important to check whether there is support or resistance
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From the moment we start trading, a mental war of attrition begins.
Even if you create a trading strategy in many cases before starting trading, the mental battle of attrition due to price fluctuations begins after you start buying.
In order to win this mental war of attrition, a plan to lower the average purchase price is inevitably needed.
Therefore, concluding a purchase in one transaction can easily result in losing the mental battle of attrition.
This phenomenon is clearly evident in futures trading.
In order to reduce this formal war of attrition, it is recommended to refrain from breakout trading whenever possible.
Looking at the example chart, I've marked several support and resistance points.
We know that in most cases, it is not too late to check support and resistance at these support and resistance points and proceed with the transaction.
However, when the price fluctuates, a mental war of attrition begins as trading proceeds immediately without checking basic support and resistance.
I believe that this phenomenon is caused by anxiety caused by one's own greed.
In order to reduce these conflicting elements, it is necessary to practice checking for support and resistance at the points of support and resistance.
We use several methods to check for support and resistance.
No matter which method you use, the most important thing is to remember that the method that suits you is best.
Basic support and resistance can be outlined to some extent by checking the 1D chart for at least 1 to 3 days.
If a trend appears after this period, it corresponds to a coin (token) that shows rapid movements in the short term.
Otherwise, you will see sideways movements for about 7 to 10 days.
However, since the coin market allows trading 24 hours a day, it is quite difficult and difficult to check support and resistance for at least 1 to 3 days.
This leads to rapid transactions, resulting in a formal war of attrition.
There is no special way to check for support and resistance.
The know-how you gain depends on how many transactions you have made.
Also, it is important to think in advance about how you will respond when support and resistance appear in the opposite direction of what you expected.
I think the reason trading is called gambling is because this method cannot be defined.
So, I think there are people who say that it is a game with a 50% chance of going up or down.
However, these thoughts will gradually disappear as you create a response strategy according to price fluctuations through studying charts and trading strategies learned through many transactions.
Ultimately, whether you accept the know-how you gain by conducting many transactions at your own will as your own and whether you correct your mistakes will ultimately determine the success or failure of the transaction.
- Can you create the necessary support and resistance points or sections to check whether there is support or resistance?
- Even if the support and resistance points or sections were selected incorrectly, can you trust the support and resistance points or sections and find a response plan?
Chart study must be done to satisfy the above contents.
Terms, patterns, and trends on charts only serve to modify your trading strategy while trading.
In the end, we must not forget that everything begins by checking the support and resistance at the support and resistance point or section.
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** All explanations are for reference only and do not guarantee profit or loss in investment.
** Trading volume is displayed as a candle body based on 10EMA.
How to display (in order from darkest to darkest)
More than 3 times the trading volume of 10EMA > 2.5 times > 2.0 times > 1.25 times > Trading volume below 10EMA
** Even if you know other people’s know-how, it takes a considerable amount of time to make it your own.
** This chart was created using my know-how.
---------------------------------
If you "Follow" us, you can always get new information quickly.
Please also click “Boost”.
Have a good day.
-------------------------------------
Even if you create a trading strategy in many cases before starting trading, the mental battle of attrition due to price fluctuations begins after you start buying.
In order to win this mental war of attrition, a plan to lower the average purchase price is inevitably needed.
Therefore, concluding a purchase in one transaction can easily result in losing the mental battle of attrition.
This phenomenon is clearly evident in futures trading.
In order to reduce this formal war of attrition, it is recommended to refrain from breakout trading whenever possible.
Looking at the example chart, I've marked several support and resistance points.
We know that in most cases, it is not too late to check support and resistance at these support and resistance points and proceed with the transaction.
However, when the price fluctuates, a mental war of attrition begins as trading proceeds immediately without checking basic support and resistance.
I believe that this phenomenon is caused by anxiety caused by one's own greed.
In order to reduce these conflicting elements, it is necessary to practice checking for support and resistance at the points of support and resistance.
No matter which method you use, the most important thing is to remember that the method that suits you is best.
Basic support and resistance can be outlined to some extent by checking the 1D chart for at least 1 to 3 days.
If a trend appears after this period, it corresponds to a coin (token) that shows rapid movements in the short term.
Otherwise, you will see sideways movements for about 7 to 10 days.
However, since the coin market allows trading 24 hours a day, it is quite difficult and difficult to check support and resistance for at least 1 to 3 days.
