I've been trading for roughly 2 years now and I've been able to use some strategies that work quite well for me
I'm sharing my idea here for both new and experienced members. Comments and Additional ideas would be appreciated
I mostly start my trades at 10 am
1st Step: Switch to D1 chart, Take note of the Minimum and Maximum of the previous day
2nd Step: Now switch to a H1 chart, if the last updated candlestick finishes above the previous day maximum, Go for a Long position
If it finishes below minimum, go for a Short position
3rd Step: If it finishes in between the Maximum and Minimum reduce the sizes of your charts in Step 1and 2 and repeat the steps.
Note: This is just a strategy!!!!! And any additions or deductions would be appreciated. Thank you
I'm sharing my idea here for both new and experienced members. Comments and Additional ideas would be appreciated
I mostly start my trades at 10 am
1st Step: Switch to D1 chart, Take note of the Minimum and Maximum of the previous day
2nd Step: Now switch to a H1 chart, if the last updated candlestick finishes above the previous day maximum, Go for a Long position
If it finishes below minimum, go for a Short position
3rd Step: If it finishes in between the Maximum and Minimum reduce the sizes of your charts in Step 1and 2 and repeat the steps.
Note: This is just a strategy!!!!! And any additions or deductions would be appreciated. Thank you
You are trading for roughly 2 years and yet you are not using indicators for your strategy?? I bet you are just doing some leverage trading on MEX. Anyway your strategy is fine considering you are trading cryptocurrencies which is a total gamble. As per your strategy. Your general overview scope ia just daily and it's somehow dangerous if you keep using that strategy while the monthly graph pointing out that the direction is going to the opposite side of your bet.
Since you didn't consider volumes and the flow of price. As I said this is totally fine in leverage trading cryptocurrencies but this will not work at all times. Some point on your trading, you will suffer great loss if you enter in that very bad timing.
Thanks for the observation I use the SMA and Bollinger Bands for my analysis....... Just wanted to keep things short and simple for the new traders here, of course the experienced once would shape this(if found useful) to their own using different indicators and analysis.
Not familiar with Bollinger Bands, seem not very friendly to beginners. Most are using 3 SMAs on their charts, often times the lower the number the faster the SMA reacts to price change (20, 50) and that's when leverage trading is most useful for. Combined with the 200SMA to see its trend in the longer time frame.