I grow more and more confident in my technical analysis abilities every day, but even though i can spot a trend and instinctively know what i’m supposed to do, one of my biggest weaknesses has been timing.
I like using TradingView for my charts, and i discovered something that has been very helpful. It’s the MEASURE tool!
It has been helping me take the trends which i spot almost instinctively and put them into perspective. Sure, you can just look at the timeline underneath the chart, but that somehow just doesn’t click for me. With the measurement tool, I have a lot more flexibility to measure the trend i just recognized, and then be able to ask myself, whether or not it makes sense to enter a position. If i think something is gonna go big, but i measure it and realize the trend covers 2 weeks, not a few days or hours, then it makes me take a step back. What’s going to be happening in the course of two weeks instead of a few hours that could drastically change the profit i could make on this position? ie… recognizing when bitcoin is about to go on another run up, and stall the rest of the market. It wouldn’t make sense for me to enter a long position on a coin that’s going to take 3 weeks to play out when i know the KING is about to return, right?
It’s changing the way I’m able to process the charts mentally, further removing my emotional trading, which is great because the better I get at reading charts, the harder it is to contain my excitement when i see a big money making opportunity on the horizon. I mean, who doesn’t doesn’t get excited about predicting the future?
Measure tool on TradingView. Check it out.
Go make dat money!!!