Red RSI has closed above 50 in the 90m. Red RSI is above 50 in the 3h. Red RSI is currently making contact with the Green while the Green is going up in the 6h. If the 6h can CLOSE with Red RSI contacting Green Line going up; upward pressure will continue for the next two days minimum.
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Here's a visual of the 90m, 3h and 6h:
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90m, 3h and 6h TF's:
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It was IMPORTANT to note if you were waiting to open a long position based on this TA, it relied in large part to what the Red RSI and Green Line do in the 6 hour time frame. WAIT and see what may occur. This TA was NOT for one looking to scalp in time frames lower than the 6 hour TA. If that were the case, I would have went down to the 45m, 23m and 12m time frames.
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I do NOT recommend you attempt margin scalping yet with these indicators without very good knowledge of the indicators. Once you have pretty good knowledge of the indicators, it's SUPER IMPORTANT to ONLY use very low leverage (1x to 3x) while gaining experience using them. Once you have some experience under your belt, you can consider going a little higher with your leverage WHEN the market conditions are right for scalping in this low of time frames. This can be done with FOREX as well and be quite profitable. But again, THE MARKET CONDITIONS MUST BE RIGHT FOR THIS TYPE OF MARGIN SCALPING IN SUPER LOW TIME FRAMES.
23 minute TF:
12 minute TF:
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What I just provided (above) with the 23 minute and 12 minute time frames is only to provide an example of what I mean by this publication was ONLY INTENDED for one looking to open a long position DEPENDING on what we see occur in the 6 hour time frame with the Red RSI currently making contact with the Green WHILE the Green is going up. We need the current 6 hour candle to "CLOSE" with the Red RSI making contact with the Green WHILE the Green is going up to increase our odds of upward pressure for a couple of days AFTER that occurs in when the current 6 hour candle CLOSES.
I do NOT have the time to provide signals for margin scalping here on TradingView. Maybe soon on another platform but not now on TradingView.
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It may be you are already beginning to notice one most important rule when opening a margin long is the Red RSI needs to be running up from a level LOWER than the 50 level and about to make contact or cross above the 50 level. That's ONE of the key signals we need to see before we even consider opening a margin long SAFELY.
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Another VERY IMPORTANT RULE is to "KNOW" what is going on with the market in a GROUP of higher time frames than the GROUP of time frames you intend to use for margin trading.
If nothing is quite clear yet in those higher time frames, that means YOU SHOULD WAIT until something is clear in the higher GROUP of time frames before considering margin trading in a lower GROUP of time frames.
This particular trade I just showed using the 12 minute and 23 minute would have been risky in my opinion; due to not having a clear indication of what the market was doing in the 3h and 6h time frames. I simply provided an example of margin scalping using the 12m and 23m to show THIS PUBLICATION was not intended for the one looking to open a margin long based on a time frame lower than the 6 hour time frame. We need a better confirmation in the 6 hour before considering a margin long in my opinion. If we do get that confirmation, we would then look at lower time frames to find the best time to open that margin long because a brief pullback may occur first in a lower time frame before we actually see the upward pressure come to fruition in the 6h and higher time frames.
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Another look at the 12 minute time frame... You are getting a PRIME example WHY I should NOT have labeled this publication "LONG" without the Red RSI in the 6 hour time frame NOT CLOSING YET with the Red RSI contacting the Green Line WHILE the Green Line is going up.
Here's the 6 hour currently: You will see the Green is not up as high as it was earlier. We would still wait to see how it looks when this current 6h candle closes.
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Posting this 6 minute time frame simply for followers to LEARN something to look for IN ALL TIME FRAMES:
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I need to make a "PACT" with myself: From this day forward, do NOT label a publication a "LONG" position under similar circumstances as this publication UNTIL the dominant time frame in question (6 hour) "CLOSES." Especially, when we are at a PIVOTAL point in time with the Red RSI "just now" making contact with the Green Line "WITHOUT" having "CLOSED" just yet.
Thanks David! Are you still leaning towards a 0.33-0.53 Cardano price by EOY?
WyckoffMode
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@jimmythis77,
Hi Jimmy,
Yes, I still am at the moment. We should know more by the time we are in mid November (Month from now). We will see where the price is when mid November gets here and I will provide a price projection for year end that has better odds of being more correct then because we will have more data.
The main reason I want to wait at least until mid November to see where the price action is at that time; I want to make sure we do not see something similar to ETHUSDT or XRPUSDT the end of 2016. ETHUSDT and XRPUSDT did not really BEGIN to take off until after Christmas in 2016. It's POSSIBLE we may only trend upward in a relatively tight trading range during periods of upward pressure and trend downward within a relatively tight trading range during periods of downward pressure all the way until year end. I do not want to get ahead of myself and declare with certainty we will hit a price range by year end until we see where the price action is by mid November.
jimmythis343
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@WyckoffMode, I agree. I have been trading low leverage short term on Cardano. Made 1500 just on the move from .09 to .011 last week. I will continue to use low leverage with tight stop loss probably thru November. My main concern is the upcoming elections. To me, it all boils down to market confidence. If the stock market remains bullish long term...then I also believe the overall bullish sentiment will spill over to crypto markets as well
WyckoffMode
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@jimmythis77,
Agreed... If Trump is elected, the markets will likely remain bullish. If Biden is elected, we can anticipate a major dump shortly after.
WyckoffMode
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@jimmythis77,
Hi Jour,
That's SUPER... I always LOVE to hear it when someone has been profitable using my methods! Absolutely AWESOME, Mate! ; )
Cheers!
; )
WyckoffMode
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@jimmythis77,
I often wonder if exchanges have alerts setup to let them know if someone has opened a margin trade with high leverage up to a certain amount. I wonder if they have a calculator already built-in to their alarm system that calculates what a user has the potential of making if it were to be a wining trade up to a certain amount and if they may do something behind the scene to see to it that it does not become that much of a wining trade. That's been my logic... Hence, the reason for low leverage... Try to remain unnoticed... Never let them see you coming... Simply be the turtle instead of being like all the other rabbits.
Identifying a period of upward pressure is actually quite easy compared to trying to determine what price range we may run up to during a period of upward pressure. We must not assume the price action MUST go up significantly during a period of upward pressure. We can only create targets with Fibonacci and/or Bollinger Bands and see whether or not we hit the bullseye.
leroyessel0
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@Nefetofo, Excellent question and we see ADA rising at $0.107444 on 10/18/2020.