Hi Luc, I have a quick question about bases. The image below is yours that you used in another comment on this blog. The thing I'm a little confused about is with the blue arrow. Why didn't you consider it a base a base? Because it gave a pullback and a big bounce.
Hope you can answer it and keep up your great work! I'm in profit thanks to you!
Yup, that can be considered a base for sure.. I missed it, because I take 2 seconds when I drew that chart up.. I just looked at the chart a drew a bunch of bases, but didnt notice that one .. Your totally right tho, it qualifies
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So I'm getting confused...shall we use position trading to trade the minor bases too or do you not bother with it? I feel like there's a few % profit if we exit at bases, but often it goes 5% down 15% up.
Examples:
I feel like these minor bases break all the time, they seem pretty reliable but I dunno...If I use 2 or 3 months chart most of them will be almost invisible. is it worthwhile to do all these trades? It seems that the profit is minimal if we sell at the bases, but if we try to ride the profits that kinda goes outside of the strategy.
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you are entering the realm of daytrading.. if you scale down to smaller charts like 2 weeks worth of data, then you have to scale down to 15min or 5 min candles, to get a clear picture of how reliable the small panics are.. But remember that the % of profit will be smaller, which means more risk.. Thats why I stick to 1hour candles and 1-2month charts, so that the set ups are very reliable and the % of profit are bigger.. But if your comfortable with more risk, than it is very doable to trade 5min charts on a very active coin.. you just have to be fast at taking small profits
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Thank you luc
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I am new too, but in my opinion, the base is depend on the rebounce, in this case is has a rebounce for sure, but when you zoom out, you wont consider thisis a base.the lower one,touched twice, and look at that huge bounce all the way up to the top,and this is one is absolute safe than the one near the blue arrow.I hope this can help you a bit
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