for us.

Bitcoin Update: Rising Towards Sell Area

Bitcoin is currently rising up to the sell area created by last weeks large drop.



The candlestick I said to keep an eye on in yesterday's update did close with a large wick on top, but the small drop that took place after wasn't strong enough to break the low of the Bullish hammer, further indicating a reversal was likely.

This current rise seems to be respecting a trend-line that formed on the swing low made an hour ago and the low created at the start of the reversal. A confirmed break of this line would suggest a move back down to the point where the reversal began, so keep that in mind over the next few hours.

For now, continue watching the price.

I think trading is difficult compared to bitcoin mining and I have experienced a whitedraw first and I don't like it, instead I am comfortable and free with mining bitcoin rather than trading

I.think that good trader is that who can adjust his strategy according to the market conditions. So, it's flexible, it has reserve strategy and plays on long term. That also means that he doesn't panic because of temporary loss and doesn't lose his cool head.
This is not easy to achieve and it takes time and experience but at the end only strong survive who are not afraid of the risk.

A good strategy can help you to earn a good profit and also on how to get not loose.
Trading is risky so you need a lot of patience. There are people who loose everything because they panic without even think the result.

Bitcoin Update: Reversal Near Lows

Last night a small reversal took place not long after I posted my previous update.



If you remember, I said if we see a reversal while the price is still in close proximity to the lows of the sharp rises that took place last week (blue arrows) then a move up to the sell area is still possible. Because we've now seen a small reversal take place near to these lows there's a higher probability we could see the price move up to the sell area either today or tomorrow.

Today the price has fallen down to the bottom of the small reversal, which isn't a great sign. However, a Bullish Hammer candlestick formed near the low of the reversal which could indicate the price will move back up to today's highs (red arrow) over the next few hours.

For now, wait to see how the current 1 hour candlestick closes.

If it closes with a large wick on top like it's showing now, the price may fall over the coming hours.

If it closes with a only a small wick on top, we'll probably see the price rise up to today's highs.

Bitcoin Update: Buy Area Broken, Reversal Still Possible


Bitcoin has broken through the buy area it was reacting to a couple of hours ago.



With the area broken it's likely we'll see the price drop even more over the coming days. The fact the drop is still near to the lows of the large rises (blue arrows) seen earlier this week means there's still a chance we could see the price reverse and move into the sell area, but it can't drop much more for that to still be possible.

For now, just monitor how things go.