Bitcoin Forum

Hi

I entered a trade today and bought ALGO. The price broke from a triangle pattern but within 5 mins of entering the trade the price began to fall. Did I enter the trade too early after breakout ? I have added the chart below:

https://ibb.co/5vJwYZy

'That page doesn't exist'

Let's give this another shot.  ;)

The chart doesn't work :(

If you bought ALGO within the last 24 hours the worst you could have done is buy it for 0.59 USD and just 2 hours ago it was at 0.59 again so worst case scenario you should've been able to exit without a loss.

Apologies, this should do it

https://imgur.com/a/u3yZ6GK

Well, there nothing to do with that. Just hold your ALGO and wait your profit was there.
Not all traders will easily earn in the market, and who give you a tip to invest this unpopular altcoin than investing bitcoin that you will surely secure. Perhaps, in a couple of days. Your ALGO price will increase, my advice is just to hold on and wait furthermore days.

Ahh, this. I thought you bought the previous high and then did not exit when it peaked the second time.

It looks like your TA has failed.

What you've indicated as a triangle breakout was really a lower high. Even if it became a double top it still would be a bearish formation.
Triangles and harmonics fail as many times as they prove to be correct, especially with altcoins.

Are you sure that it would increase its price? Why not telling on making some plan B's action or selling it out earl to prevent more loss?Its always been the hardest thing on making out
decisions since we dont know on what would happen next.To think that there are no TA's that would give out precise or 100% accurate in terms of price movements.

No matter if it do form neither ascending or descending triangle, you cant just presume out that the movement will be definitely following on whats those technicals do tell about.

This market is unpredictable which no matter how good it is, it would really still bound to break or wont happen this is why its always wise to have plan B's.

It looks like Algo climbing now. I bought at 0.59 so not so bad after all.

Following any TA's, own strategies or any recommendations will not always result in your supposed expectation.

That's not how trading works. Better wait for what will happen after you execute your action.

Fortunately, seems like your chosen coin is now gaining a good % as of now. Hoping you will have a good run.

If you bought ALGO at 0.59 GBP and you are now in loss, since ALGO/GBP is around 0.47 now.
By the way, did youbuy the ALGO when it broke the triangle or before it broke?
Next time, you can use more multiple timeframe to confirm your entry or before making entry. Using 5 minutes can be difficult for day trading.

What went wrong here is you are just fooled by those few pumps, you never buy it a low price but instead of buying when it rises. I'm not sure if you are following trading signal groups or in relation to that and brought you to this.

Also, have to keep in mind that not all went perfect, some buy coins and profited after an hour but some also lose after a few minutes because they never know how to wait, and being an impatient person never succeeds in trading. I hope you change your strategy because I'll it wrong. And it is very important to have your own TA's rather than relying on others. If you are really committed to trading, this will serve you a sort of learning and a thing to learn in the coming trades.

You should have used other indicators as well to support the pattern because sometimes it could really do wrong. The next time don't just rely on patterns or timeframes.

What's the best minutes for a day trading? I know you're good at this @GreatArkansas.

It's a good idea to buy after the breakout but beware of bull traps (price rises for the first few minutes only to drop much lower afterwards). Always look at the different time frames and not just 5 minutes time frame. Also don't rely on only one indicator. Check out other indicators like RSI, MACD, Bollinger Bands before you can make a decision because it's get tricky when the market is moving sideways.

If it's very challenging, then Always wait for a market trend before you can start short trades. It's much easier to trade and make profits when a bullish trend has started and you exit before the price starts correcting. Just follow the "Trend is your Friend rule"

I remember ALGO was one coin that made me huge losses last year because of the wrong entries i made when doing spot trading.

Congrats, you are in profit, the current price is 0.62

You have just bought at the wrong time although it will improve eventually (depending on the coin) and that's normal. Today's crypto price averages started to creep up after several days of downtrend.
Next time, learn the market conditions before placing an order and you also need to improve your analysis of the charts.

You are right, the price of ALGO continues to creep up.

Someone has already said, "hold" your ALGO coin, nothing will go wrong when you buy it the price changes keep happening.
That's how crypto works, in a matter of minutes/seconds it can change, if you panic and don't calm down, you can lose.

