Trader Profit Club
Trader analyzes coin chart, enters live trade on bullish signal with stop at 0.4 and take profit at next four hour resistance. Hits take profit and moves stop to break even.
Making the Right Trading Decisions: A Guide to Understanding Coin Charts and Live Trading on YouTube
Introduction
In recent years, YouTube has become a go-to platform for educational content in various fields, including finance and investing. Cryptocurrency trading is one of the popular topics on the video-sharing site, with many traders sharing their strategies and insights on the market. In this article, we will delve into one trader’s YouTube script, where he discusses the bullish prospects of a coin chart and shares his live trading experience.
Assessing the Coin Chart
The trader begins by stating that the coin chart looks bullish, which means that the market is showing signs of an upward trend. He plans to enter a live trade based on the four-hour chart, a popular time frame used by traders to make trading decisions. The trader notes that the price has swept below daily support, but has recovered with a big hammer candlestick, indicating that the market may reverse or go “bullish.” He also mentions a bullish signal on the indicator, yet cautions that the trade should wait for the candlestick to close before entering the market fully.
Live Trading on the 15-Minute Chart
To have a better grasp of the market, the trader then looks at the 15-minute chart to see if the bullish trend continues. He observes that the price is above the previous resistance, which is a good sign. With the momentum, he predicts that the market will re-test its support level and move further upwards. He then glances at the three-minute chart and determines that the price seems to be gaining upward momentum. However, he decides to wait for the current candle to close before entering fully into the market.
Entering a Live Trade
After the candlestick closes, and he gets some confirmation, the trader decides to enter the live trade. He sets his stop-loss at 0.4 to limit his potential losses and puts the target at the next four-hour resistance level. Additionally, he places his take-profit order at the supply zone of the market. With all these measures in place, he feels more secure in the trade and can comfortably wait for the market to play out.
Take-Profit Reached
After an hour, the trader’s take-profit order is hit, indicating that the market has worked out in his favor. He moves his stop-loss to break even to safeguard the profits he has already made. The following day, the trader wakes up to find that he has been stopped out at break-even. While he did not make any additional money on this trade, he is happy with the profits he took initially and is ready to move on to the next trade.
Conclusion
In conclusion, live trading and analyzing coin charts require patience, observation, and a basic understanding of market trends. It would help if you kept in mind that no strategy is perfect, and you are bound to make mistakes along the way. Nonetheless, having a plan, like this trader did, can save you from making costly errors and give you the chance to profit from bullish market trends. As always, do your research and only trade with what you can afford to lose.
