So many cry babies and so much bad info out there posing as real TA. These guys are teaching you overall bad habits. Trying to time exact tops and bottoms. Giving bad info on how volume profile should look during a downtrend. We will cover these two today
1. Trying to time a perfect entry and exit. Why is this a waste of time. No one knows the exact top or bottom. THerefore all we can do are apply established fibonacci levels as we hunt for charts with great potential. This is Bepro. It pulled back well over 60 percent. I dont need to try and guess the exact bottom. I just begin to layer in at the 61 percent retrace. As it goes lower i continue to add more. Be aware if you do not know what you are doing it is best to wait for signs of a new uptrend. I have had to layer in all the way to over 90 percent retraces . Overall i completely killed that trade bc i was patient. That was swipe but it was different bc we were in a market downtrend. Right now the market is going up. This is perfect for Bepro bc its simply correcting. Long story short. Layer in and dollar cost average. noobs should not as they dont have the emotional control of a battle hardened veteran.
2. Volume. it should be highest in the beginning of the downtrend and taper off as we hit the bottom. Low volume at the bottom of a downtrend IS NOT BEARISH. yes it could fall a few percentage points 10-20 percent but overall the majority of sellers are long exhausted. Then you can watch the volume start to taper up again as we start heading towards the top of the structure.
Buy more the lower it goes but only if you know what you are doing and can sit out for weeks as the rest of the market moves. Not saying it will but anything is possible
1. Trying to time a perfect entry and exit. Why is this a waste of time. No one knows the exact top or bottom. THerefore all we can do are apply established fibonacci levels as we hunt for charts with great potential. This is Bepro. It pulled back well over 60 percent. I dont need to try and guess the exact bottom. I just begin to layer in at the 61 percent retrace. As it goes lower i continue to add more. Be aware if you do not know what you are doing it is best to wait for signs of a new uptrend. I have had to layer in all the way to over 90 percent retraces . Overall i completely killed that trade bc i was patient. That was swipe but it was different bc we were in a market downtrend. Right now the market is going up. This is perfect for Bepro bc its simply correcting. Long story short. Layer in and dollar cost average. noobs should not as they dont have the emotional control of a battle hardened veteran.
2. Volume. it should be highest in the beginning of the downtrend and taper off as we hit the bottom. Low volume at the bottom of a downtrend IS NOT BEARISH. yes it could fall a few percentage points 10-20 percent but overall the majority of sellers are long exhausted. Then you can watch the volume start to taper up again as we start heading towards the top of the structure.
Buy more the lower it goes but only if you know what you are doing and can sit out for weeks as the rest of the market moves. Not saying it will but anything is possible
Note
also ppl are crying as if Bepro has never corrected this harshly before. Of course it is. It went up around 10x overnight basically. its going to give most of that back. If you were rushing in to buy bepro andwhere above 2 pennies you were being extremely foolish. unless you were trying to catch the momentum and quick trade then get out. much like i did with WIN. but buying and not having a plan and thinking it will continue to moon. bAD IDEA those are the people fudding and crying on TwitterNote
also go look at Viacom stock that tanked on wall st. these huge retraces can happen in any market. There are other cryptos that are still accumulating like Bepro. ONE, LUNA. nothing is wrong these projects fundamentally either
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.