Intro to My Strategy Trading BreakoutsA Simple explanation of my trading strategy using support and resistance zones for breakout trading. Enjoy
Support
XRP/USD - Please let the $.75 Zone be a Launching ZoneQuick update on XRP. Currently price action is playing around the $.75-80 cent range and I hoping this this is the zone we will launch from. However, I do think once we break $1.00 we'll see some heavy selling between it on $1.20 roughly, so if you are a long term XRP believe, don't get weak hands or you'll likely regret it.
anyway, I hope you enjoyed, give a like and leave a comment.
BTC/USD - Bears Might Sill Have Control! Is 7.2K-5.9K lower zoneAs a follow up to my video (linked below) yesterday that mentioned a move below 9K, I thought I would explain a little more of why I think that will likely happen. I'm not a day trader per say, so most of my plays are based on longer term setups. While we had a nice run over the last week or so from roughly a low of 6k to almost 12k, I believe we'll see more downside before we're able to break the 12k mark and see new and better highs.
Personally, I believe a lower range of $7200 - $5900 is in play. I realize that might seem like a wide spread, but big spikes in BTC are not uncommon. I guess you could look at that range as best case to worst case scenario. If we break that zone... I'll be reassessing completely to determine what i expect to play out next.
I hope you enjoyed the video... give me a like and do leave a comment. I"m really interested in what the trading view community thinks about BTC.
BTC/USD - Call Me Crazy - Sub 9K Just Might Happen!Quick run through my charts this afternoon to see what price action is telling me. That be telling me "I WANT TO GO LOWER". From a weekly and daily perspective, I see some more downside ahead.
The 4HR is my favorite chart and as today we managed to see price action break the 200EMA and not look back reaching the first red zone, i called the other day, so price action is playing out as expected.
Right now, price is testing the lower side of that zone and will likely move the next on the chart. A quick scan of all lower level charts tells me lower price action is most likely a reality and sub 9K is not far away.
I would not be surprised to see price action make it down to that weekly .786 fib level down around $8500. I don't really like to call exact numbers, so I'll call it as $8700 - $8300. To be honest... price at $7500 area would not surprise me either.
I believe we are entering great buy zones again, so remember to cost average into a position as price. Be ready to enter on more dips lower.
i hope you enjoyed the video... give me a like and let me know what you think.
oh.... still haven't completely worked out my sound issues... apologizes.
The Support Line: EP1 -- Scales Hello traders, investors, and the curious alike! This is my new series called The Support Line . To get the chart from any of The Support Line's episodes, you can scroll down to "related ideas" below the write-up and select the episode # along with its chart. It will always be there! This gives you the ability ot share it back here, and our community can help and work with you! Here we will talk about some of the more fundamental points of technical analysis, helping us become better chartists. Some of our advanced users may be able to brush up on information here, and perhaps fill in gaps of things they didn't know. Our newer users should expect to build a better base, and have a good foundation for more advanced concepts later.
Please help me out with suggestions for what our next talk should be about!! Leave me a note in the comments, and we'll make sure we get to it as soon as possible! Thanks !
Lets get our pencils out and get to work!
Will today be green? Starting so !I just finished a quick scan over a few cryptos I pay attention too and thought I would quickly point out what I'll be watching for on XRP. I think this morning's charts on XRP are perfectly illustrating how I like to see price action start playing out after a pull back or correction.
As mentioned, a quick scan of the lower levels are showing me that price action is breaking the slower moving MAs to the upside. On the 15 min, we are clearly above the 200EMA, so i'll be looking for it to turn in to support and hold as support. Crossing fingers for price to keep bouncing there, which will translate into price action moving to the 200 on higher frames and with any luck eventually a break of the 200 on higher frames and for price to move back up.
I hope you enjoyed the video and reminder to like and comment.
Plotting Some Support and Resistance - Oh & A Fib! This video quickly describes how I put my support and resistance levels (zone) on my charts and how I typically use my fibs.
As I mention in the video, I try to keep it simple, straightforward, and not spend to much time in my charts. Personally, i find the more time i spend in my charts the more i hunt to find something that might not be there. This for me usually causes me to make bad decision in terms of entry, etc.
Try to keep it as boring as possible.
Give me a thumbs up and leave me a comment.
