$500,000 Side Revenue By 2019 Or Bust - A Crypto Follow Along

[eliquid]

I decided to start this thread purely for me.

Sorry, but at least I'm honest. right?

I wanted to hold myself accountable because I told myself I would do $X outside normal "business" setups ( selling online, flipping homes, etc ) this year. Unless I make this thread where I have the chance of having egg all over my face and looking stupid, I might not hit my goal.

My $X goal? Let's wing it and call it an extra $500k this year.

I also started this as a way to test all the crazy a$$ ideas I have, but I'm going to focus all my crazy a$$ ideas about crypto here.

I'll post some scripts I've built, scripts I haven't yet but would like to, what Im doing specifically, and how much money I'm willing to play with on this thread.

As a background, I use to trade Forex back a long time ago. I made 10's of dollars from it.

Also, I have a few different accounts and this thread will be about just 1 of those crypto accounts.

Example, I have a sizable amount in 1 account I use for a specific purpose. This thread won't be about that account. I'm going to essentially start with a smaller account that more closely matches what a beginner would have starting out in crypto. Plus this smaller account is "safe" for me to test my "crazy" ideas on ( just in case this all goes to shit ).

I'll post more later in the day.

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[eliquid]

So right now, my main strategy is this:

• Trade 1-3 coins max, only
  • Because I don't have time for much more and I don't want to get down a rabbit hole of news on 1k+ coins
  • Because I want to master a coin ( master it's trends and news, etc )
  • Because it just makes it easier to see the right opportunity
    
    
• Only care about the bottoms
  • Money is made on the purchase, not the sell
  • IMHO, bottoms are a bit more concrete to see then possible highs. Bottoms can only go so low ( to 0 ) where as the highs can be limitless
  • I'm going to always automate the high. Meaning when I buy, my sell is automatically going to be $X or a set %. If I set the price to $10 more than I bought and it sells and ends up going to $30 higher, Im OK with the "lost opportunity" because I hit my target anyways.
    
    
• I'm probably going to stick to COIN/USD pairs on almost all trades.
  • I had my fill of trading COIN/BTC and COIN/ETH already. Hey I made a great gain on XLM, but BTC went to shit in the process and I didn't gain as much USD. In the end USD is what I want
    
    
• Most of what I am doing when I make my trades will be heavy on TA. TA isn't 100% of what I am looking at though. I just wanted to put this out there just in case.
  
  
  
• I don't care about long term holds or long term growth.
  • I'm looking to make a profit daily even if small
  • I'm not worried about buying a coin at $X price and waiting 12 months for higher return.
  • Please don't tell me to hold longer term, I'm not looking for that in THIS thread
  • I appreciate your advice on the above, but this thread itself has a different goal. I however might take your advice on my other crypto account though. This thread is not that however.

 

[eliquid]

So which coin am I going to base most of my trades on?

LTC/USD

Why? I've always like LTC, even way before the recent LitePay announcement and have made many trades with it in the past. I'm no expert in it, but I like the "stability" it has compared to other coins and a few other things you will see in a minute.

Plus call me odd, but I like owning the whole coin instead of dealing with fractions of a coin. Yeah weird I know but I just like dealing with whole numbers than .00005678 of a coin and the math involved when figuring out shit on the fly without my calculator ( I still do shit old school at times ).

So how did I come up to LTC in the first place over others.

I made a spreadsheet

I'm going to share it with you, but if this gets abused or shared outside the forum, I will take this thing down and it will never go back up.

CryptoMine

( BTW if you open this and see errors, thats on the API's end.. not this sheet. There is nothing I can do about that. Try to refresh the page in 5 minutes and it should all load )

Important thing to note, you WILL have to scroll to the far right and also scroll down to see everything.

You won't understand it, but I made it for me so here goes what each section is:

1. Top - Last 30 days data, per day, from an API that ends up showing me in red averages for the 30 day data. I use this for "recent historical" analysis

2. Far right scroll - Last 30 days data, but the difference in high and low for each day.

3. Last 720 5-minute events. Basically same averages as the last 30 days data above, but for the last 720 5-minute events. I use this for really "recent" analysis.

