This is an education based on the LTCUSD chart that I posted today.
I have also linked my previous education idea down below where I want to drill down one key fundamental: Participation matters, price DOES NOT. DO NOT get emotional seeing price (low or high), look at the participants to see how many people are buying/selling at these levels. Price DOES NOT always imply that there is participation. And Prices at bubble tops NEVER imply participation. Most people have bought/sold before these bubble top levels arrive.
Here I show another example where the VPVR (Volume profiles at various price levels) predicted the correct line of resistance. Most charters DO NOT understand this. Patterns lie all the time. A lot of charters on Tradingview and REAL traders use the price tops/ ATHs to draw trend lines. PLEASE do not do this if there isnt meaningful participation/volume at these levels. Hope this helps clarify some arguments that people continue to have on where to draw trend lines from and if you are correctly capturing the wicks.
Result: ETH while BOOM above 740 USD while most traders kept drawing harmonics and all sorts of short term pattern crap.
Dont believe me? I have linked the idea to LTCUSD vs BTCUSD comparison down below. BTC breakout was at 12.4k when most people thought we will see resistance as we approach 20k. BTC blasted through all these levels.
Nice! I am a budding trader, I’m curious if you have ideas or pics when it comes to different trading software programs? Thanks!
brotoshee
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@TPB-HODL, Welcome to the community. I have never used an automated trading software. I am a traditional swing trader trading on large time frames so I never felt the need of automating my trades. I use tradingview for charts and trade on various exchanges. If you plan on learning, use the Brave New Coin's playlist for a crash course on most systems: youtube.com/playlist?list=PL7xAZdZ_X_hLirJAJpSTvKZ56Z5d5GnX6
Out of these, I use ichimoku, moving averages, VPVR and fibonacci levels to suffice for most of my trades. In this article I show how much of additional insight you get if you look at VPVR. I think VPVR and some of the other indicators do not come with the free version of tradingview but I see you use premium so you should have access to most indicators.
Lastly, I highly recommend "Unknown Market Wizards" by Jack Schwager to learn from the best traders and trading psychology. I used audible so it almost felt like listening to a real interview of people who know their shit.
Happy Trading!
UnknownUnicorn17255216
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@brotoshee, Thank you so very much and the best to you!!