Link: https://www.tradingview.com/chart/FCTBTC/T1Zo654d-FCT-BTC-Trendlines-converging/
Factom Daily starting to move to the upside. My ALMA has turned green and price is moving above the moving averages, with the MAs in the right order and pointing upwards. Basically all my triggers right there except the resistance point at 363, so now just looking for an entry.
I'd like to see it moving sideways for the next week, building up some pressure. It could pump sooner but it's more risky with the potential for breakout buy orders getting triggered only to retrace. It is quite hyped.
Ideally, I'd like to get in when it's touching the 150 ALMA, but too early to tell which MAs it will respect. So, more waiting.
If it pops to the downside it could range in the more long term channel. In which case, come back in a month.
I'm relatively new to trading so any tips are much appreciated.
Terminology:
ALMA - Arnaud Legoux Moving Average - The green/blue/red line - A quick moving average with some code I borrowed to make it go green and red under good momentum. I have it set to 150 candles.
MAs - Moving Averages - I have a 20 (thin green) and 50 (thin red) candle with the area between shaded (yellow). I've heard it called an MA cloud and I use it to guage entry points on retraces.
Maybe explaining your acronyms or speaking in more of layman terms would be assistful too. :)
Not everyone will be fluent that will be reading this.
PS.. I have been watching Factom too, I just wish there was a decent wallet out there. Meh.. **Still learning all of this.
Ahh good point! I've done a re-edit with some explanations at the bottom. I was thinking of doing a post about the trading method I use and all the indicators. So maybe I'll do that.
Interesting but before you do the trade you should look at the way FCT move against USD. Because if BTC goes down against USD (I dont think its gonna happen now ..) you could be loosing money even if FCT worth more BTC.
I use pine script on trading view to plot FTCUSD doing FCT/BTC * BTC/USD
try paste this in editor --->
//@version=2
study("FCTUSD")
//-- FTCBTC --
DBopen=security("FCTBTC","1D",open)
DBhigh=security("FCTBTC","1D",high)
DBlow=security("FCTBTC","1D",low)
DBclose=security("FCTBTC","1D",close)
//-- BTCUSDT --
BUopen=security("BTCUSD","1D",open)
BUhigh=security("BTCUSD","1D",high)
BUlow=security("BTCUSD","1D",low)
BUclose=security("BTCUSD","1D",close)
//-- DOGE/BTC * BTC/USDT = DOGE/USDT --
DUopen=DBopen * BUopen
DUhigh=DBhigh * BUhigh
DUlow=DBlow * BUlow
DUclose=DBclose * BUclose
//-- plot --
palette = close >= open ? green : red
plotcandle(DUopen, DUhigh, DUlow, DUclose, color=palette)
Very nice! and good advice too. Thanks!
Nice to see more indepth analysis on Steem! Relinked this in "Trade_ideas" on Steemit.chat.