My trading strategy

[Gafman]

I've been trading for roughly 2 years now and I've been able to use some strategies that work quite well for me

I'm sharing my idea here for both new and experienced members.  Comments and Additional ideas would be appreciated

I mostly start my trades at 10 am
1st Step: Switch to D1 chart, Take note of the Minimum and Maximum of the previous day
2nd Step: Now switch to a H1 chart, if the last updated candlestick finishes above the previous day maximum, Go for a Long position
If it finishes below minimum, go for a Short position
3rd Step: If it finishes in between the Maximum and Minimum reduce the sizes of your charts in Step 1and 2 and repeat the steps.

Note: This is just a strategy!!!!! And any additions or deductions would be appreciated. Thank you

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[Coin_trader]

I've been trading for roughly 2 years now and I've been able to use some strategies that work quite well for me

I'm sharing my idea here for both new and experienced members.  Comments and Additional ideas would be appreciated

I mostly start my trades at 10 am
1st Step: Switch to D1 chart, Take note of the Minimum and Maximum of the previous day
2nd Step: Now switch to a H1 chart, if the last updated candlestick finishes above the previous day maximum, Go for a Long position
If it finishes below minimum, go for a Short position
3rd Step: If it finishes in between the Maximum and Minimum reduce the sizes of your charts in Step 1and 2 and repeat the steps.

Note: This is just a strategy!!!!! And any additions or deductions would be appreciated. Thank you

You are trading for roughly 2 years and yet you are not using indicators for your strategy?? I bet you are just doing some leverage trading on MEX. Anyway your strategy is fine considering you are trading cryptocurrencies which is a total gamble. As per your strategy. Your general overview scope ia just daily and it's somehow dangerous if you keep using that strategy while the monthly graph pointing out that the direction is going to the opposite side of your bet.

Since you didn't consider volumes and the flow of price. As I said this is totally fine in leverage trading cryptocurrencies but this will not work at all times. Some point on your trading, you will suffer great loss if you enter in that very bad timing. 

[Latviand]

I've been trading for roughly 2 years now and I've been able to use some strategies that work quite well for me

I'm sharing my idea here for both new and experienced members.  Comments and Additional ideas would be appreciated

I mostly start my trades at 10 am
1st Step: Switch to D1 chart, Take note of the Minimum and Maximum of the previous day
2nd Step: Now switch to a H1 chart, if the last updated candlestick finishes above the previous day maximum, Go for a Long position
If it finishes below minimum, go for a Short position
3rd Step: If it finishes in between the Maximum and Minimum reduce the sizes of your charts in Step 1and 2 and repeat the steps.

Note: This is just a strategy!!!!! And any additions or deductions would be appreciated. Thank you

You are trading for roughly 2 years and yet you are not using indicators for your strategy?? I bet you are just doing some leverage trading on MEX. Anyway your strategy is fine considering you are trading cryptocurrencies which is a total gamble. As per your strategy. Your general overview scope ia just daily and it's somehow dangerous if you keep using that strategy while the monthly graph pointing out that the direction is going to the opposite side of your bet.

Since you didn't consider volumes and the flow of price. As I said this is totally fine in leverage trading cryptocurrencies but this will not work at all times. Some point on your trading, you will suffer great loss if you enter in that very bad timing. 

We have different strategies and it is good that you share some of yours. Newbies will become knowledgeable and will get some idea on how they will trade depending on the market so that they will prevent huge losses. Trading without any indicators will left you uncontrollable and hasten your losses. Sometimes we just really need to have technical analysis in the market so that when we trade, we know what to do and we have some plan when the crisis comes. Also always be patient and never trade if you're not ready, wait for the right time to trade so that you have some profits when the cryptocurrency you're holding is having an upward movement in its price. Always have a proper timing and planning so that you will not be shocked and nervous when you trade.

[CryptopreneurBrainboss]

Anyway your strategy is fine considering you are trading cryptocurrencies which is a total gamble. As per your strategy. Your general overview scope ia just daily and it's somehow dangerous if you keep using that strategy while the monthly graph pointing out that the direction is going to the opposite side of your bet.

Thought as much the moment I read through his explanation but since from my experience in the industry I have come to understand that different strategy works just fine for different Individuals (traders) therefore maybe this is just what works for him. For other reader that are hoping to profit from trading and looking for an easy strategy to follow, taking note of what this user has highlighted is very important to avoid losses.