So while you only see one tab here, this sheet actually had many more. 1 tab per coin I was looking at.

I looked over all the coins and narrowed it down to about 5, then to 1 which was LTC.

So why was this important?

Since I am holding very short term, sometimes just hours.. I wanted to know the intraday high and low averages and which coins had enough "spread" ( or volatility ) for me to make a good return. Good return in "per coin" trade.

The 30-day spread between daily high and low is 28.755
14-day is 31
7-day is 22
3-day is 27

I know I can't realistically hit the all-time low and all-time high each day. It's impossible.

But maybe I can catch the 80% marks, right?

Thats where I came in with 3 Day 80% / 2 because that's the 3 day average spread, at 80% divided by 2 ( so I can find a midway point ).

I know I could easily now make $11 per coin if I find the bottom(s) for the day and set my automatic sell at $11 maybe.

But I'm gonna go even safer and set it at a $5 sell.

So if I can find a real bottom(s) for the day, I know there will be likely a $27-$31 gain to the top maybe in the next 24 hours based on averaged data.

But again, this is averaged. It's not 100% data daily.

This why I try for 80% of that.

This is also why I divide by 2, because I might not wake up until noon and if I see a high price on my charts at 8am for $205, but at noon we are at $201.. I know I am nowhere near a "possible" bottom because we have only moved $4 on those 2 time frames.

I need to be watching if we cross below $194, or if we are above $216.

Why? cause that's $11 of the 8am high so far and $11 is half of $22 which is 80% of the 27 3-day average.

I'm not even going to look at the charts again ( I wait for an alert on my phone or desktop ) until LTC hits $194 or $216 because at $201 it's just moving sideways from $205 and it might do that for hours and days.

So I picked LTC because of it's spread potential.

I also picked it because I could get back into USD VERY easily and not mess with BTC ups and downs.

I also like owning the whole coin. Remember, I am starting out at a beginners level on this thread/account to show the potential to others.

Right now, that account has $1,245 in it so I could hold ETH too, but I like having multiple whole LTC.


My exit plan

So lets say I'm down to $196 now on that LTC price.

I could buy in there, or maybe I wait for lower ( I'll show you more on this in a bit ). But lets say I buy at $196.

I set my exit up easily.

As soon as I buy, I set a sell for $201.

Sure it could go down to $185 and I wait. But it could spike to $201 within the hour or 2 and I've sold capturing $5 per coin. Remember, this coin has an average ( 30, 14, 7, 3 ) that hovers around the $27 dollar mark so it could go below $196 from $205 to $185 easily.

This isn't for me to show you what I would do in a trade, I'm merely showing you my "automatic" exit plan on all trades.

How I find my bottom for the day is another story though. This was just showing you the exit setup at a default and automatic $X or %.

I'll show you more on my bottom finding later....

 

[eliquid]

So funny story.

After updating this thread last night, I watched LTC take the huge shit downward and I thought, "perfect time to jump in".

It wasn't.

I bought in at $236, its at $207 currently.

I had nothing predicting such a huge slide down below the $236 mark really, minus $2-3 dollars per coin maybe.

Gonna have to hold a bit until it reaches back up and maybe take the small loss and try again.

This is why you only play with money you have to lose.

You might take 4 small losses and then get 1 big win that makes up for it. I'm not trying to do that, but it can happen.

On another note, I was too eager to trade as well. I really wanted that first trade in this account and posting on this thread, so I emotionally jumped too early. I had just got my indicators too, but I didn't wait for the multiple back to backs.

Sometimes you take it on the chin. It's a good reminder to not do it again in the future.

Many people are eager to tell you their wins ( know any gamblers? ), but hardly talk about their losses and failures. Hopefully you learn from this and my mistake.

Things will have to slide back up a bit before I do another trade.

First trade and first loss on this follow along.

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[eliquid]

Before I show you everything about my TA, I want to post this.

The top chart is a 3 hour view of LTC on 2-18-2018. It's from midnight to 3am essentially.

