Thanks for your kind words. For the above article I only used the 1 minute chart, but you can probably have even better results if you look at the 3 and 5 min ones as well.
Thanks Sloane fasdf
Thanks Stevo, appreciate the kind words. I honestly don’t really have an opinion on that as I haven’t tried it, so claiming any kind of advice I think would not make sense. It could work I assume, but I haven’t tried it.
Thanks buddy, perhaps you can share with us what are some other tools that you think could be important for this.
No problem. Those two tools are the ones that have been most helpful for me, but what also helps me a good amount is the overall view of the coin’s chart (Think YTD) and finding the support lines for recent trends. Over time I have literally just been watching charts and analyzing how the market is responding to current events on the development of whatever coin I’m looking into. I do all of this without investing to for disciplinary reasons if you want to say it like that. I guess you could say that I use social media as a tool to find out when or why pumps will happen.
I usually only use the MACD or RSI on coins that are really stable, and not unknown coins like Groestlcoin (until recently of course). I do move a bit slow on pumps like this, and take my time to find out what makes the coin so special and if it can actually hold good support within a certain point on the charts. Kind of similar to you finding out if a coin has a good long term viability so that it lowers the risk. So my process when looking for a good entry point is as follows.
Let’s take a look at some charts from Coinmarketcap for Groestlcoin since it’s a good driving point of this topic.
If you notice, it’s pretty obvious that this coin has been sleeping a while, but it seems to have risen around April-ish and has found good support from Summer until a few weeks ago before the pump. Let’s zoom in a bit closer to the actual activity from the April to now mark.
If you can see it clearly, there was a nice spike in July-ish then it found support. Then you can see the huge pump that happened late October into early November. Looking at the previous trend and this one, I’m starting to see some slight similarities. When Groestlcoin was at $.40-ish cents a few days ago, I saw the entry point due to looking at the past trends. I didn’t enter due to me not knowing if this is a coin that can hold support at that $.40 cents, and could very well get close to the prices in the August-September range, leaving me stuck until I break even at $.40 cents. If it has good enough support, I see it hovering around $.50 cents until next week where it will find some new support above that due to the Segwit2x gains.
Even though the RSI, MACD, and chart trends looked great, I decided to miss out on the pump, but I don’t lose sleep over it since I still made a good call without investing any money. It gives me more insight as to when I should find entry points to other coins, and I’m noticing a pattern. I’m not a professional at this and I’m sure that people have a better, more suitable way to day or swing trade, but this is what works for me and I’m sticking to it .
With one minute RSI, wow, nice! How about StochRSI or regular? Which one you see more important?
Thank you sir fasdf
I’m not familiar with the term. I used the RSI described in peters video on tradingview.com
Thanks for posting. I’m grateful for the PUB as well and more than glad, actually honored to be a Patron! I took me all of a few weeks of joining and I realized I had landed somewhere very special. I’ve also had some nice success with GRS thanks to the posts here and continuing to enjoy ICON ICX based on some nice mentions as well. Looking forward to contributing here and grateful for the place to learn and share.
keep missing the entry point …
Awesome write up …,.
Thanks matey adsfasdf fafd
i tried this with neo… i took about between $20-$30 just to learn how to trade… i traded in and out and within an hour or two and the price went to $38… so i was in a profit… then it stopped going up and then i was thinking ah its neo the price will stick around $36-$38 and then bham it came down …didnt loose anything really though…was worth the lessons learnt… if you believe in the coin i feel it always helps to know its background because you will know the possibility that the coin would go up again… i basically just used the macd back then… but i think my skills have improved since… but congrats on your win @HarryvdV and definitely a great read! its always great to see that people are winning here!
Thanks Mo fasdf fdsa
Interesting approach, I did something similar using the MACD and RSI indicators to short coins today, grabbing anywhere from 1-4% per coin and yielded about a 10% overall gain in my portfolio. Each transaction lasted about 10-15 minutes, some longer, but the 5 minute chart seemed much better to use than the 1 min.
I might spend a day on it when I have some time off, defenitely a good way to make some extra bucks. Now I don’t have 9k to throw into it, but still. Going for that 1BTC!
do you think you will do this full time at some point?
Yep. Play with enough money, and you can find a coin fluctuating enough daily to make a killing. I’d been sitting on a similar idea and was going to make a thread about it. Beat me to the punch.
Bear, Bull, or consolidating markets, there is potential to grow your BTC daily.
Killer job, and write up. You can’t do it with fear, or emotion involved. I’m glad you included that. It lets you follow your (well informed) gut.
Grinding out 14 hours is a little much for me personally, but you made it count.