Day Trading Bull Flag Patterns

[esinka1903]

I'm interested in day trading but I am still not so experienced so I am having a hard time to understand the indicators for the entry and exit points. Especially, the chart patterns. Many pages, like this one https://www.warriortrading.com/momentum-day-trading-strategy/#toc4, say that bull flag pattern indicates a good time for the entry.  But I haven't come across any practical advice on how to interpret the chart patterns. Are there any decent cheat sheets or videos you guys have for chart patterns?

[hugeblack]

I'm interested in day trading but I am still not so experienced

So, day trading is not suitable for you. Day trading is a trading style for professional traders and it is better to avoid it if you do not have a good background in day trading, as it is not that trading that brings you a lot of profits, but achieving a profit of 1% daily means a percentage more than 30% per month, which is better than being collected by long-term trading. Therefore, day trading is not for achieving high profits in the short term, but rather for continuity.

I can give you links on how to learn day trading, but I do not find it logical. You cannot learn to run before walking. Start and master the basic skills represented in identifying support and resistance points and reading technical indicators. After you master walking, you can ask about running.

[jeraldskie11]

I'm interested in day trading but I am still not so experienced so I am having a hard time to understand the indicators for the entry and exit points. Especially, the chart patterns. Many pages, like this one https://www.warriortrading.com/momentum-day-trading-strategy/#toc4, say that bull flag pattern indicates a good time for the entry.  But I haven't come across any practical advice on how to interpret the chart patterns. Are there any decent cheat sheets or videos you guys have for chart patterns?

If you are new to trading, you should start with spot trading or swing trading if you wish to use leverage. You cannot be a day trader for the first time because it is difficult and not recommended for newbies. Many beginners lose money when they day trade, which is why I advise you to avoid this type of trading. I understand that you want to be profitable as soon as possible, but forcing ourselves to trade will only serve as an obstacle to our life goals. You must be patient and stick to your trading plan no matter what. And if you notice that you're profitable, that's when you should start day trading.

[palle11]

I'm interested in day trading but I am still not so experienced so I am having a hard time to understand the indicators for the entry and exit points.

I don't believe in videos because I never understood it as a newbie. So I don't know how you can understand videos that easy. You have to put more effort in learning whatever is difficult to you. Even when you watch videos it doesn't end there. You need personal effort to make your trading experience profiting for you. Use indicators like RSI and MA and you have to know that as a day trader, your focus is on what happens in the market for the day,  your focus should be the prospect of the market reaction for just that day and not spilling over your trade because tomorrow is a different and new trading day. You have to close your trade for the day and don't allow it to swap over to the next day.

[Slow death]

day trading cryptocurrencies will only create headaches for you, this is a market that is not worth day trading, before you start learning how to day trade, first you need to investigate how many people are profiting from day trading and what is the capital that each of these people is using, because what I have seen on the internet, particularly on youtube are people who have youtube channels that talk about cryptocurrencies and day trade, they are teaching how to day trade but no one of them shows what capital they have and how much money they make per day, per week and per month doing day trade. so with this omission of information

I come to the following conclusion: they do not profit from day trade, they are giving classes to gain views and with that they actually earn money from youtube, I hope you start investigating this from today, you have to know how much capital people have day trade and how much profit they have managed to get, you will start seeing that you have no profit and that the best strategy is to buy and do hodl, of course if you still want to follow the day trade path then do it with a very low amount of money so you don't have big losses

[Hamza2424]

I'm interested in day trading but I am still not so experienced so I am having a hard time to understand the indicators for the entry and exit points. Especially, the chart patterns. Many pages, like this one https://www.warriortrading.com/momentum-day-trading-strategy/#toc4, say that bull flag pattern indicates a good time for the entry.  But I haven't come across any practical advice on how to interpret the chart patterns. Are there any decent cheat sheets or videos you guys have for chart patterns?

Indicators and Chart patterns are good enough to be used while trading because these are for the safety measures in the trading market as we all know market behaves similarly in similar historical circumstances and traders always repeat their actions according to market emotions. As you said you are not much experienced in the market I would advise you to never follow the pattern blindly and closely follow the market developments because as you according to the current market situation market is more dependent on the developments rather than the trader's emotion because maximum of the trade is the accumulation process o the long term holders in the market at I can say it, for now, it is a fact.

[Stedsm]

TBH, instead of looking for chart patterns, look for the critical numbers that come for USD such as PMI, CPI, Jobless claims, non-farm payrolls, etc. which you can find on any forex economic calendar. Then see the momentum that US Dollar Index gains/loses and then decide for your trade because it's an indicator of where BTC will head towards. Nowadays, I'm observing that the institutions are definitely considering these things in order to accumulate and distribute at times when they believe what's correct for the market to head towards.

[awik p]

need to learn more to do daily trading, because every day we analyze the market. with a smaller time frame, we will see more opportunities to enter the market, however, usually the targets achieved also have a short range. many people like day trading because they can collect profits little by little but continuously, so that if you add them up you will find a large percentage too. but not many succeed in doing so, because most of the traders either lose, or are unable to make consistent profits

[usekevin]

day trading cryptocurrencies will only create headaches for you, this is a market that is not worth day trading, before you start learning how to day trade, first you need to investigate how many people are profiting from day trading and what is the capital that each of these people is using, because what I have seen on the internet, particularly on youtube are people who have youtube channels that talk about cryptocurrencies and day trade, they are teaching how to day trade but no one of them shows what capital they have and how much money they make per day, per week and per month doing day trade. so with this omission of information

For the day trading,you need to analysis the market well.Today is the best example for the market variation in the single day.The price of bitcoin had raised to 31,800 dollars,So most of the people had their investment to the bitcoin today.Many had cash out some dollars after the reach of 31.8k.Hence the value back to 30,150 dollars in a single day.This only affect the people who do day trading,others may escaped by holding or taking the profit from the new ATH of bitcoin price.