IOTA/BTC 4H Candle | Trading off Heikin Ashi Candle Strategy
*** Technical Analysis***
1H showing 3 green candles. IOTA has been down trending for awhile now. Chart shows only one time in the last few weeks for profit earnings. Last huge profits were on 1-5 July 1D chart. The 4H is showing signs trend change. Will monitor this for entry and enter on the next bull candle. Stoch-RSI and MACD also have bullish signs indicating that an uptrend is about to commence.
***Re-occurring Notes**
I like starting off at the 1hr to see a potential trade brewing up, then move to 4h to enter trade. 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 time frames underneath are as well. Same goes for Red candles.
STOPLOSS: 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.
STOCH-RSI: PointIing out with the green arrows that Stoch RSI is uptrending in every entry and stars its down trend when correction is ongoing. These other indicators are also beneficial when predicting when price will fall.
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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. Don't 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.
1H showing 3 green candles. IOTA has been down trending for awhile now. Chart shows only one time in the last few weeks for profit earnings. Last huge profits were on 1-5 July 1D chart. The 4H is showing signs trend change. Will monitor this for entry and enter on the next bull candle. Stoch-RSI and MACD also have bullish signs indicating that an uptrend is about to commence.
***Re-occurring Notes**
I like starting off at the 1hr to see a potential trade brewing up, then move to 4h to enter trade. 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 time frames underneath are as well. Same goes for Red candles.
STOPLOSS: 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.
STOCH-RSI: PointIing out with the green arrows that Stoch RSI is uptrending in every entry and stars its down trend when correction is ongoing. These other indicators are also beneficial when predicting when price will fall.
----------------------------------------------------------------------------------------------------------------------------------------------------------------
***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. Don't 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:
As expecting, a 2nd bull candle formed. Entered the trade at 11957 sats with 75% of my position and 11932 sats with another 25%. What's relaxing about the higher timeframes, I placed 2 orders, 1 at a decent price close to the current and another low ball order. The candle has 4hrs to fill. It's likely itll get filled within those 4hrs so just relax and let the trade come to you, don't chase it.
Trade closed: stop reached:
With BTC correcting, alts are too. Stops hit. Always set stoploss under first bull candle when trading Heikin Ashi Style.
Comment:
IOTA moving slow on the 4hr. Lots of noise in the battle between the bulls & bears on the 1hr. volume slowing up and RSI overbought. Will monitor to see how its moving later