We have 2 times, in 3 hours, we could have made $5 per coin and this isn't even the high or low prices for the 18th.

The low that day was $211, the high was $229.

The important thing to note is you can make money in the middle of those points multiple times a day.

In my image you also see more stuff at the middle and bottom of the image that is not a chart.

Those are my custom "indicators" I developed.

I'm a huge advocate of "layers" in decision making.

Having layers helps reduce my risk because one indicator might tell me to buy now, but unless 2 or more are present, it might be a false positive.

This will be a important lesson going forward, to rely on just 1 indicator or information source ( even if news or tweets ).

.

 

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[eliquid]

So here is a bigger view of my chart day to day typically. Sometimes I add on indicators, sometimes I have Fib charts and Gann fans, but this is typical.


( something is wrong, trying to fix the link and image )
https://content.screencast.com/user...8d-4622-8ed2-bb73fc4b4896/2018-02-19_1437.png

This might be hard to see, but I linked it so you can click and view it larger. But this is the last 24 hours from today's date.

I covered up my indicators names for right now only because I want you to pay attention to the strategy, not go and try to find the indicators.

That first green box, I had multiple indicators going off for a few back to back 5-min events. This is the time to enter in.

Notice, later on a lower price happened right outside the green box.

You would have entered in ( in my green box ) at a price higher than the low. That's OK.

You wont hit the lowest low daily or get a indicator for it. This is why I showed you the 3 day average 80% stuff because you wont hit the lowest low or highest high daily. It's just impossible.

So if you got in, in the green box, you would have still cashed out $5 per coin just a few hours later

The red box is the same. You're getting in on multiple indicators but it's not the lowest low because that came a few hours later.

You did get in around 80% of the lowest low and within 10 hours you would have hit your $5 sell goal and sold ( per coin of LTC ).

I'll explain more about my indicators later, but the important point is to try to automate and not worry about reaching the lowest low and taking an automatic sell at a predefined price point.

.

 

[eliquid]

Wanted to update a few things.

I've changed my strategy a bit.

This might rehash what I mentioned earlier already, but I felt anyone following should re-read and know at least.

• I've moved away from anything smaller than the 1hr charts. Typically, I am looking at 1hr 80% of the time, but sometimes I view 4hr or larger.
  
  
• Most indicators are the same within each category. Meaning, all the volatility indicators are roughly the same, all of the momentum ones are roughly the same, etc. There are really only 4 different types and 1 from each is enough honestly.
  
  
  • For example, if set to the same timeframe... largely RSI and Stochastics and CCI and MFI and many others are ROUGHLY the same. Pick just one out of this "type"
    
    
  • I settled on CCI over RSI/Stochastics, but that's just me and what I liked
    
• Learn to love other "periods" than the default given to you on most charting software.
  
  
  • For example, for RSI it's generally 14 periods. For CCI, it's 20.
    
    
  • I'm not comfortable with that. I tested out multiple periods and found the ones I like best that suit me
    
    
  • For example, I'd like to know how the month and week are doing while on the 1hr chart. So, I made a CCI indicator that looks back the last 730 hours and 168 hours, as well as the last 36 hours.
    
• I've given up hand-drawing trend lines for flags, looking for head and shoulders, watching for double or triple bottoms/tops or anything where I need to draw on my chart. It's just not "me" and I am OK with that. Instead, I've learned to use other "things" to help me spot forward direction.
  
  
• I've really come to understand BTC drives the whole crypto market. I kinda knew this, but it has really hit home lately. In stocks and forex, you can almost always find something going up or down. In crypto, that's not really the case. Everything is down, or everything is up, or everything is range/sideways. Hardly ever will you find something NOT following BTC except DGD. This presents limited opportunity I feel, so I have decided to explore stocks and forex a bit also so I can have "screen time" and consistent "trading" going on to learn more.
  
  
• Volume is so so so so important. I kinda knew this but when you get into something with almost no volume and have to hold it because no one is buying, it really hits home. I'm only dealing with crypto or stocks I know I can liquidate quickly now.
  
