Risk Warning:
Any advice or information provided by this thread is for general advice only. Do not invest or trade based solely on this information. The following thread is not held responsible for any damage or loss in any trading profits. Past performance of any trading platform is not an indication of future results.
The Iron Tactic
Upon making positions on high swing price actions, the trader must endure delusional thoughts but keep his learning to find an appropriate combination of technical indicators fit for himself. Technical analysis is a trading discipline to identify trading opportunities. Technical indicators should be learned one at a time to fully understand the market's behavior. Clinching on acquired knowledge in technical indicators will take traders for further benefit.
Alters
Synthesizing technical indicators gives a trader more precise price predictions. Variants of technical indicators are useful but too many open technical indicators can make the chart messy and confusing.
There are two types of technical indicators that a trader can master.
1. Manual Technical Indicator Plotting
This kind of indicator consists of lines and dots and can be drawn base on traders view and analysis of the market. It is in the category of continuation pattern and must be studied closely for precision. There are several types of the manual indicator: Triangles, Rectangles, and Flags.
Triangle Pattern
Ascending
This triangle indicator consists of a resistance line and an upward channel that signs near bullish high swing momentum. It is best to use with the volume. There is an increase in trading volume and new higher highs and higher lows are the keys to set this kind of triangle pattern.
Descending
This triangle indicator consists of a support line and a downward channel that signs near bearish swing momentum. It is best to use with the volume. There is a decrease in trading volume and new lower highs and lower lows are the keys to set this kind of triangle pattern.
Symmetrical
The pattern consists of two opposite channels that indicate of new momentum is building. Trading volumes are low and consolidating creating converging channels. Symmetrical triangles are sometimes can be seen after bullish or bearish momentum and consolidation of the market. It can also be known by getting a smaller support/resistance area.
Rectangle Pattern
Rectangles are a composition of candlesticks that ripple on one support/resistance area. It can be seen on several candlesticks and does not last long. The price action is consolidation in one area of support/resistance and possibly seen after pump or dump of price in a short period.
Flags
Flags are channels that confines price action movement and can be seen in the middle of a market correction or mooning of the market. They can be used as a guide to position for a trade bounded with stop loss.
2. Built-in Technical Indicators
Built-in Technical Indicators are the indicators that are automated and easy to use. An example is the Bollinger Bands in the photo below. BB or Bollinger Bands are envelopes based on standard deviation and simple moving average in the middle. Bands of BB acts as the support and resistance and changes in volatility.
Built-in Technical Indicators have different philosophies on the market. Indicates different movements on the market like the momentum, volatility, volume, and saturation of buying or selling pressures. They can be used with the manual plotting for more precise profit-taking trades.
On choosing Built-in technical indicators, focus on volumes, volatility, momentum, and history price direction. There are many types of built-in technical indicators that indicate two of the above indicators. Don't use more than 3 indicators. Find indicators that suit your trading style, stick to strategy, trade your strategy, and find ways to minimize stop losses.
If you still don't have any cryptocurrency exchangers. Sign up here:
