[Daily Discussion] - Tuesday, January 26, 2021 Bitcoin Markets

[Daily Discussion] - Tuesday, January 26, 2021
Good setups, indicators, approaches for relative beginner to start with?
Failure pattern or Quasimodo. Call it what you want. But it is a must know pattern when trading Bitcoin.

[Daily Discussion] - Tuesday, January 26, 2021

Posted: 25 Jan 2021 09:00 PM PST

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Good setups, indicators, approaches for relative beginner to start with?

Posted: 25 Jan 2021 06:32 PM PST

Hi all,

Sorry for such a newbie post, but I hope some of you might be willing to help me out with some beginner tips!

I am not new to Bitcoin and not completely new to trading, but have only ever done different types of arbitrage before as I am quite risk-averse. I am really interested in getting a feel for speculation though, so want to find some setups that may be suited to me so I can throw some small funds in and start to get feedback on what may or may not work for me.

I guess the answer to the OP question is "it depends on many things, including you". But I wonder if there are certain setups or indicators that beginner day traders find easiest to get going with?

Here are some things I am thinking about starting with and why I think it might (or might not) be good for me to start learning.

Breakout: Doing this on a smaller timeframe means higher # of trades per day to be able to get more feedback, collect data on results of trades to begin analysing. For this I am looking at volumes and points of resistance/support to decide when to open positions. I am wondering how I can get a solid grasp of historical data though (recent, e.g. past hours or day or so) and how significant volume was in failed support/resistance tests to get an idea of what position to open. MACD indicators I guess are also highly relevant to this setup.

Scalping/Fading: These seem so simple as to be good for beginners. What indicators are used to determine though whether sharp moves are the beginning of a trend that is to be continued, or whether something is really overbought/oversold and it is worth shorting after a big breakout upward, or going long after a big move downward? I guess this is the primary purpose of MACD, but I am wondering the best way/timeframe to use this with scalping/fading setups?

Question on MACD: I am a bit confused about how to interpret/reconcile the dramatically different trends indicated on different timeframes by MACD (e.g. 1m, 3m, 5m, 15m, 1h point totally different directions). Intuitively it depends on the timeframe you are trading on, so if you are trying to open small positions and take profits quickly from one of the above strategies, are there certain timeframes where MACD is not so relevant to look at (I guess longer?).

I am familiarising myself with certain common candlestick signals, trading the flag, etc., but basically just getting off the ground and beginning to take baby steps.

Any advice on how to start as SIMPLY as possible to begin to get a feel for things as I then add more indicators and try out different setups/approaches would be much appreciated. Thank you!

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Failure pattern or Quasimodo. Call it what you want. But it is a must know pattern when trading Bitcoin.

Posted: 25 Jan 2021 09:45 PM PST

https://www.tradingview.com/x/Y3BWdQ0W/

Happens on all time frames. see my list of examples pulled from the past few years on all time frames. Including the most recent price action.

https://www.tradingview.com/x/WV9GkLmw/

https://www.tradingview.com/x/ahWBOV4j/

https://www.tradingview.com/x/NwZXSSno/

https://www.tradingview.com/x/jkwKvMPv/

same as before just flipped to help see it. https://www.tradingview.com/x/jkwKvMPv/

https://www.tradingview.com/x/ufUsTDcf/

submitted by /u/ellersh76
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