learning to draw on charts, identify and setup positions
I am very new to actual trading, so I am currently watching a ton of videos and reading other people's ideas on how to draw on charts correctly, identify opportunities and finally setup actual trades.
I appreciate any comments especially on whether my S&R zones are correct or not, what I can improve and finally whether this is a feasible setup or not. My goal is to be able to analyse mid term trends and setup meaningful trades.
This one is a long position for
BTCUSDT
with a take profit below the 10400 resistance level and a stop loss at 563 below the entry price, calculated using the daily ATR (20 SMA), which nicely comes to just below the 8800 support level. Breaking that, I would consider a continuing down trend.
I hope I understand at least some of the terminology and concepts correctly, but if not, please comment and correct me!
There is nothing learned without making mistakes.
Happy trading everyone!
I appreciate any comments especially on whether my S&R zones are correct or not, what I can improve and finally whether this is a feasible setup or not. My goal is to be able to analyse mid term trends and setup meaningful trades.
This one is a long position for
BTCUSDT
with a take profit below the 10400 resistance level and a stop loss at 563 below the entry price, calculated using the daily ATR (20 SMA), which nicely comes to just below the 8800 support level. Breaking that, I would consider a continuing down trend. I hope I understand at least some of the terminology and concepts correctly, but if not, please comment and correct me!
There is nothing learned without making mistakes.
Happy trading everyone!
Trade closed: target reached:
looks like my setup actually worked! I am very stoked about this! now off to the next one