Bitcoin Forum

I have plans for long term but would also be great to earn every day in trading. The indicators signals the different course of action when I'm in the daily chart but shifting to 4hour and 1hour tells something else. How do you read the chart on different time frame accompanied with the indicators you only knew using like the RSI?

For indicators like RSI and moving averages use the daily chart. Lower timeframes will lack of substance.

For candlestick patterns, use timeframes from 5 min to 30 min as most daytraders are looking out for these as well. TA is a self-fulfilling prophecy so you should want to act "like everyone else does".

Never use the 1 min chart as not a single indicator will work here.

The best method is to track multiple time frames. The best setups are when multiple time frames all line up to scream either "buy" or "sell." That's the holy grail.

I watch the daily and weekly for broad trend analysis and to see when mid term reversals are occurring. Candlestick and MA analysis at these time frames keeps me trading in the direction of the trend (long in bull markets, short in bear markets).

I then zoom into the hourly and 4-hour time frames for more precise entries and exits.

I'm starting with large time frame, 1d to smallest time frame which is 5m chart. I've read a book that it's the best to determine the price action of the market that I'm going to enter. It's effective for me to figure out patterns, support, support and resistance.

As other people said best to track multiple timeframes. this tool can help you https://coinalyze.net/bitcoin/technical-analysis/

your best option is to follow what exstasie said. tracking multiple time frame will provide a better look at where the market is going. i'm a long term holder myself so i tend to look 3 charts from weekly, daily chart and then to 4 hour time frame. if the 4hour chart  RSI says its overbought that it does go 70 while the RSI in daily chart does say oversold, i have to look at the weekly chart and hourly chart whether its a good time to become a day trader.

the best way to look at a good opportunity is to look at the monthly, weekly and daily. if all the chart is going to tell you that the market are all down its a good time, even if you only use the rsi take your chance.

Bitcoin is global so I assume it should not really have a time period but you can base it on forex if you want which is also global but have better times. Now they are always open but if you check there is more time in UK markets that global forex is higher in volume, for example when its midnight or 3 am whatever in UK the global forex is not as fiery as when it is 9am to 5 pm in UK markets.

So, you may want to check that out and figure out which country is the biggest player in crypto world and base it on that? I would say USA is a bigger player in crypto than any other player but USA have different time zones, so you would have to just figure out a way to place your orders during the common hours of both sides and if you can achieve that at the very least it will be high volume.

None of that matters when random whales decide to dump their stash of bitcoin and that can happen at anytime.  At its core trading is gambling but the odds can be more in your favor if you do the research.  No trader is perfect and everyone will occur losses, you just need to know when to cut them instead of foolishly holding through it.

Since there are exchanges and users in all time zones, the whole day is important.
Somehow I tend to believe that if you come with this kind of question, you didn't understand Bitcoin and its market, so my advice is to spend a lot of time studying before you enter, else you may have nasty surprises. You should also consider HODLing for now, while you study.

It seems to me that there is no definition of night or day for cryptocurrency.  and If we talk about what exactly speculators revive the market, then they work around the clock, because each person has his own time period, based on his place of residence.

Not unless you are looking for longs in that day I wouldn't use 4 hours charts to analyze on my trades, day trading involves a lot of activity and you can't view all those activity happening on an hourly chart. You should be using minute charts for your trade in which day trades use for their trades which happens within that time frame as well. And if you don't think that you can't analyze charts that fast then I don't think day trading will suit your style.

If you do not know how to read the charts(thats if there is a successful way to do so), then just Hodl your coins by investing long term.

Every time of the day is crucial, time zone differs and important decisions can be taken at any time.
There are various patterns of studying the chart, one just has to choose that which suits him or her and heightens the possibility of trading success.

crypto exchange runs 24/7, so daytrading crypto can be done in any period of time
the best time frame for daytrading may differs from one exchange to another exchange
it would be mostly based on majority users' trading activity habits that use a specific exchange
I suggest you to check at least a week of trade volume data on your exchange to figure out its peak trading hours

For day trades, there are lots of happening that can happen within a minimum 5 mins to 15 mins timeframe so you might want to start at that range. Setting up longer ones might result in MIA. But generally, it varies per coin's behavior. If we take an example for bitcoin and we all know how it was behaving today, a 5mins to 15mins can be considered.

This is tough so needs some test. You might want to study how strong the volume at each of considered timeframe.

