previous: to continue being a daytrading wagie fag, today I spotted a H&S pattern on my chart and decided to short when the neckline broke only to see that it didn't go my way. instead it rallied up JUST enough to trigger my SL then it continued to go sideway so far.
what did I do wrong biz? what would you have done in a situation like this? please kindly express what confirmations you would use to put your orders in.
>im gambling against the house buti the house always wins, how come?
this is why you buy and sell spot retard
>trading chart patterns
you will be eaten alive in crypto
Bankman freud
Thx 4 playin.
I do though. I spare 10% of my freebux to daytrade like this, the rest I buy spot and just hold and keep them in a wallet.
Or do you mean that I shouldn't use margin and I should only daytrade using spot orders?
for what its worth I think there are many successful traders on biz so I don't think it's completely gambling
do you mean chart patterns are outdated, or did I recognize them wrongly?
I actually tilted a bit because that seemed like a textbook H&S, only it wasn't.
what would have you chose in that situation?
I listened to the other anons in last thread and setting up a journal now. Not sure how to structure it but will write down my losses and the way it happened
You react to an H&S pattern after the second shoulder is about to form downwards, not after the fact.
Also, usually in crypto it always takes the opposite of what you'd expect. This counts for both fundamentals and technicals.
Fundamentals:
>Media: "THIS IS WHY BITCONG IZ BAD!"
>Correct move: Buy
>vice versa
Technicals:
>This chart looks like shit
>Suddenly it pumps
These rules apply to all coins except Chainlink. Chainlinks always dumps
>the 5-minute chart
Signals at this level are almost all noise. You were asking for it. It's one thing to daytrade against exchanges that know every long and short position in the book and have the power to wipe out anyone any time. It's another thing to trade against a longterm upward trend (2 straight weeks of only up now) and be surprised when things don't go your way.
thanks for the reply user. In general, do you think a pattern like H&S needs to have a "retest" after its formed?
to be specific, after the second shoulder is formed, should I wait for a fail rally to confirm it's validation? I entered as soon as neckline is broken though so I guess it was a bad choice.
what about patterns like double tops/bottoms? I haven't done enough backtesting but I think at least some of them have to have good probability? maybe on bigger timeframe.
The volatility is miniscule on weekends. As a general rule of thumb you should never trade on weekends.
Sure that's a head and shoulders but the impulsive move was only a few hundred bucks or 1% of bitcoins price. Any pullback wasn't going to fall too far in this instance.
You sound more skilled than I am. I usually react when it seems that a pattern is about to form.
Keep in mind, technicals not always check out. Sometimes it goes the other way and that's just what we have to keep in mind. You can't be always right.
Double bottoms are very safe bets. I also like to rely on rising triangles. But I play longer timelines... I don't trust my judgement too much to be daytrading, maybe I've gotten better now.
My trading is pretty simple. BTC and ETH are safe, so I just have notifications on my phone for big price jumps. If it dips I buy instantly and hold onto it as soon as it rallies upwards. I don't need to clutter my mind with it and go on about my day as usual
protip
dont trade - youre not smarter than alameda
wage and invest.
I see, thanks for pointing that out. Will patterns and/or indicators be generally more accurate in bigger timeframe? (specific: 1h/4h/1d). I always presumed that they would work similarly.
and yeah I really hate myself for not going long in the last few days. I am so retarded for trying to short it several times and fail.
I read that different trends co-exist in different timeframes, so I suppose that a downtrend in 15m would only be a few red candles in 1h or 4h, I was trying to take advantage of that.
about exchanges... they are the same everywhere right? I don't think it will get better if I switch to forex or stock exchanges.
I see. I think I will stick to your advice and see if it works for me. I will try with bigger timeframe like 30m or 1h and record it.
thanks user
I've only recently taken good focus in TA and reading strategies/patterns etc... prior to this I was always this wagie who put some of his spare bucks in crypto to buy and hold. but the thing is I don't have much cash and I wanted to be better at TA so I decided to use some spare money and try daytrading to see if I can use my knowledge.
I have much to learn from you all. I will try on higher timeframe and try your strategy.
I do wage and save money to buy and hold, not much but it's what I think I can rely on.
for daytrading I generally don't imagine myself to multiply my size in a short time, but I really want to get better and I think if I can get better it doesn't matter much what size I have.
Higher timeframes are safer. You can also confirm higher timeframes by looking at lower timeframes.
e.g. Daily looks bullish while there's also a bullish indicator on the hourly. It definitely helps to get a grip.
Only trade spot. Margin is a scam. Take this from someone who got liquidated and started anew. I'm now in the green solely with spot trades.
there are no short-term patterns in btc
1. Wasn't a h&s
2. Even if it was, it doesn't mean it has a 100% chance of playing out. Something you newfag dumbasses don't understand
3. Scalping is for retards (you)
4. You probably have a dogshit R:R ratio
5. You don'y even have a method with a known success rate
You still havent figured it out after 4 years? Answer is simple user, you suck at daytrading. It's not a skill which can be developed with 100% success rate for everyone. Stop daytrading.
>pic kinda related
1) can you tell me why it wasn't a H&S? I fail to recognize this, and its probably why I took a L
2) I know its not 100%, nothing is after all.
3) ok I will stop scalping
4) what is a reasonable R:R? I read and they say its at least 1:2 but then again it has to do with how high SL I choose. I think I have dogshit entry points.
5) maybe... I'm trying to work on it. so far I try to trade after spotting divergence on RSI and/or MACD, then waiting for some reversal candlestick like red inverted hammer. not sure if its a highly winnable strategy though
really appreciate the honest words from you, user.
what do you suggest me to do then? swing trading is ok? to me maybe the goal is to know when is a really good place to buy/sell, so if I can learn that I don't need to daytrade anymore.
How long is this new RAPE DICK going to last
oh also I'm testing out the a-b-c strategy paired with fib retrace/extension when there's a clear trend (HH/LL and vice versa).
have you tried that strategy? does it work out for you?
Less trades, longer holding periods, perhaps even personal ban on shorting.
until I get smarter or my account is liquidated I think.
I acknowledge that I might never be good enough for this but still I really want to learn more and improve
>my account is liquidated
did you get the advise to play with margin from Any Forums? genuine question
also a guy I know IRL is constantly making $$$$ like every 2-3 night in forex market.
I never asked him to prove it, but he said he only recently started too.
Is it possible in the FX market? or is he just good or bluffing?
Can't tell if this is troll with the amount of jargon
no not really, I set out like 10% of my spare cash for crypto which is very low money (I live in a 3rd world country). so I just put it in an isolated margin account.
my belief is that I can papertrade but I think it's never going to work because I mentally know its not real which is why I started this.
but maybe I should lower my margin I think
no I'm actually losing money with live trading and I still haven't broke even with what I hold
I dont want to sound harsh but crypto is a good dunning-kruger filter, and we all suffer from it from time to time