  
• I'm learning it's OK to lose a little money. Either because I missed a trade ( and I am NOT going to chase it ), or because I made a bad one and had to hit my stop loss. Good batters in baseball only hit the ball 3 out of 10 times, why should my trades be any different. Of note, I am not aiming for .300 in my trade successes, I am just using baseball as an example.
  
  
• It's surprising to me that no one shares their trade "setups". I understand why now, but it was a surprise. I've listened to a lot of podcasts, watched youtube videos, and read articles on other traders and 99% do not share their "setup" other than very very vague and high level concepts. I'm glad in a way they didn't for several reasons, but I had to learn why and why it is good.
  
  
• It took awhile for me to learn why, but price action is the most important thing. Nothing beats this.
  
  
• Screen time > Paid Courses ( it generally always is like this ). A paid course can get you like 80% of the way there, but being a 80% trader means you are losing a lot. Screen time teaches you a lot more than you will ever know.
  
  
• Sometimes you gotta put your crazy ideas out there. If not, you aren't bringing anything to the table for your "setup". You have no advantage if not generally.
  
  .
  

 

[eliquid]

Im also going to be doing most, if not all of this, on Gdax because I happen to have already had the "smaller" account I needed there and set up/funded so no wait in this thread for verifications and money transfer.

 

[eliquid]

Decided to be way more calculated and revamp'd some of the TA I was doing.

Also set up some new parameters in how I trade to help remove emotion and "trigger finger" buys/sells.

Started with a small trade today, $1k worth of LTC.



I got into this trade because I was watching the charts and got an alert from a custom script I coded up in TradingView



So what happened was, I got an orange alert ( one of my custom scripts ) at the bottom of the green box above.

I backed that up with the 2 yellow arrows that shows me that RSI and Stoch was down as well at the same time ( they are both at the bottom of their channels ). These acted as a 2nd and 3rd "layer" to tell me price could go back up.

The red arrow was market sentiment telling me shorts were falling just a little while ago, so more people were pulling out of their short position which could indicate more people going long and price maybe going back up. This was a 4th "layer" for me.

The green arrow, while you can not see it very good, is pointing to a thin black line that is a price box I made and the green arrow is pointing to the bottom of that price box. The price broke below that price box and I felt that price would indeed go back up because of this break. Now I have a 5th "layer".

Not labeled, the far right has colored bars which indicate a volume profile based on heavily traded prices. The current price on the chart ( green box ) was aligned up to the bottom of the blue/purple bars on the far right meaning that was the bottom of the heavily traded pricing and plenty of people had traded heavily at higher pricing so I knew we had room to go up. This was a 6th "layer" for me.

So 6 layers of signals telling me this was a bottom ( for now ) and that price could bounce back up. Of note, I try to make sure my signals aren't similar indicators so I can be sure I am not just looking at 6 of the same type of signal and getting mis-lead.

I also had a 7th layer actually, but I didn't really point out. The price not only broke the bottom of my price box, it actually hit a Fibonacci line too which can indicate support/resistance. I tend not to use these myself, although I do like to see them as "backup layers".

So even though I had $10k to trade with, I only risked 5.10 LTC at $195.40 which put me at almost $1k trading. Once bought, I set a limit sell to $200.40 and waited 2 hours for price to go up and capture my profit, which was only $25 total ( 5.10 coins * $5 gain per coin ).

To get a better view of the price box I made, see the below. It's just a visual that shows me what $20 of price movement looks like and where I might be price wise during the current day. $20 is a safe daily movement for LTC because the average 3-day movement is $27 and capturing 80% of it is around $22.



Where the red candle breaks the bottom of the "box" is where I entered my trade since everything else aligned up with what I was looking for.

Im also backing up the 5-min chart trades with how things look at the 1-hr and 4-hr charts as well.

I'm going to trade small a few more times before adding in more risk and more money. I'm moving over about $30k in $10k increments in about 2 weeks and see how far I can push it by raising my $5 take per coin to maybe $8.

