Don’t bug out that crypto’s going down, it doesn’t matter. As a day trader we can make money whether it goes up or whether it goes down. Let me show you. I’m seeing that everyone is just bugging out like on the internet bitcoin. Ethereum and all the crypto is going down. There’s a lot of fear but as a day trader, we don’t need the market to go up, in order to make money.
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We can make money whether the market goes up or goes down. So, let’s get into the charts and let me show you a really easy strategy. That has really been working for me specifically on Ethereum over the past couple of weeks. I’m going to start with etc. USDT which is Ethereum classic. If you don’t know, Ethereum is actually kind of divided into two different coins. There was an argument on the blockchain exactly how it’s going to work with the rules and the smart contracts. So, there’s kind of like two ethereum coins that most people know. So, I’m just noticing as the market has been going down after the big bull rush.
Trade #1 ETC/USDT
It’s starting to make these patterns of these ranges which are kind of very tradable. If you just know how to mark off a range. Then you just want to trade the tops and the bottoms. It’s not that simple, but let’s get into it over here. So, here we are on a four-hour chart on etc. USDT and I’m noticing there’s a high here and the second high and a low so I didn’t print the rectangle yet. But, I’m just keeping in mind that I have a high here two highs and a low. Then it did break this box. But, it didn’t break it with an actual candle which means it was like a fake out. The market never closed above that price for at least four hour. If you look at the one hour which, you’ll see that it did go up. But, it was immediately pushed down within those four hours. So, once we have the tops and the bottoms. Then we could make this range now the market did push down as he was going down. But, it made a very very bullish type of candle. This wick over here is a big sign to us which shows that. The market did push down but it didn’t stay down at all. So, it doesn’t want to stay down. Then once it started to come back up even more back into the range and then test it over here. Then I got interested. Let’s go back down to the one hour chart once the price came back into the range and then look how it tested it over there. So, that shows me I’m not going to get in over here just after this candle.
Trade #2 ETC/USDT
Then I need to place my stop way below that candle which is going to be a very deep stop and because I always go for a two to one ratio, I always risk half of what I my reward is going to be. So, therefore i’m gonna need to go for a very big profit in order to have such a big stop loss which I don’t want to do. I waited for it to get back into the range. Then it went back in and it actually tested it. So, I didn’t get in over here which maybe could have been okay to get in over here. But, I did get in once it broke this high after that candle that broke this high over here. I got in and I was a little tight with my stipe with my stop loss because I wanted to go for that two to one ratio. I was a little bit scared over here that it wouldn’t pass these highs. Even though this was the top of the range here and it broke here. But, I was noticing that there was like a new top forming over here which is kind of like a mini range within the range and we’ll see those have these happen. I want to go for the two to one which is how I always trade. But, I didn’t want to have to pass this resistance. I was a little bit tight with my stop and it didn’t work out. It did break through. But, eventually, it did hit my stop over here. So that was a 500 loss because I was risking 500 to make a thousand dollars. But, you could see like within a few hours it did break through. So, it didn’t work that time because I was a little bit tight with my stop-loss. But, it did kind of work.
Trade #3 ETC/USDT
You see like how this range is holding then it kind of like pushed up even more after breaking the range. Eventually, this could be even another little range. But, it’s start to make this other range. Now in this range I think it did a little bit better. So, here were the highs and again when we’re only seeing this after the fact. But, I didn’t know that these were going to be the prices until that’s there. But, I’m just trying to show you that here would be a high.Then here’s another high, so you have to take that into consideration and then here’s a low and here’s another low. Maybe, at first this was my range. Then it hit you over here. So, now we’re seeing here’s a high ,here’s another high, low, low, another low. I didn’t go for anything over here that broke the range. But, immediately it was pushed back so hard that it went down even more than these lows. It started to make a new low, so that’s something to take into consideration and here’s the second time that I made the low now after it made this second low. I have these highs over here which would be like this one and this one. I wanted to get in and I didn’t want to lose my chance of getting in where I saw that. It was going to go long and I would miss my chance so I kind of waited for it to pass this resistance and it kind of did and then tested it.
Trade #4 ETC/USDT
I got back in and went for the two to one which would be within the range. It didn’t work out again, so this one also didn’t work out this was all the way back in the beginning of december. To be honest, I think I was holding a little bit too long over here. I kind of thought that it would go up like most crypto people. Do they think it’s gonna go up and I also did and maybe I didn’t need to take another full loss. But, then it started to get better for me so that was two ranges. I’m down a thousand dollars okay then um later on in the month I saw the development of another range.
This is what I was talking about that sometimes there are like mini ranges or mini support lines or and many resistance lines within a range. But, it’s important to know that the top of the range. The bottom of the range are definitely support lines because you see them and then there’s also other supports within the range. I noticed there were a lot of touches over here. This was seriously a resistance point. It did end up holding and breaking all the way down and creating this low. Then another time it hit the low. Again these are one hour candles over here, so this is serious like most people are seeing this not just scalpers who are going at five minute charts. Then it kind of went up and went back down a little bit lower over here and then even again had that low. Now I’m speculating. This is a low or maybe this is a low. So, I’m going to keep both of them in mind and now I have a top of the range. Maybe, also this is a spot over here right over here this could be the top. But, this is definitely a top so this could be one mini range over here and this could be another range. But, you could look at it as one range also and here’s a double bottom. I like to go off the double or triple bottoms.
Then once it came down over here. Then I was looking to get long over here because you had this support line which held it and broke it two times. But, it never really broke it. Because it broke it here and it pushed really high. There were definitely buyers at this point pushed down here and went up again now after it held again support over here and went up. Even more than I was ready to get in I wanted to see it break this because I was a little bit afraid that it would push even lower here. I didn’t want to have to cover so low. I kind of waited for it to go to this point over here at 34.33. Then I went long covering under this, eventually, it just did go up because it’s going to go to the top of the range. That was my first win .So, now it’s kind of like breaking even at two losses at 500. This one was a two to one win, so this was a thousand dollars and the market did continue at the range. Then I hit the top of the range and this was cool because it broke through the range but you see that was not a good breakthrough like it didn’t go far. It was pushed down immediately, so I wanted to go short right here because I thought that this was not a real breakthrough.
This article is a transcription of a video made by DD Trader
Original video: https://youtu.be/H6QD5uyVPkI