Also I have come to understand that most short term profiters aren't actually the best market analyzers but just those with luck on their side resulting from seizing the opportunities when it present itself.

[Gafman]

I've been trading for roughly 2 years now and I've been able to use some strategies that work quite well for me

I'm sharing my idea here for both new and experienced members.  Comments and Additional ideas would be appreciated

I mostly start my trades at 10 am
1st Step: Switch to D1 chart, Take note of the Minimum and Maximum of the previous day
2nd Step: Now switch to a H1 chart, if the last updated candlestick finishes above the previous day maximum, Go for a Long position
If it finishes below minimum, go for a Short position
3rd Step: If it finishes in between the Maximum and Minimum reduce the sizes of your charts in Step 1and 2 and repeat the steps.

Note: This is just a strategy!!!!! And any additions or deductions would be appreciated. Thank you

You are trading for roughly 2 years and yet you are not using indicators for your strategy?? I bet you are just doing some leverage trading on MEX. Anyway your strategy is fine considering you are trading cryptocurrencies which is a total gamble. As per your strategy. Your general overview scope ia just daily and it's somehow dangerous if you keep using that strategy while the monthly graph pointing out that the direction is going to the opposite side of your bet.

Since you didn't consider volumes and the flow of price. As I said this is totally fine in leverage trading cryptocurrencies but this will not work at all times. Some point on your trading, you will suffer great loss if you enter in that very bad timing. 

Thanks for the observation I use the SMA and Bollinger Bands for my analysis....... Just wanted to keep things short and simple for the new traders here, of course the experienced once would shape this(if found useful) to their own using different indicators and analysis.

[carlfebz2]

Anyway your strategy is fine considering you are trading cryptocurrencies which is a total gamble. As per your strategy. Your general overview scope ia just daily and it's somehow dangerous if you keep using that strategy while the monthly graph pointing out that the direction is going to the opposite side of your bet.

Thought as much the moment I read through his explanation but since from my experience in the industry I have come to understand that different strategy works just fine for different Individuals (traders) therefore maybe this is just what works for him. For other reader that are hoping to profit from trading and looking for an easy strategy to follow, taking note of what this user has highlighted is very important to avoid losses.

Also I have come to understand that most short term profiters aren't actually the best market analyzers but just those with luck on their side resulting from seizing the opportunities when it present itself.

Agree on what you have said on here and also to those things that are being mentioned on op, it does really look like an easy strategy yet you are just comparing daily open and closes and trying to differentiate or compare it on between timeframes,it does sound really basic but doing the actual stuff is just hard as hell.Decision making will really vary on your experience and knowledge.If we have just recently trying
to do this strategy then its either it would work or not on a certain trader or individual.Experience is what matter most.

[Gafman]

Good strategy, and nice to hear that this is working fine for you. But I did not think like this before today and I did not hear also. Maybe this will work better for short term trades. I will try it once in the future to see how it works Just curious to know how much % profit you earned generally by one trade in this strategy? 

I make 7-8% daily on average with this strategy and some backup strategies in situation of High loss

[Sadlife]

Sounds like a huge risk to me because there are other scenarios that if you long a position based on candle stick pattern there's a chance that it will dump or pump. The best way and safer way that has less risk is look at both at Daily chart and 4 hourly chart to speculate the price and learn key support and resistance and once it confirms breakout either to the upside or downside you have chance to short or long.

[enhu]

I've been trading for roughly 2 years now and I've been able to use some strategies that work quite well for me

I'm sharing my idea here for both new and experienced members.  Comments and Additional ideas would be appreciated

I mostly start my trades at 10 am
1st Step: Switch to D1 chart, Take note of the Minimum and Maximum of the previous day
2nd Step: Now switch to a H1 chart, if the last updated candlestick finishes above the previous day maximum, Go for a Long position
If it finishes below minimum, go for a Short position
3rd Step: If it finishes in between the Maximum and Minimum reduce the sizes of your charts in Step 1and 2 and repeat the steps.

Note: This is just a strategy!!!!! And any additions or deductions would be appreciated. Thank you

You are trading for roughly 2 years and yet you are not using indicators for your strategy?? I bet you are just doing some leverage trading on MEX. Anyway your strategy is fine considering you are trading cryptocurrencies which is a total gamble. As per your strategy. Your general overview scope ia just daily and it's somehow dangerous if you keep using that strategy while the monthly graph pointing out that the direction is going to the opposite side of your bet.