At $30k risked, that would have been 153.84 LTC. With a $5 gain, that would have came out to $769 today. At $8, that would have been $1,230 in just 2 hours.

Can't get greedy though.

However, I am going to look at selling shorts in Bitmex so I can gain on the way down as well.

Pigs get fat, hogs get slaughtered...

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[eliquid]

Wanted to check in.

I didn't give up. I've just been way more analytical and focused on when to make a trade.

As the saying goes, profit is made on the purchase....

So I have been developing my own strategies instead of following what other people are shouting.

Not a ton of trades to report, but I am closing in on a system that will let me trade more often.

Here is a look at what I've dabbled with over at Binance for now until I jump back to Coinbase/Gdax

I keep things conservative for the moment...

 

[eliquid]

So you can see my goal is $5 a coin every 24 hours at least once.

However, sometimes I might have to wait 48-72 hours if things are going sideways.

I might also be able to do this 2-3x a day too making $15 per coin.

At $1,248 in my Gdax smaller account, at the time of this writing, I could hold 5.8 LTC coins and do between $29 to $87 a day.

When LTC was $150 just 6 days ago, it was more like $40 to $120 a day because you could get 8 coins on that amount.

Big money? No, but it could be for you if you make $0 right now or just want to play around some.

Safe? No, so only play with what you can lose. I assume ( and I could be wrong ) most people can spare $1200-ish dollars.

Will this get me to $500k by 2019? More than likely no. But you have to take your gains and reinvest them, not take them out and live on them if you start at this level and want to hit $500k in 9.5 months.

This is just a test, not my livelihood.

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[TreyAllDay]

@eliquid Don't want to sound like a fanboy, but you're exactly the kind of entrepreneur I want to be one day. Sounds like you have the freedom and knowledge to explore all types of new business ideas and it doesn't sound like you have huge time investment or invest a ton in HR systems.

I'm passionate about exploring ideas and businesses too and everyone seems to have preconceived ideas about how tech/sass entrepreneurs should operate: getting big investments, hiring a bunch of staff, having to "disrupt", working 18 hours a day, spending 10x longer perfectly coding software with every tab in the right place, etc.

Anyway - thanks for sharing all you do

 

[eliquid]

Did a small trade again today.

Im finding I need to expand out if I want to trade daily. Waiting for the best entry can take time on 1 coin.

Im sure I can do better, it will just take some time to get the nerves up.

I went in at 45 LTC @ $207 and 5 LTC @ $206.01

Sold all 50 @ 208.99 for a profit of $104.45

Been working on my own little bot coding it up and integrating into Gdax and Binance so I don't have to hunt these small trades myself.

I'm going to let the bot do the work hunting it down and executing the trades.

That will remove a lot of "emotion" and trigger finger accidents. It will also let me trade without having to watch the screen all day ( even with alerts ) and while I sleep. Just going to set it to small gains and safe settings.

.

 

[eliquid]

Been a while on the updates.

I kept up with the $50 here and $100 there. I thought it was too boring to really post about it here honestly.

I mean, I won't get to $500k at that rate.

One change I am making today is moving away from 5min and 1hr. The recent false bottoms/lows really stressed me out. I'd find what looked like a good pivot from low and the market would dip even lower as soon as I bought and fall another double digits, leaving me having to hold the bag or average down on another buy that would dip too.

I hadn't accounted for that and in prior periods there were not a lot of that going on.

So I am moving up to at least 4hr view and I might go up from that. I noticed that the "true bottom/pivot" with at least the indicators proved to be more accurate in this "slide" we are going through when I looked at 4hr over shorter time frames.

Maybe in an upward trend I can go back to 1hr, but for now I am moving higher up in time scale.

.

 

[eliquid]

Wow @eliquid, I'm super keen to get some tools built to improve my own trading or perhaps even packaged up and sold as a SaaS so this is going to be a super interesting thread for me.

$500k from crypto is certainly doable, rooting for you!

Also going to be possibly building out a SaaS too!

Just want to prove the results here first.

.