OP, are you still holding the coin, now the price has increased to the level of $ 0.63, that is, you have won in trading, if you have sold first, it is a shame you failed.
For the future, there is no need to panic, relax, and monitor graph movements at any time.

Next time, You should wait after the confirmation before you enter. Breaking the upper line of the trend with a single candle is not the confirmation because it will surely bounce again to that line for retest on the second candle after the breakout. When the second candle close above that upper trend line again then that means that the resistance turns into support which is the signal of change trend. You should always set stop loss because its not 100% guaranteed that TA is correct.

From the discussion above I hope OP must have understood he ain't gonna loose money yet. Trading is just gamble jumble stuff of moves. I think Op is turning into panic trade very fast. The only advice for them is to get relaxed about it and let the green candle take over.

This is where most of trader loose hopes when they see simple downward movement. Just plotting triangle over few days data won't give you perfect prediction here. This will need data prediction from project development too and how is the regular trade going for ALGO.

When opening any deal, you should be prepared for the fact that the price may not go in the direction you wanted. Obviously you had to wait for the price to retest and go up again. You didn't wait for such a retest and entered the trade immediately after the breakout of the resistance level.

Nothing went wrong. However, you did not tell us how many units of ALGO you bought to make anyone worry about your loss. If you bought a few of less than 100 units, I do not think it should make you panic because you have not loss much. Just wait and hold, watch how the price rise above your purchase level to give you profit. Next time, do not panic when you are faced with loss.

Looks like a fakeout. You should zoom out and see how are the higher time-frames looking like. Remember that lower timeframes will be more "tricky" especially in illiquid markets like altcoins and even Bitcoin. That means there is more noise on the lower timeframes. Personally I wouldn't trade an altcoin below the daily timeframe, maybe the 4H.

Not all trades are going to be "correct". Technical analysis is just giving you an edge, nothing more than. You should be profitable if you find a good enough strategy and follow it with discipline. It's a matter of probabilities than anything else.

Kindly fix the broken link or post the image directly here. You can give more detail including the exchange you are using. However, in some exchange with low trading volume, buying substantial amount of coin increase the price but also create more chance for people willing to sell in dumping the coin. This might be the case of above mentioned coin. You can check the sell order list and compare to the buy order

I bought in around 0.45GBP when it broke the triangle. Luckily it climbed in price so no losses

No I held onto it and sold at 0.48 so made a profit, but yes you are right need to improve my analysis.

Thanks i will do this next time.

Thousands of traders face such problems every day. They arise from incorrect technical analysis, from deceptive insider information, from their own conjectures and unjustified hopes. Imagine what would happen if every trader would be to write about similar deals here.

it will always happen not in accordance with the original expectations when you predict that it can happen in every trade, so actually it is a common thing to happen because of wrong analysis or there is a game going on in the market they control. surely there will be problems that will occur that many people will be spectacular with the analysis that occurs, indeed you have to believe what you are going to do, maybe it will hit your heart more.

One way or another, the market has been pumping up a lot lately and you need to carefully approach the choice of profitable investments when there is more than 70 and 80% confidence. In any case, if you invest your funds in a certain coin for a longer period, then a slight decrease in price after purchase may not have a huge value.

I also fail to make true forecasts of market behavior. This is why I do not trade in situations where I am not sure of the outcome. I'd rather not have a chance to make money than have a huge chance of losing.

First of all, the link doesn't exist. That's the error I get.

As for your specific question it would help to know which exchange platform you used to buy it from. In any case though, it just seems that you definitely entered at the wrong time.

On top of this, you simply bought the wrong coin. I mean look at the growth it had over the period of 1 year, and over the weeks this coin has been on a downtrend - so I'm not so sure why you'd buy in when every indicator is telling you not to  :-\

https://i.imgur.com/E626Cae.png

There are really times which you do need to skip out and dont force yourself to make up positions even if you do saw that losing chance is somewhat high but there are really people who do really likes to gamble rather than on skipping out.

In result? if they do lose then they do regret and murmured that they should havent make a trade but its already too late.In the case of op where he do expect that he entered the right time by just because of that
triangle pattern but the movement is going on opposite as anticipated.

