What went wrong here?

[thesmallgod]

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

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[Houdini76]

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.

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

[Houdini76]

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.

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

[Houdini76]

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.

Thanks i will do this next time.

[FontSeli]

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:

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.

[elisabetheva]

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:

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.

[Arkann]

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:

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.

[FontSeli]

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.

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.

[rexxarofmoknathal]

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:

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 

[Lanatsa]

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.

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.

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.

[apache20]

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

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.

[justdimin]

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.

[djmixen]

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:

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.

[michellee]

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:

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.

Apologies, this should do it

https://imgur.com/a/u3yZ6GK

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.

[FontSeli]

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.

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.

[Cryptoababe]

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:

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

[Arcas]

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.

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.

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.

[BIT-BENDER]

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.

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.

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.

[FontSeli]

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.

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.

[jossiel]

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

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.