 

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[eliquid]

Wow @eliquid, I'm super keen to get some tools built to improve my own trading or perhaps even packaged up and sold as a SaaS so this is going to be a super interesting thread for me.

$500k from crypto is certainly doable, rooting for you!

Just seen your sig.

My forum name ( which is also the name I use at other forums ) came from that quote. I had it before "ecigs" were popular. I wanted something exactly from that quote but in a digital sense. At the time back in 2000, all I could think of was "e" and "liquid", e for electronic and liquid from water in the Bruce Lee quote.

.

 

[eliquid]

So the market came up some enough I sold and took the loss.

I wanted to not miss more opportunities by having my money held up.

 

[eliquid]

I've spend most of the day today rethinking my strategy and back testing some new ideas and thoughts.

For the large part:

• I'm moving away from 5-min charts and going into 60-min charts.
• I might move away from LTC to BTC. Not sure yet, but most of LTC mimics BTC of course.
• I think in order to be serious, I am going to go from trading a small amount ( $1200 ) to a larger amount of $10,000
• The indicators I built, while good, are missing something. Sentiment. I'm going to add this in.

Waiting for another good entry I feel safe about.

I'll keep you posted.

 

[bringitnow28329]

It's actually fairly easy to beat the market in cryptos (in 2018) if you know how to actually trade. 99% of people do not. They just bought when the market started ripping and lost all the gains because that's what people do that have no idea about how to trade. It's simple to make money when everything is rising but a lot more difficult to keep it. On the other hand if you know how to time the market it not too difficult to make money when the market is falling by shorting or bounce trading. In the stock market is a lot more difficult to beat the market if you are talking about picking stocks especially as you start to hold more than a handful. The biggest thing that people don't understand about any form of manual trading is that it's not just about knowing when to buy and sell. It's 90% psychological and unfortunately this takes many years for most people to learn. Most people give up or blow up long before they ever actually start to control their emotions.

As the saying goes, "it takes money to make money."

Obviously it is entirely possible to make money creating value and selling it to willing customers. In fact, this is probably the "easiest" method out there. Best of all, you don't need any money to begin with.

That said, until you actually have a pile of cash sitting in your vault you never truly understand how true the above sentiment is.

Suppose the price goes up 5%. Boom, your $1200 investment just netted you $60. That's almost a meal at a nice restaurant. Not bad for a day's work.

On the other hand, suppose you had invested $10,000 and you get that same 5% increase. Now you're looking at $500. Not exactly at the scale of Warren Buffet, but not chump change either.

The problem, of course, is that you have to beat the market. Think you can do that?

Early in the crypto game I lost $100,000 on a single stupid (driven by emotion) overreaction. That was when I went from a day trader to a long term trend trader.

If you've got the cajones to day trade and think you can win, by all means have at it! Of course, you may want to test your theories with small bets before jumping in head first. And as always, past experiences do not ensure future successes.

Good luck, my friend!

 

[eliquid]

and minutes later Im out for now.

$84 made.

I could have stayed in longer, but I think its gonna hit a new bottom in a few minutes so I can catch that wave too.

 

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[eliquid]

Wanted to give an update -

I've been doing a lot of research and study. Not enough to give me paralysis by analysis, but just soaking it all in.

Some good sources of info I have been absorbing:

https://chatwithtraders.com/ - watching their youtube interviews
Eat Sleep Profit - watching their youtube channel
Bullish Bears
Warrior Trading

I haven't traded much the last week. I've took the time to really comprehend everything I am learning to make a trading strategy. Meaning, more of one compared to the one I had before.

I missed out on trades on purpose. Learning to get the emotion out is key.

I have to learn to be ok with missing a good trade. I also have to learn to be ok with being a bad trade and exiting.

Sometimes you have to force yourself into things that are uncomfortable, so you can get use to it.

Im thinking I might put some of the money I have into stocks and divide what I am doing between crypto and stocks.

.

 

[eliquid]

OK, so this is the first indicator I am going to show you.

I call it 6 hour Average Rate of Change.

Why 6 hours? I just felt that was a good review period.