Just look at the volume not the time, look at the coin that you plan to buy and look at the volume, after looking at the volume observe the price movement for the next 10-15 minutes. How much is the difference after 15 minutes and also try to learn how to use RSI and Bollinger Bands. It will help you decide if the coin that you plan to buy is good or not.

I am only trading on the BTC/USD. I have no plans for any coins right now. Which time of the day GMT if you please suggest there there are considerable volume?

Also can you tell me say I'm just trying to do this on Binance after all the fees are in BNB but how much do you think should be my capital for day trading?
I'm saving my money so currently have just $800 to spend for this. Will this be enough for day trading?

You like Bruce Lee sir ?
:)

As a trader I use different time frame for my trading. In day trading it’s always good to use short time frame like 30 minutes or 1 hour. This two time frame is mostly using all professional traders.       

In day trading you really need lower time flames for quick trading decisions. I do use 30 minutes timeframe in day trading as 15 minutes is too volatile and any investment opportunities set-up may not give you success at the end as those that are using high timeframe may take a trading decision that may affect the lower timeframe .

For extreme scalping then ill 5-15 mins chart but for active trade swings 1hr time frame would be the best one but overall it would depend on your trading system.

More so studying Japanese candlestick patterns on a higher time frames  ie weekly chart will be very helpful in determining the direction of the price while using 4 hour chart to trade while moving down to lower time frame for a perfect entry. Bullish or Bearish engulfing bar and pin Bars are almost perfect patterns and useful tools that works for an effective trading those candlesticks indicates Price Action of the market and used by experienced traders. eg pin bar formed on BTC/USD daily chart on 02/07/19 and bullish engulfing bar on the same chart yestarday was a perfect set-up for buying.

as I said before, in normal circumstances the time depends on your exchange's location and its majority members
since you said binance, I think they were originated from china and suspected to run servers in hongkong
so you can log in and check on their daytime hours trading activities to confirm the trade volume
however binance users are now from all over the countries, so expect to see it quite busy all the time

it all depends on your target profit in nominal amount or just percentage gain
if done right, I think you can make $10 a day with your initial $800 trading fund

I'm not really following those charts or whatever it is in trading, I only just follow the market flows. Right timing is very important in trading and sometimes we've thought of luck to be along with us. The risk is always there and the bad thing is that the risk goes higher when the price goes up also. That is why we should have to look closely with our trades and check the market flow every now and then.

   For my preferred time frame I would rather choose morning at 1am, because most of the traders is actively doing buy and sell at this time base on what I've observed on my local time. This time frame gave me more opportunities to deal my skills in trading as well. More great coins who seems to give me profit as long as close deals will be accepted. It's good to work early morning compared during night time.

Most of the time I prefered a 15mins to 30 mins timeframe which is  the best timeframe for a daytrader like me but take note every traders have their own strategy and timeframe when doing trading its better to looj to your own strategy and dont base on other strategy experience is your own knowledge to gather information on trading.

What coin are you usually looking for, or maybe there are tips for choosing coins and their characteristics? Because I don't think all coins have a significant movement in such a timeframe.

Or maybe just pick the coin which has biggest volume ?

That day trading is not an easy job for just anyone to do. If you don’t know how to do day trading it is best to continue with the long term so you can take out your time to work and invest at the right time and earn when the market grows to a higher level. Maybe you can then use that opportunity to study everything you need to know about this day trading, how the charts works and every other thing that has to be learnt in it. Trading cryptocurrency is not like kind of trading, yes there are quite a few similarities but there are differences as well.

I've been here for a years in crypto, but I never been try to use any of the time frames, I usually applied read candlestick at most often every time I do trade in the platform. Then, I always go with the flow also if there are active buyers, I also buy coins as long as it is promising and potentials of course. In short, day trade and long terms are both good.

I use 1 hour, and 1 day to check the market movement and sometimes I can get something information from that time frame. But I don't know with other people and maybe they have a different time frame for trading. Besides that, we have different indicators that we used in the trading so maybe we use a different way to analyze the coin.

For day trading I Usually like to use 1 hour chart most. But I also use 2 hour chart too for my day trade.

We all have a different strategy about trading and each of us has their own comfort day for trading whether scalping or day trading as long as we can minimize the risk of losing too much since these kinds of strategy are too risky. I remember the day when it's my first time doing such trade while looking at the time frame it's just too tiring since you were watching the live market moving up and down.

I don't expect to earn a ton with such a small capital $10 will do as long as its worth learning and the fees are just the exchange native coin. At least to day I got back my $800. A stressful journey for me but I'm learning this day trading. 1HR chart is great as long as I see where the market is going - I'm concentrating in the 1HR chart, can you share your experience on this?