This leads to rapid transactions, resulting in a formal war of attrition.
There is no special way to check for support and resistance.
The know-how you gain depends on how many transactions you have made.
Also, it is important to think in advance about how you will respond when support and resistance appear in the opposite direction of what you expected.
I think the reason trading is called gambling is because this method cannot be defined.
So, I think there are people who say that it is a game with a 50% chance of going up or down.
However, these thoughts will gradually disappear as you create a response strategy according to price fluctuations through studying charts and trading strategies learned through many transactions.
Ultimately, whether you accept the know-how you gain by conducting many transactions at your own will as your own and whether you correct your mistakes will ultimately determine the success or failure of the transaction.
- Can you create the necessary support and resistance points or sections to check whether there is support or resistance?
- Even if the support and resistance points or sections were selected incorrectly, can you trust the support and resistance points or sections and find a response plan?
Chart study must be done to satisfy the above contents.
Terms, patterns, and trends on charts only serve to modify your trading strategy while trading.
In the end, we must not forget that everything begins by checking the support and resistance at the support and resistance point or section.
-------------------------------------------------- -------------------------------------------
** All explanations are for reference only and do not guarantee profit or loss in investment.
** Trading volume is displayed as a candle body based on 10EMA.
How to display (in order from darkest to darkest)
More than 3 times the trading volume of 10EMA > 2.5 times > 2.0 times > 1.25 times > Trading volume below 10EMA
** Even if you know other people’s know-how, it takes a considerable amount of time to make it your own.
** This chart was created using my know-how.
---------------------------------
Comment:
It is not a good idea to simply compare the two coins (tokens) above.
However, I will compare with examples to see which case is more advantageous for buying.
First, check the 1M charts of the two coins (tokens).
On the KNCKRW 1M chart, the MS-Signal indicator is displayed, but the HA-Low indicator is not displayed.
In the 1INCHKRW 1M chart, the MS-Signal indicator is not displayed, but the HA-Low indicator is displayed.
On KNC's 1M chart, the price is located below the MS-Signal indicator,
On the 1M chart of 1INCH, the price is located above the HA-Low indicator.
Therefore, even a simple comparison shows that 1INCH coin (token) is more likely to rise than KNC.
The reason is that in KNC, the MS-Signal indicator acts as a resistance zone and is likely to limit the rise.
It is not a good idea to simply compare the two coins (tokens) above.
However, I will compare with examples to see which case is more advantageous for buying.
First, check the 1M charts of the two coins (tokens).
On the KNCKRW 1M chart, the MS-Signal indicator is displayed, but the HA-Low indicator is not displayed.
In the 1INCHKRW 1M chart, the MS-Signal indicator is not displayed, but the HA-Low indicator is displayed.
On KNC's 1M chart, the price is located below the MS-Signal indicator,
On the 1M chart of 1INCH, the price is located above the HA-Low indicator.
Therefore, even a simple comparison shows that 1INCH coin (token) is more likely to rise than KNC.
The reason is that in KNC, the MS-Signal indicator acts as a resistance zone and is likely to limit the rise.
[Example of exchange chart setup]
(Binance)
www.tradingview.com/x/S94aDxa8
(Upbit)
www.tradingview.com/x/DF6cGh3G/
(Binance)
www.tradingview.com/x/S94aDxa8
(Upbit)
www.tradingview.com/x/DF6cGh3G/
When I look at the charts of these coins (tokens), I feel like I have to buy them right away because I think they will rise further.
At this time, what you need to think about is the support and resistance points for that price position.
Even if the rapid upward trend continues, it is bound to show some bumps at some point or section.
You should take advantage of this and create a trading strategy from a day trading perspective.
Therefore, split trading and stop loss points are essential.
It rose above 505, the top of the box section of the 1W chart.
Therefore, the big picture stop loss point is 505.
The volume profile section of the 1D chart is around 464.
You can know when to stop loss when the price falls below a certain point or section.
Therefore, whether support or resistance is received around this section is an important factor.
When the price moves up and down above the stop-loss point, you should consider whether to lower the average purchase price through split transactions or increase the investment proportion by purchasing additional shares.
It doesn't matter which time frame chart you look at, but the important thing is to choose a time frame chart you trust.
We can say that this rattling corresponds to the task of determining whether we are supported or resisted.