Since you didn't consider volumes and the flow of price. As I said this is totally fine in leverage trading cryptocurrencies but this will not work at all times. Some point on your trading, you will suffer great loss if you enter in that very bad timing.  

Thanks for the observation I use the SMA and Bollinger Bands for my analysis....... Just wanted to keep things short and simple for the new traders here, of course the experienced once would shape this(if found useful) to their own using different indicators and analysis.

Not familiar with Bollinger Bands, seem not very friendly to beginners. Most are using 3 SMAs on their charts, often times the lower the number the faster the SMA reacts to price change (20, 50) and that's when you find them most useful for leverage trading. Combined with the 200SMA to see its trend in the longer time frame.

[SvonioneFromMangoCoinz]

I've been trading for roughly 2 years now and I've been able to use some strategies that work quite well for me

I'm sharing my idea here for both new and experienced members.  Comments and Additional ideas would be appreciated

I mostly start my trades at 10 am
1st Step: Switch to D1 chart, Take note of the Minimum and Maximum of the previous day
2nd Step: Now switch to a H1 chart, if the last updated candlestick finishes above the previous day maximum, Go for a Long position
If it finishes below minimum, go for a Short position
3rd Step: If it finishes in between the Maximum and Minimum reduce the sizes of your charts in Step 1and 2 and repeat the steps.

Note: This is just a strategy!!!!! And any additions or deductions would be appreciated. Thank you

I had my trading method, but I had a very bad problem with managing my capital. My opinion about the market is quite correct when doji candles and reversal candles appear, but I often run out of capital before it reverses my way. So can you share with me how to manage capital?

[darewaller]

I mostly start my trades at 10 am
1st Step: Switch to D1 chart, Take note of the Minimum and Maximum of the previous day
2nd Step: Now switch to a H1 chart, if the last updated candlestick finishes above the previous day maximum, Go for a Long position
If it finishes below minimum, go for a Short position
3rd Step: If it finishes in between the Maximum and Minimum reduce the sizes of your charts in Step 1and 2 and repeat the steps.

I had come across lots of such trading strategies on forex forums but not sure their effectiveness on all types of market fluctuations. I mean I have tried one similar strategy but that did not remain as my all time favorite strategy as I found that strategy was not working when market enters into stronger bullish or bearish conditions.

I mean we must need more than one strategy and all of them must say same range of signals to buy or sell. This way we can withstand against any kind of market fluctuations too. Just depending on only strategy will definitely lead to disasters when market turns too volatile.

[maydna]

Good strategy, and nice to hear that this is working fine for you. But I did not think like this before today and I did not hear also. Maybe this will work better for short term trades. I will try it once in the future to see how it works Just curious to know how much % profit you earned generally by one trade in this strategy? 

I make 7-8% daily on average with this strategy and some backup strategies in situation of High loss

7%-8% is enough for daily trading, and I am sure that you can do that every day. We have a different strategy on trading, and we cannot say that one strategy has the advantages or the other strategy will not work because that will depend on how we can use the strategy. We can also modify the strategy to get it works for us. But I am sure that strategy is working fine for you so you can be able to make 7%-8% of the profit, and that is a nice profit, I guess. Yes, the backup strategies is a must thing that we must have because we don't know if the market will turn over into a different way, so we need to be prepared for anything.

[Gafman]

I've been trading for roughly 2 years now and I've been able to use some strategies that work quite well for me

I'm sharing my idea here for both new and experienced members.  Comments and Additional ideas would be appreciated

I mostly start my trades at 10 am
1st Step: Switch to D1 chart, Take note of the Minimum and Maximum of the previous day
2nd Step: Now switch to a H1 chart, if the last updated candlestick finishes above the previous day maximum, Go for a Long position
If it finishes below minimum, go for a Short position
3rd Step: If it finishes in between the Maximum and Minimum reduce the sizes of your charts in Step 1and 2 and repeat the steps.

Note: This is just a strategy!!!!! And any additions or deductions would be appreciated. Thank you

I had my trading method, but I had a very bad problem with managing my capital. My opinion about the market is quite correct when doji candles and reversal candles appear, but I often run out of capital before it reverses my way. So can you share with me how to manage capital?

