What does Support and Resistance really tell you?
First things first: I do not care about resistance.
I might take some profits around resistance areas, but it doesn't effect my trading much.. For me, its all about support/bases.. Lets dive into the charts and try to understand what those support/base areas are really telling us.
So I hope this video helped answer some questions about how to draw support/bases and feel confident about your trade entries. As you can see I usually layer into my trades and get bigger size the better the deal gets. But it takes time to feel comfortable trading this way, so keep your trade size small while your starting out.What were the 2 main points of the video:
(1) When evaluating a base, the bigger the bounce (reaction) off that base, the more safe it will be when there is a crack (surprise).. Draw your support/bases at the bottom of the big bounces.
(2) Keep your bases current. No need to go a month or two back to look for areas of support.
Sorry the video ran a little long (40 mins), Ill try to keep them shorter. But thanks for watching, your votes and comments keep me motivated to keep putting out more videos. Please let me know when you catch a good panic dive and make some $$. I love to hear everyone making good safe trades.
Luc
Awesome Job as usual. Pretty Helpful! I would be interested in how are you picking charts, Do you just scan one by one, I haven't really seen any scanners for crypto, Coinigy has one but not working yet.
Also what do you use to keep track of all you trades and earnings, mine would include a few losses too!! = )
I just make a list of all the coins that interest me and then have lots of volume and movement.. then I add them to my favorites in Coinigy.. then I simply put price alerts on them.. I dont really have losses, so I dont keep track of my trades other than to watch my totals on all the exchanges continue to go up each day.
I can't speak for luc on what he uses but I use an app called Blockfolio. It lets you add the coins you want to watch and put alarms that you set when it goes to that price you set. Also lets you input your trades you made and shows how much of a gain or loss that trade currently is.
wow a 40 min video luc i think that's an all time record! Really appreciate you taking your time to make these for us.
PS. did you get in that Quantum Resistant ledger coin? huge panic about 10 min before i posted this
Sorry, no.. I had to run out with the wife.. ill check it tomorrow or later tonight
Luc, wanted to add my voice to the chorus of appreciation for what you are sharing. It is the easiest strategy to understand. Thanks for not talking with the candy in your mouth. Very distracting. ;-) Keep these videos coming. Would love to hear your thoughts on volume and how to find the right coins to trade.
Thanks again,
RICK
yeah, i will do a video on volume soon
Much appreciated Luc. Makes a lot of sense.
Luc what's going on with bitcoin and Eutherium? Looks like correcting up to below the bases I thought were there?
Trust me, Im watching things closely tonight.. ETH is just starting to crack a base.. I really hope there is some panic, so we can get an awesome trade
Luc, in the attached picture, do you have the same 'bases' as I have marked?
I know in your last video, you mentioned that what matters is the most recent base. If I have those two bases in the attached pic, would it make sense to still consider that first base I have marked(farthest to the left)?
https://www.coinigy.com/s/i/59602cc774572/
I dotn trade on bitfinex but yeah those are the bases, however you there is a new one you didnt mark.. that last low bounced back to your previous base, so it now is the newest base..
Updates on that series for anyone who was following along. A few nice panics followed by retests:
https://www.coinigy.com/s/i/59606d393dffc/
thanks for sharing, pelt.
hey luc! thanks a lot for YOUR explanations, they are on of the best i have ever seen, so that even new people start to understand everything. i really appreciate the time you take for us, even though you probably dont need to :)
Nice vid Lucky. You make it all look so simple, and of course, it is :-). You are funny too :P. Nice work bud, now it all makes sense. Thank you for sharing. Blessings man.
Luc, Thanks for the sweet videos! Recently got into trading crypto and have been studying so much over the last three weeks. You break it down so simply and I like your style. I also appreciate that you not trying to sell us anything. Keep em coming and in the mean time Im going to watch all your back log. Cheers!
Hi Luc, thank you for another great video, very thorough explanation on the bases and where to buy. Can you do a similar one showing how do you sell? expected bounces etc?
for instance yesterday I got into this trade:
Then a few hours later:
Because you said that we should exit in the first bounce, that's what I've tried to do, but then it bounced again. Did I exit too soon?
Thanks again for your videos. keep them coming ;)
You should draw your base line on the chart so I can see what you were thinking.. If your base line was at .00025 then you could have expected a bounce back to that level , and it did give you that bounce,... but I wouldnt have taken that trade in the first place, even tho it did work, I dont like the risk reward, there isnt enough profit potential percentwise to justify getting in.. your dialed in too small on the chart, and I dont see a real base on a one hour bar chart, for you to make that trade, and see a base, you would need to be working off a 15min chart, and I dont think its worth it..
Thanks for the reply ;) In this case what would be the minimum profit potential for we to enter in a trade 10%? with at least a 10% bounce reaction forming the previous base?
yeah, 10% sounds pretty good for a minimum.. sometimes less trades make more money, by waiting for a good trade and not getting involved in low quality setups
Hello Luc, is there a way you can explain your videos in plain text with pictures?The reason i'm asking is because your American accent is a bit too fast for me to catch up with (I'm African btw ). Although i'm enjoying your videos.I hope i am not asking for too much? If you can't, that will still be cool with me.
use captions, they are pretty helpful though not totally accurate
...And Luc is Canadian ;-)
Hi vision4venus: I'm working on this behind the scenes—creating easy to follow, step-by-step QFT tutorials in plain English.
These tutorials will be interactive and available on multiple platforms: Evernote, Airtable, Trello and my favorite: Process.st.
As well: Google docs and PDF format.
If Luc likes these info products, we can make them available to all.
It's a time consuming, tedious labor of love, but I'm happy keep you (and everyone) informed of my progress. Follow or contact me if you like. I am new on Steemit.