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>> No.24476874 [View]
File: 72 KB, 1264x753, example.png [View same] [iqdb] [saucenao] [google]
24476874

if you want to daytrade crypto you need a mix of both. Leave fibonacci and waves out of the question, also trendlines. Move to the hourly chart. on BTC you have to be somewhat careful of price levels because they do exist, and I'll explain later.

You know what people mean by taking emotions out of trading? here's what you do. You take some indicators, a bunch of them, together, and test them. If by your own rules they all agree to go long or short, you open that position. you basicly end up with an algorithm.

Of course, I'd be wary of actual price levels (my indicator gave me a long on the last 19.800 pump and fuck me if I avoided that one).

They're not the best at all but I'll just give you an example of what I mean. Put up any moving average (be realistic here, don't use a 200 on hourly), RSI and MACD on default settings.

Use the crossing of the moving average as a long or short. Then you check RSI and MACD.

Use RSI as a trend indicator instead of overbought/oversold (so if the line crosses above 50 it's a long signal and below is a short), and MACD as is. If price closes above your moving average, RSI is above 50 and MACD has crossed (green instogram) you have clearance to long.

See pic related. Once you get a valid entry signal, set take profit and stop losses accordingly, using ATR. Again, these are crappy indicators but it's an example of how many false signals they filtered out. You won't win 100% of the time, it never happens, but that long at 17.100 would've given you easily 2600$ profit on a 1 BTC trade.

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