A lot of my indicators where partial ideas someone else coded, but didn't fully do the way I liked or wanted done, so some code will be used from others. Some are just mine. Some aren't mine but I customized, etc. Just putting that out there.

If you use TradingView, you can take my Pine code and insert into your chart.

Of note, most of my scripts I used for 5-minute viewing on TradingView. Most work well on other time frames, but I built it for 5-minute views as best use.

Also, I can not walk you through setting up custom code or if this code doesn't work in your TradingView chart.

//@version=2
study(title="ROC Averaged Last 6 Hours", shorttitle="Avg ROC 6hr")
lengthb = 72
sum = 0
tot = 0
for i = 1 to lengthb-1
    num = i+9
    if 100 * (close[i] - close[num])/close[num] < 0
        sum := sum + (100 * (close[i] - close[num])/close[num])
        tot := tot+1
ending = sum/tot
   
rocb = 100 * (close - close[9])/close[9]
buy_signals = rocb < ending-1
buy_signalsb = rocb < ending-2

plotarrow(buy_signals, colorup=blue)
plotarrow(buy_signalsb, colorup=red)

It will add this to your chart



And this is what it looks like with your chart



You can see the red and blue lines match up with lows in the chart.

Are they the lowest lows? No. But they are lows.

Specifically, they are rates of change greater than rate of change over the last 6 hours ( rolling to the 5-min event )

So if you are watching your chart right now and a red or blue pops up, thats a rate of change dip/low greater than the rate of change over the last 6 hours rolling.

Will it be time to buy in for you? Will it be the lowest low? Maybe, maybe not.

That's why we look at other indicators. That's why I drew the red/green/blue lines in the other posting above. That's why I look at the price for today and the 3-day average 80% stuff too.

However, what you can do is tell Tradingview you want an alert to be sent to you phone or email when a red or blue line pops up on this chart now so you can log in and "see" if you are ready for a buy or not based on other info.

The red or blue lines on this indicator are actually the same thing, but the blue indicates a slightly less rate of change compared to red. Red is a stronger signal that a greater rate of change happened.

Blue is a weaker one, but is still a greater rate of change compared to last 6 hours.

I like blues because its like a early warning system, whereas red can be thought of as the event almost.

I mean, you do need time to pause what you are doing, log in, look over, and make the trade ( if you do ), so I put blue in there as a way to pad some time.

You should not use this indicator alone/by itself when trading. It is only good to help you as a layer.

But think about the psychology behind why a rate of change right now would be greater at this 5-min event than the rolling average 6 hours rate of change.

Could be people think the coin is overpriced, or people are pulling out due to bad news.

You don't know, but this will point out that event for you potentially. It shouldn't be used as a gauge of lowest price because it will not always point that out.

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[eliquid]

Just posting up some LTC today.

I might trade, I might not. Was waiting until Wed or Thursday to give this thread enough time for questions.

Anyways. LTC jumped today



High of $251 and low so far today of $235.

I drew a channel in blue lines representing -$11 from $251 and +$11 from $235 and looks like the current price is trading right in the box.

I want to stay away from the middle of the channel and put my buy in hopefully at the bottom of the blue line ONLY if I have an indicator light up.

I'm going to back up the buy with checking the 1hr chart as well if I do.

I've noticed for months now the activity seems to really be in the late evening & early morning ( EST time ) like from 11pm EST to 4am EST. Probably activity in Asia.

As far as my indicators, they did pick up the activity today on the lows.

Acting on multiple alerts is key.

If I would have acted on that black and red 6hr ROC alert, I would have been holding longer to make profit or possibly fell into a longer dip. This is also a reason I like to see back to back indicators too ( 2-3 blacks in a row ). As you see we don't have that here.

At best what we had was a signal something was heading downward.

The blue alert with the blue 6hr ROC AND the green/red lines dip under the dotted line was a good multiple and aligned entry at $236 for my style of buy. I could have cashed back out in less than an hour. There were no back to back alerts ( like 2-4 blues ), but sometimes you gamble and win on singles.

Lesson? Wait for at least 3 different indicators to align up and also know where your price channel is before you make the trade.

