What went wrong here?

[Houdini76]

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

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[Stalker22]

'That page doesn't exist'

Let's give this another shot. 

[pixie85]

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.

[Houdini76]

Apologies, this should do it

https://imgur.com/a/u3yZ6GK

[Ryker1]

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.

[pixie85]

Apologies, this should do it

https://imgur.com/a/u3yZ6GK

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.

[carlfebz2]

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.

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.

[Houdini76]

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

[goinmerry]

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.

[GreatArkansas]

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

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.

[Kelvinid]

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.

[rhomelmabini]

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.

Using 5 minutes can be difficult for day trading.

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

[logfiles]

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.

[noorman0]

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

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.

[YOSHIE]

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

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.

[Coin_trader]

Apologies, this should do it

https://imgur.com/a/u3yZ6GK

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.

[so98nn]

Apologies, this should do it
https://imgur.com/a/u3yZ6GK

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.

[tvplus006]

... Did I enter the trade too early after breakout ? I have added the chart below:

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.

[Maestro75]

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.

[ChrisPop]

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.