Hello good greetings my fellow Steemians, I trust we all are doing great. I want to thank Professor @dilchamo for your hard work and also giving quick responds to users when the need arises. sharing experience obtained from Crypto Academy is a win win trading strategy. Today i will tell you about buy trade order using 200 EMA support and pin bar indicators.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
The above symbol (GBP/AUD) means Greet british Pound /Australian Dollar ) Pair. I want you to know that the value of these pairs are quoted as one Great British Pound per an amount of AustralianDollar. The GBP is the based currency while the AUD is the quote currency. You should know that the exchange rate of the trading pairs is recommended as one of the best globally.
These pairs can be traded in foreign exchange market (Forex) such as OANDA, FXTM, OCTAFX, FBS etc. As for this trade i have use the FBS Exchange through Meta trade 4 (MT4) to execute my trade.
Why are you optimistic on this token today, and how long do you think it can rise?
I want to let you know that in trading, there is no nonsense hope hope in the market. This is because you are not the one controlling the market, rather the big banks and companies. Now as a trader your own is to follow the market and watch carefully to know whether the market is going up or down or whether its ranging.
Now you don't want to hold your trade for too long because the market can go against you. As a trader what you are mindful of is to make profit from the market and to protect your account not to blow it up. In order to do this, you have to determine your stop loss, entry point and take profit. The rising of this market depend on if buyers are more than sellers and this can take place when the market goes to the support level. Here the bulls can take over just like in this trade is a buy trade.
How to analyze the token? (Using the analysis knowledge learned from professors’ courses)
The strategy i have learned overtime is what i have apply in carrying out this buy trade of GBP/AUD trading pairs but the trade went the opposite direction and i loose the trade.
I have made used of the following indicators:
*Pon Bar
- Relative Strength Index (RSI)
Screenshot from meta trader 4
Screenshot from meta trader 4
Entry Price: 1.8575
Stop Loss: 1.8504
Take Profit: 1.8590
- The RSI was close to point 30 before i open a buy order in the market.
Pin Bar:
For the purpose of this trade, i have made used of Pin bar to take the buy trades and it was a wining trade.
The profit ratio is 1:1.5 this means that when the market goes against my entry, i will loose 1 while if it's in my favour i will make 1.5. This ratio will help you to have good results over multiple trade as the win rates is high. For the purpose of this trade, i have made profit of $.83 in opening a buy trade with GBPAUD trading pairs via MT4 platform.
Using pin bar is a very important aspect of trading when combined with other trading indicators. This is because only a single indicator can lead to false signal and leads the trader in making wrong decision in the market.
The relative strength index was below the point 30 level which is an oversold level, at this point the buy trade was taken.
Always set your stop loss and take profit and make sure your risk to reward is more than your stop loss. For the purpose of this trade i have made use of 1 hour timeframe.
Thank you for your time.
Hello friend, nice post but it seems to have a problem because here is strictly a crypto academy but it seems you have done a terrible mistake by using a forex pair which is against this crypto academy
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I don't really understands binance exchanged. That was the reason i asked the professor from start and she said any exchanges.
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Yes it can be any exchange but you have to trade there using crypto assets not forex asset. Take a look at the image below
The image is from my meta5 trader. You see all those assets highlighted are crypto asset not forex asset. So you could still use your Meta5 trader and Carry out effective trading using crypto assets.
But take note that in this task we are to perform real transactions not demo. So if you are performing it in Meta5 trader, it will mean that you need to use a live account not a demo account
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Ok thank you. I equally have mt5. So all what i have done this week is not counted?
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Hi, @justiceanietie,
I'm feeling sad for you. This is the crypto academy. You have to choose only crypto pairs. Thanks.
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Please, that was the reason i was asking if i can use my MT4 and the answer was, i can use any exchange
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It seems you don't actually understand us. Please go through my messages from above you will understand what I'm saying. Using a Meta4 is good but you need to trade only crypto assets not Forex assets. And for this task, you most trade using live account not demo account
Make sure you always go through messages and try to understand them because I have even use a screenshot to explain this but it seems you don't want to understand
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That is how to add crypto pairs to your chart before using them to carry out trading effectively
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Thank you
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