Hi,
I’m just wondering what are the best indicators / candlestick patterns / charting TA to look for when a support bounce occurs after a significant dip.
Use indicators that you are comfortable and used to it. I mean, choose one that you manage to read well and is a useful to your trade.
Traders have a different "best" option when it comes to indicators. While other's are using several indicators, I only used stoch rsi, rsi and MA.
I was in short positions on both Sunday and Monday during the big BTC correction and obviously there were points where they were significantly in profit. However, I held on too long and closed after the bounce. I still took profit but feel I could’ve “taken the meat of the trade” a lot better.
Oh well, that's the problem when you are in profit but still greedy to acquire more. Haven't you manage to cut loss or integrate stop loss so when it triggered then it was the sign that pullback already happen? If you still hold for too long, your entry will just ate up your balance because of the fees.
What do you guys look for? I guessing this is perhaps best done using the 1m (or similar short timeframe) and looking for a big green bottom wick with large incoming volume or something?
I don't usually use 1m tf. That's for a pro trader and fast entry and exit is needed there. Been using 5min tf and will confirm in 1hr tf and check out the 12hr tf. I always confirm it with other time frames so I may know whether Im gonna continue the first long entry positions or the short entry one.