I didn't trade on these. Just showing you more of what I look for and what I like to see.

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[eliquid]

So it crossed the lower price channel, but no indicators yet.

Could still be a good entry, but I'm gonna wait and see.

 

[eliquid]

For those of you curious how it played out...



I watched the early slide happen in real time.

When it hit $236 I thought this was a good entry. I had my first alert all aligned in other indicators but I just jumped too early. I got the early warning instead of the good bottom.

The first red arrow is where I got in ( dotted purple line ).

The second arrow is where I should have got in.

I learned a few lessons, mostly from a TA standpoint it was looking at more than the 5-min chart on the emotional trigger jump. I should have done what I said I would do before and that's back it up with the 1-hr chart.

I should have also took the earlier loss when it ramped back up to $232, but I held on.. again due to emotion.

Not worried though. When you lose money you have to not "get scared" to try again. I haven't really lost it, I'm just holding a bit for a better exit which might take a while to get back to.

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[Johnny Bravo]

FWIW, I've done some market research into this area and have discovered that about 70% of respondents were aware of cryptocurrencies, yet a mere 5% had any involvement in it. IMHO, the market is young and violent, but has enormous growth potential (so long as you're not simply gambling with your money). It's pretty ridiculous how much money I've made in this market and will hopefully capture much more as I develop my own business in this area.

As MJ noted in his book, simply because the approach you took was a failure (subjectively) doesn't mean your idea is a failure. Day trading is probably the most least successful (from a market win perspective) job out there. Virtually nobody beats the market which is why people have created bots to do it for us. Even machines aren't very good at it.

I'd recommend refocusing your strategy.

 

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[Alxander]

I just HODL

let me elaborate lol.

I joined around 7 months ago.

Started with 1k, dabbling around with ETH, lost a bit and gained a bit back with
other small coins.

Added 1k extra in NEO, bought at 7$, it went to 56$ but sold at $28.

Then I went all in the Request Network ICO, at 6 cents, added 1k extra at 3.3 cents.

REQ is now at 30 cents, hell it even went to 1,20 but I'm such a hodler

My goal is to make more long trades like this, 10x every 6 months.

I know 10x every 6 months isn't possible forever (even tho if I sold at ATH I had almost 40x).

As long as I'll be a

(sorry I hijacked your thread)

 

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[eliquid]

Fwiw ive still been balls deep through the bear market

Yeah, this isn't about anyone on the forum.

It's all those guru types online like TL and a bunch of other ones I know on Twitter and Facebook pimping their advice during the "hot" trend like they have some magic secret. When the crash hit, they basically stopped.

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[CareCPA]

Is there a record for amount of time to Notable? I would think this one would be close.

This is awesome information, and is a nice addition to the day-trading info I've been absorbing. My biggest limitation is that I don't have 14 hours a day to watch charts, so the though of automating is very appealing.

 

[eliquid]

Before I show you the indicators, I want to tell you one last thing.

The reason I am not hung up on the lowest low is, I'm just trying to make money.

It doesn't have to be the most money, it just needs to be defined and somewhat expected to return in a short amount of time.

The reason my indicators do not "light up" at the lowest lows, is that just because you hit the lowest low for today, doesn't mean you will get a quick rebound back up to make gains. You might sit at the lowest low going sideways in price for a while and not bounce quickly back up. You know, those $1-$3 gains that slowly inch their way up, by $1 to $3 over 2 days time every 5 minutes while also going down $1-$2 too another 5-minutes.

Sure that's a raise in the long run, but its not a spike back up. Its a slow grudging crawl up the side of DiamondBack, not the quick run up the sand hill. I'm trying to find that low that will produce a quick run up the sand hill so I can collect my $5 per coin and do it again at the best chance possible.

That's a huge difference in mindset.

I missed the lowest low? No problem.. I already got my money back into USD which is good for me and possibly could be leverage if the coin goes down in price.

My indicators, while not perfect, are built to spot a low that had a very high chance of rebounding back up to the $5 or more price gain.

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