Come to think that no matter how good your technicals are, crypto market can easily break those analysis.

I don't trade triangle breakouts but I do know that a lot of folks wait for a re-test on that upper line of the triangle after the first breakout before getting in. To me, triangles patterns are really vague. I look at these sometimes on a daily chart to give me a general idea of a range, but on intraday time frames for crypto, i don't even bother.

I guess not all TA has to work you know that right? We are talking about analysis here, if every single analysis worked that would mean we would need more than 1 bitcoin because while some people say bitcoin goes up the others say it will go down so how could it go down and up at the same time? It can't, the price would have to get one of them right and the other one will have to be wrong.

Moreover, if we are talking about your own TA, I would say that keep doing that, eventually one day you will be very right and at that moment you will realize that you do not have to be right, you just have to be right most of the times and that is usually enough. If you ever have trouble keeping your emotions at bay and if you ever feel worried, remember, it takes stock market people years until they can make as much as you can make from crypto.

Just like what others here said the page doesn't exist mate. The only thing you could do for now is to hold em or wait, very simple if you don't wanna lose your capital. The only problem is We don't know when this ALGO bounce it's price again in the market. Since they are volatile, we should aware of that anyway.

It seems you don't read his next comment because he says he fix the image link.


I don't have ALGO, but I think the coin is still a newcomer in the crypto market, and it will need more time to increase so that you can hold it for some time. But if in this month or next month, the coin price can increase so high, you can sell it to make a profit. But don't be greedy to expect a bigger profit because if the price can not moves to another high price, you will need to hold for longer.

From that image, I think the movements of the coin is not so fast, but it's risky to follow the movements, and maybe holding the coin will be the good solution to prevent from the losses.

In other markets, technical analysis does not always or always work, but traders do not interpret it correctly. In the crypto market, this is even worse. In addition, the trader needs to be able to perform technical analysis correctly, the slightest mistake will be fraught with consequences.

Always remember that anything that goes up will come down. And if the price begins to fall, it might just be a temporary coorection. ALGO is a good coin. So there is always another chance. No worries

Yes some of the Technical Analysis don't always work they are just guides of the possible things that may happen based on existing evidences but we really don't know what will happen or maybe there are some wrong things you did or missed when you tried to buy or maybe you read it wrong still we should always be ready on what will happen since market is really unpredictable.

A very reasonable fact, but a coin bound for bottom rock/falling with speed like a force is pulling it down. with no bright side, can be predicted, the ALGO coin in its capacity made you to trade on it, what was your reason or analysing before deciding to trade in ALGO.

It turns out that technical analysis does not always work, and not everyone is able to do it efficiently. Can we then say that trading in some cases is conducted only on the basis of luck? It's just that sometimes trading on crypto exchanges reminds me of playing roulette or dice.

Its one-day chart shows that it's about to fall. But this is very right. If you're one of the watchers of a coin and you want to enter, it's the best time to wait for its dip and then start buying if you're on the bottom of the chart.

Sometimes there are analyses that are actually working but there will be incidents that it just won't be as effective as it can be. Short-time traders are the ones struggling with this technique but for long term holders, not that much affection and worry.

Symetrical triangle have 50% price fall and 50% price up and yeah it will make confused for the trader. So, you may have to use another strategy when you find the symetrical triangle again, I mean you have to combine with the other strategy. I myself, always combine with fibbonaci retracement, chart pattern and candlestick pattern also with the fake out strategy.

With those strategy I'll have many possibilities and I'll never take an entry before I have a signal like using candle stick pattern. When you trade you may need to see another thing that will happen, I mean you have to make at least three possiblities/strategies so as when the firsf strategy gone wrong you have two strategy again to recover your loses.

I have seen the trading chart that you shared, I think you have bought ALGO at the right price. But crypto is sometimes difficult
to predict, prices like to change direction suddenly. All you need to do now is still be patient, hold ALGO that you have bought,
until the price goes up again. But to make it safer, it's a good idea to use the stop loss feature, if the ALGO price continues to decline
by -10%, you should just sell at a loss to save the capital you have.