Bitcoin 1D Candle | Trading off Heikin Ashi Candle Strategy
Bitcoin 1D Candle | Trading off Heikin Ashi Candle Strategy
***Analysis***
Looking at the price ranges between trades, profits total 41.73% thus far from 31 May until current. I will be selling on the smaller time frames(4hr)
since BTC has been overbought for a while. I'm monitoring BTC in all timeframes. Other Ashi traders like to buy and sell only on the 1D. It's up to you based
on your free time how much you can pay attention to the charts. Usually when 1 Day is green, all timeframes underneath are as well. Same goes for Red candles.
Other points to note. According to the Heikin Ashi Strategy, Stoploss is set just below the wick of the first bullish candle. When it comes to higher tiemframes,
You never have to worry about stoplosses. On the 5min time, I found that stoplosses are triggered often.
Point out with the green arrows that Stoch RSI is uptrending in every entry and stars its down trend when BTC is correcting. These other indicators are also
beneficial when predicting when price will fall.
Thank you. Please share your thoughts, check out the website below, like and star.
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***Heikin Ashi Trading Rules***
Entry:
wait until the script signals for a green trend change candle(small bodied candle with up & down wicks). you will see a green arrow underneath.
Now waited until the second green candle(wick on top) to form before entering into position. This is confirmation of trend change.
Exit:
Wait for a red trend change candle signal, sell at the next red candle with wick on bottom. If you want to take profits on the first red, it's up to you.
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***Advice***
Using bigger time frames cuts out all the trading noise.
For smaller time frames(5min), I found it beneficial to also use Stoch RSI, MACD, Vol, MA Cross indicators to confirm entries so that you're not constantly trading
in and out. I would advise against trading on the 5min using Heikin Ashi Strategy, It's just too tedious and time consuming.
Stay Disciplined and you shall be profitable. Dont chase the trades, Let them come to you. If you miss out, there's plenty more opportunities. Wait for the next
trend change. This technique can be applied o all Alt coins as well. Keep in mind though that alts tend to follow Bitcoins movements. Patience is key
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***HEIKIN ASHI TECHNIQUE - My thoughts while learning this trading style***
If you would like to learn how to trade off this technique, go to the link below by trading strategy guides. This style makes trading comfortable and
relaxing if you trade in the bigger timeframes, 4hr & 1day. For more price action and to gain more satoshi/USD out of the trades, trade in smaller time frames
from 5min, 15min, 30min, & 1hr. I will tell you, if you're a busy person in your everyday life, trading on the 5min and 15min is not ideal.
Credit for the Script goes to BOBTARHEEL -
www.tradingview.com/u/BOBTARHEEL/
Script- HOW TO ADD: go to link and add to favorites, then go to indicators and search for HA COLOR CHANGE, add indicator. For alerts, go to alerts and choose HA COLOR
CHANGE in the drop down menu.
***Analysis***
Looking at the price ranges between trades, profits total 41.73% thus far from 31 May until current. I will be selling on the smaller time frames(4hr)
since BTC has been overbought for a while. I'm monitoring BTC in all timeframes. Other Ashi traders like to buy and sell only on the 1D. It's up to you based
on your free time how much you can pay attention to the charts. Usually when 1 Day is green, all timeframes underneath are as well. Same goes for Red candles.
Other points to note. According to the Heikin Ashi Strategy, Stoploss is set just below the wick of the first bullish candle. When it comes to higher tiemframes,
You never have to worry about stoplosses. On the 5min time, I found that stoplosses are triggered often.
Point out with the green arrows that Stoch RSI is uptrending in every entry and stars its down trend when BTC is correcting. These other indicators are also
beneficial when predicting when price will fall.
Thank you. Please share your thoughts, check out the website below, like and star.
----------------------------------------------------------------------------------------------------------------------------------------------------------------
***Heikin Ashi Trading Rules***
Entry:
wait until the script signals for a green trend change candle(small bodied candle with up & down wicks). you will see a green arrow underneath.
Now waited until the second green candle(wick on top) to form before entering into position. This is confirmation of trend change.
Exit:
Wait for a red trend change candle signal, sell at the next red candle with wick on bottom. If you want to take profits on the first red, it's up to you.
----------------------------------------------------------------------------------------------------------------------------------------------------------------
***Advice***
Using bigger time frames cuts out all the trading noise.
For smaller time frames(5min), I found it beneficial to also use Stoch RSI, MACD, Vol, MA Cross indicators to confirm entries so that you're not constantly trading
in and out. I would advise against trading on the 5min using Heikin Ashi Strategy, It's just too tedious and time consuming.
Stay Disciplined and you shall be profitable. Dont chase the trades, Let them come to you. If you miss out, there's plenty more opportunities. Wait for the next
trend change. This technique can be applied o all Alt coins as well. Keep in mind though that alts tend to follow Bitcoins movements. Patience is key
------------------------------------------------------------------------------------------------------------------------------------------------------------------
***HEIKIN ASHI TECHNIQUE - My thoughts while learning this trading style***
If you would like to learn how to trade off this technique, go to the link below by trading strategy guides. This style makes trading comfortable and
relaxing if you trade in the bigger timeframes, 4hr & 1day. For more price action and to gain more satoshi/USD out of the trades, trade in smaller time frames
from 5min, 15min, 30min, & 1hr. I will tell you, if you're a busy person in your everyday life, trading on the 5min and 15min is not ideal.
Credit for the Script goes to BOBTARHEEL -
www.tradingview.com/u/BOBTARHEEL/
Script- HOW TO ADD: go to link and add to favorites, then go to indicators and search for HA COLOR CHANGE, add indicator. For alerts, go to alerts and choose HA COLOR
CHANGE in the drop down menu.
Trade active:
1H shows no sign of weakness. The 4H formed 1 Red bearish candle with bottom wick. BTC price dropped a few hundred dollars within the candle. This is a healthy retracement needed. I'm seeing other analyst predict retracement around $8100 then $7800 before moving back up to $9000
Trading in the 1D is a test for me to see how successful trading in a higher timeframe is. Plus, cuts out all the noise and leaves all the fighting for the Bulls and Bears to figure out while I sit back and relax at the top. Pretty relaxing. If you're in discords, twitter, or telegram groups, you probably see everyone going crazy with price prediction. If you feel like you're panicking, switch to 1D chart and relax. Thanks
Trading in the 1D is a test for me to see how successful trading in a higher timeframe is. Plus, cuts out all the noise and leaves all the fighting for the Bulls and Bears to figure out while I sit back and relax at the top. Pretty relaxing. If you're in discords, twitter, or telegram groups, you probably see everyone going crazy with price prediction. If you feel like you're panicking, switch to 1D chart and relax. Thanks
Trade closed manually:
Decided to go with the 4H charts and close at $8200. Various analysis from other trading view chartist are charting $7800 as potential retracement. I agree and will look to enter there. If you're long on BTC, you have nothing to worry about. It'll go back up as Elliot waves analyst predicting over $9k after retracement is over. Thanks
Comment:
If you're long term on BTC, nothing to worry about on the daily chart. BTC is correcting from its recently journey to $8500.
Comment:
I whole heartedly believe Mondays should be officially renamed to "Bloody Mondays". my phone TA says we will hit 6851 on Monday if the bloody candles continue its trend down. The vertical dotted line is Monday. Trade carefully t.co/wZGSTuQ8nr