You are watching a very unique Bitcoin technical analysis.
It use Fibonacci ratios + support/resistance to find the best zones to enter and exit the market.
It was developed by Rick during his 8 years of Forex trading.
Here's what to know when looking at the charts:
Blue triangles are drawn to define areas where the price will usually remains when buyers and sellers agrees on a coin value. Buying at the bottom and selling at the top is a good idea but these are not the best entries. You'll have better odds of a successful trade when buying the breakout of that triangle.
Green and red rectangles are BUY and SELL points suggested by Rick. Bigger rectangles means better odds of a winning trade.
Green horizontal lines defines zones and I try to buy coins at the bottom of them
Targets are set where Rick thinks the bulk of the move will be done. You are probably better to close a trade there and move your money to another coin with better odds for a move up.
Tips for beginning traders:
- Trading is hard. 90% of traders never manage to be consistantly profitable.
- Greed is your enemy.
- A good trader is a good risk manager.
- Use Stop Loss and dont move them in the middle of a trade.
- The more leverage you use, the more certain you will fail.
- If you cant sleep at night, your positions are too big.
- You need to manage your emotions. Try meditation.
- You dont need to have positions open at all time.
- An average of 1% profit per week compounded will make you filthy rich.
- A good strategy is not the most important part of your success. Discipline is.
- Repeat this mantra: “I am a very good trader”
My live stream is at DLive