Trading Journal
“First Learn to trade then the money will follow!”
BTC
Analysing Bitcoin’s daily timeframe, it appears that the Ichimoku lagging span has recently crossed the resistance and the trend line. This suggest that the price action is now highly likely to rally to the next resistance level; therefore, it is now important for me to confirm the price action movement on BTC’s 1 hour timeframe.
Bitcoin’s 1 hour timeframe confirmed that the lagging span has, convincingly, crossed over the resistance and trend line. However, the hourly price action also revealed that the price is likely to pull-back to the previous resistance level (now becoming support), before it is likely to move any higher again.
In light of the above, I decided to spot trade the altcoin, Nakamoto Games, as it’s a crypto-gaming project that I want to DCA into at some point anyway. And my chart analysis reveals that, if BTC rallies, its lagging span is likely to break through it current resistance level. This will cause the price of Nakamoto to rally up to its next resistance line on the daily timeframe:
NAKA TRADE
As shown above, my entry was purple line number 1; my stop-loss was placed at the purple line with the red no-entry sign; and my take profit level is the purple line with the green box.
Learning Point
- I am becoming increasing better as assessing the charts, identifying correctly the key resistance and support levels (made easy by the Ichimoku) on the daily and weekly timeframe.
- Because my assessment of the support, resistance, and trend lines has improved considerably, it is making my anticipation of the price action really accurate.
- This in-turn has improved my ability to move through the different timeframes (1 hour, 4 hour, daily, and weekly) at speed to determine, precisely, what will happen with the price action.
- This is also having the overall effect of enabling me to assess and exploit any new trading opportunities quickly.
Next Action
- Check the price movement of BTC in the next 7 hours 30 minutes to see how the price action is playing out.
IVG (Involgize)