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Well i think in times like this, everyone for us is looking for the right time to enter a trade. I will share today some ideas how to find the right time for a trade. I am looking forward for your feedback and i wish you all a wonderful and perfect start in the day. And if you trade, trade well.
Select your time frame
It is all about timing. And of course it is all about the right coin. In my example i will show you some of my favorites. Cardano . ADA ist a wonderful project, please do your own research, which has enormous potential. No financial advice, only my opinion. Well lets look at the chart.
I am looking at the 15 min time frame to place my buy and sell orders. What you see is now ther time frame. Why? When i look for a long or short position, i am looking for a trend and in that case i am using the time frame to get a trend idea. And if i am unsure i will zoom out.
Where is my Support / Resistance
Next step is to draw some fancy lines. For that i am looking for some points which are touching my horizontal lines.
At the bottom you can see multiple touches and this is why i set my support line in this area.
Vice-Verca i am looking for the resistance, which means where the price did not go higher.
Of course a little bid conservative, but you do not always enter a million dollar trade.
Looking at the RSI / Stoch RSI
Next to resistances it is important to have a look about the price action. When people are buying there is activity in the market.
This activity is displayed in the RSI indicator. It shows you if your asset is overbought or oversold. To keep it simple. When the RSI is in a low region
it can offer a good buy opportunity. And if the RSI is up then it could be a good sell position. In my example I am using the STOCH RSI.
Please do your research about those indicators.
Don`t be tooooooooooooo greedy.
And last and i hope it is not to late to say. Don`t be too greedy. It is true that you can make a good amount of money, but please be carefully. Sometimes it is better to get your money out and have a wonderful dinner. Now it is up to you. Let me know if you like those shorts. All the best and have a wonderful day.
But as always this is not a financial advise this is only my way of thinking. Be careful, take profits and remember you can loose all your money. I also added some of my affiliate links in the box. If you need an discount of 10% on BINANCE you can use this one. And if you want to participate on other projects. As example DEFI please use the link to receive a sign up bonus about 20$ after your first deposit. Stay save and make good gains.
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