HAVE YOU CHECKED ALL THE CHART TIME FRAMES??
If you want to check your probability of being correct when you enter it is always best to check all time frames.
Now most people over look this and if they usually trade on the 1hr time frame most people will wake up and see what their preferred coin is doing on that time frame.
This is actually a bad habit. Regardless of the time frame you trade on its important to check all time frames to see the strength of the current price. So I recommend before charting up a coin.
Step 1: Always start on the daily time frame and assess the current trend and key support and resistance areas.
Are we heading up or are we heading down?are we approaching a key level of support or resistance?
Step 2: Identify any trend lines and market structure.
Have we broken trends, have we changed market structure or are we still in tact.
Step 3: Is the trade im going to enter bullish or bearish on all time frames?
meaning the daily shows were going up the 4hr shows we are going up but the 1hr may show we are heading down. This can simply be a pull back before the over all move so it may help you decide whether you enter straight away or wait for the candle to close.
If the daily, 4hr and 1hr is bullish then probability is in your favor of the market continuing in that direction.
Remember technical analysis is used for making educated decisions based on historical data as their is no way we can predict the future. However the more indicators that align the better chances we have of getting the trade right.
