You don't need to upvote me.. just read.. if it helps let me know.. thank you.
Click to zoom
You need to learn when to swap between STEEM and BTC for max gain.
Firstly, there is no guarantee on price action hitting any price, we can only spot the highest probability setup.
Steem/btc to break the 0.00085 region.
Until the pink x is broken we should not assume short.
Short term blue trendine is broken, possible corrective long till horizontal orange line.
How can this chart be beneficial to you?
You need to know when to swap Steem with BTC and vice versa for maximum gain in conversion.
The chart reads at 1 steem is trading at 0.00079 BTC
Example:
When 1 steem is trading at 0.0006 BTC if we expect steem to appreciate, swap your BTC for STEEM.(Getting STEEM at cheap price)
When 1 steem is trading at 0.0009BTC and we expect that to peak out, we might want to swap it back to BTC.
Does this make sense to you?
Disclaimer
*I am no guru...
*These chart and infomations provided are my personal view and ideas on the market, use it at your own risk.
*Trading is risky business. You and only you are responsible for your trades. Do trade with caution.
*Trade with money you can afford to lose, not the money you and your family needs to survive on.
*Trading is all about consistancy, there is no holy grail that takes you straight to heaven.(let me know if you have found one)
PS: This is not my usual charting software and this is my first few times charting out cryptocurrency, but I have quite a few years experience in charting forex and stocks. Chart wise is the same methodology , fundamental wise I can't comment on it currently but crypocurrencys are maturing.
Just wondering why you are drawing your technical analysis the way you are drawing it...it is a very subjective area, and I'm just wondering if you have specific reasoning behind the "pink" areas on the chart.
Other traders would have to see the chart in the same manner as you do for these patterns to fulfill themselves...know what i mean...
I understand your swapping back and forth between currencies tho. This is a standard trading strategy, but only recently a very viable one due to the low fees of the crypto exchanges!...think about how ridiculous fees are on all other asset classes...
Anyways...just thought I would give you something to consider! Good luck with your trading.
Hello @lonnie.sprinkles, good to see someone responding to the content, to me that is a harmonic pattern backed by fibonacci. There are a lot of tools I can't use properly on that platform,possibly affecting my accuracy, the main idea behind this is the overall position in this H1 timeframe is still long, as long as PinkX is not broken, I will not assume short. D can also be at a lower point, preferably the 88.6% retracement, but the inner trendline is broken, thus I can boldly assume long with SL below X. As to why the harmonic is placed there, I will like to do a take profit of 61.8% from C-D, as C is not broken, higher high is not formed, thus the direction is still short on this timeframe. Point D is also considered a double bottom for me. Thus with all the factors above, I take this as a high probability setup for long.
As to your second statement, I believe many people do not know that, swapping this way can be done, at least some people that I know doesn't know this. It may seem obvious, but to those that doesn't touch on finance, maybe not so. Yes the spread is something to consider when swapping, therefore some math is needed to ensure you are in the green when you swap. For me, I do it for currency, but Its over months of holding my primary and secondary currency.
Thanks a lot for your feedback.
And most importantly, trading is just speculations with highest probability, It took me years(8) to chart without needing tools and just my eyes to capture. It is all subjective, even the way we plot support and resistance can be different.
Only trade with your own analysis, maybe cross check with a few reliable ones.
I know on Poloniex they don't charge a fee if you have a "resting" order in the market. This way you can enter and exit with literally paying zero fees! ....making bets with no "house" involved..good deal.
I trade order flow. I spent the first five years trading based off technicals and what not...then I started trading against those people...and everything changed! Hope to chat with you again!
*thumbs up! hope to chat with you again. There are people doing all sorts of things to make money through trading, I know someone that trades by reading candlesticks only and... crazy. Work with whatever that works for you.
I upvote you and Ill follow you as well. Always nice to hear the opinions of another trader!!!
upvoted, please do the same for me :)
https://steemit.com/@captainbluff