One of the first things to keep in mind before any trade is Risk Management

My tips for it is to risk only 3-5% on every position i go for. This way you get to comeback with another strategy and analysis for the market and sometimes cover-up your loss.

[cryptothreads]

Sounds like a huge risk to me because there are other scenarios that if you long a position based on candle stick pattern there's a chance that it will dump or pump. The best way and safer way that has less risk is look at both at Daily chart and 4 hourly chart to speculate the price and learn key support and resistance and once it confirms breakout either to the upside or downside you have chance to short or long.

Now in the trading, the analysis is no longer accurate and often depends on the trend of this market. I think having a trading knowledge is good for you but not always accurate as the bear market is becoming more and more unpredictable.

In my opinion, just need to know what will happen next, you have succeeded in trading and can skip the chart if the uptrend begins to return.

[rexxarofmoknathal]

I personally don't like to trade over the daily and hourly timescales, I'm more of a swing trader that takes advantage of longer-term price movements.

I actually use a variety of indicates to buy in, but one of the most common is the relative strength index. When this goes deep into the oversold territory for a major asset I'll receive an alert via tradingview and then asset the market manually.

If I like what I see, I'll buy in and hold for 3 to 6 months.

[coinfinger]

Now in the trading, the analysis is no longer accurate and often depends on the trend of this market. I think having a trading knowledge is good for you but not always accurate as the bear market is becoming more and more unpredictable.

In my opinion, just need to know what will happen next, you have succeeded in trading and can skip the chart if the uptrend begins to return.

I have been seeing people who are always complaining about technical analysis are not accurate to predict the market fluctuations. People are complaining similar to this when they are trading even with highly bullish market conditions. So, for the people who are not making use of technical analysis up to the standard of professionals, might be facing the problems of not accurately predicting the market direction.

Only with the help of technical analysis, we can come to know what is going to happen next in the markets. But, it has nothing to do with market is in bullish trend nor in bearish trend. From the perspective of technical analysis all the market conditions are same, it means that you can predict market direction with the help of technical analysis regardless of it is currently in bullish trend or in bearish trend.

[Assface16678]

A good strategy to becomes more observer in terms of having trading because some of the mistakes of the newbies today are making some trading without enough knowledge and not too much observable into the world of trading and some of them are just making invest.. invest and another invest in trading without hesitation and doing some stuff to make sure their profit will become successful. One of my trading techniques too is with the use of the buy low and sell high even it takes for a long run to make more earnings still it becomes effective on my way to make more profit, some of the time I made trading on altcoins because they have the most rapid changes in terms of market and I'll go for the bitcoin for a long term trading because the market of the bitcoin does not make any changes too much every week. Still, it's up to the trader how does it will run if the trades become successful or not.

I personally don't like to trade over the daily and hourly timescales, I'm more of a swing trader that takes advantage of longer-term price movements.

I actually use a variety of indicates to buy in, but one of the most common is the relative strength index. When this goes deep into the oversold territory for a major asset I'll receive an alert via tradingview and then asset the market manually.

If I like what I see, I'll buy in and hold for 3 to 6 months.

Today there is a lot of help with regards to the application we are using because they always notify us when the market price is uptrend or downtrend it depends on you too, the same way I made an investment when the market price of the coin is a dip and then takes a lot of months before I've got my earnings because it takes time sometimes six months to get it.

[thesmallgod]

I strongly believe there is no strategies that doesn't have limitations but sharing such strategy will also help some of us that are still learning to trade well and will allow us to compare strategies. I would love to know the coin you are trading

[maxreish]

I just forgot one member here in forum who basically do not use any indicators in trading. He just also trades based on volumes and candles. Like OP did. Technically, there are strategies that works fine for one but looks like not effective with others. Maybe because of the misreadings and miscalculations or mispredictions.
Perhaps, i can try your shared strategy, too. Though I can't trade without using indicators so I may pair it with that.

[davis196]

I wouldn't call this a strategy.It looks more like a tactic to me.
A trading strategy is a long term plan about what to do with your cryptocurrency portfolio and how to maximize profits and minimize loss if certain things happen-bullish markets,bearish markets,price crash,etc.
A good strategy requires lots of accurate information about the market to be gathered everyday.
Relying just on candlestick charts and using no indicators doesn't seem reasonable to me.
OP,maybe you could share more about your experience with this tactic.Do you have more successful trades and lost trades?