I'm worried this TradingView app is causing my phone to heat up.

You have to invest a big amount to become a successful trader on day trading .I always use 5min time frame candlestick chart when i do day trade .But you always don't be greedy either you will lose your whole money .It will have your time if you use 1hr or 4hr chart .Try something different.

How often you are doing the chances of profit is also high so you can even go with 30 minutes as well if you are good at analysing the charts.But there is no perfect time or procedure to make 100% profits so we need to create one for ourselves.

When you are thinking about shorter time frames the only moving averages that matter are the shorter period ones namely the 10 and 20 MAs as this is what you will see a breakout will happen. Don't even use 200, 100, or even 50 MAs as mostly this is what is used to detect a long term position, and won't be accurate in minute/s charts. Aside from the shorter period MAs you must match it with volume and RSI analysis as theybare very handy to back up the MAs in your chart.

Definitely right! Theres no specific time yet it works differently on each trader.Some might be profitable with 5 minutes-15minutes-1hr it does depend on how you do make trades.If you found which do works for you then better stick to it.

I feel the best time is night time because there are very less people doing the work in night time so we can easily understand the situation what is going on and I feel comfortable in night time more than the date time but it will be very for each and every person.

I am not so sure that night will be best for trading, because by the time it is getting to night, the body would have been becoming tired and the brain trying to short down, how do you intend to study chart when your brain is no longer assimilating, and aside that, when people becomes less active, how will you get the little volatility needs to place your trade, because then, there will be no much activities which will even make your chart too becomes less functional.

I think the best time of the market is during the days when there are lots of activities going on in the market. It is just like you trying to buy something in a clothing market, it is usually in the morning and noon that people get the best of designs that the shop owner just brought, by the time is getting to evening, you will end up buying some old stocks left.

There are 3 types of trends, Main trend, Middle trend and Small trend. Main trend referred to higher TF, Middle trend to middle TF and small trend to lower TF. For day trading maximum 1 Hr TF to chose, any TF lower to 1 Hr can be traded. It is very much possible to find different trend on different TFs at the same time. If its uptrend on daily TF, there may be downtrend on 15 minutes or 1 hr TF. Idea is we need to follow the bigger trend. If there is uptrend on Daily TF, we must look for buying opportunities on lower TF. Chances of success are higher for the trades taken in accordance with higher TF, although one can go for counter trend trade but good experience is required for such trades.

Short term is so stressful mate.  Wherein you must have a lot of time for it because market is so volatile without knowing .. Actually doing technical analysis is always the best strategy but i still suggest to obtain more information from some expert before making a move. because you know market is so unpredictable nowadays.

Moreover opportunities can come at any time, prices change and move at any time, great traders can always look for opportunities from every moment in the trade. not too important how many hours you have to spend on the market, when is the right time for trading and etc. because the opportunity in the crypto market will always come, there are hundreds of coins that you can use, the most important thing is that you are good at research and analysis that the main thing you should have.

If you are a day trader, every day is a trading day. Day trading is quite hard to manage if we are not a full-time trader, it is very important to always on the track of our trades otherwise we miss something. Every fluctuation is very important in day trading and we need to take it seriously..or lost everything you have..

As you said, numbers and events, value changes are very important for trading day, and almost all of these factors belong to random time frames, and so, we don't have a fixed time frame for trading the day, opportunities depend on our perspective and analysis, combined with the information we receive. Many time for these numbers, we will make more profit, less time for it, trading day will turn into disaster for us, so the rule is not to set a fixed time for trading day, fixed will create limited space, affecting the process of analyzing and seeking income

It just depends actually on someone who has a convenient time to trade because trading everyday doesn't mean you will get a profit. There are times too that trader do suffer from losses due to the market's volatility. Sometimes 5 minutes or 15 minutes is still not enough to get the profit that you want since this live market is quite moving and changing a lot.

I trade daily and depend on many different candles, not necessarily a 1h or 4h frame. I think that to succeed when daily trading requires a lot of experience and how to analyze the market

In general, charts are made of time and price. Having a price target is not enough when the trader opens a new limit order. H1 and H4 timeframes are used by day traders and they are usually busy with stop hunting that opens a new liquidity book after a fake breakout. Candlesticks are the easiest form of reading trading patterns and popular traders use Japanese candlesticks in order to get the best performance in the market.