Hi Luc,
I also bought AMP when the base cracked yesterday but it didn't get back to the base and went further down, so I could not trade on anything else as I wanted to hold instead of selling it for loss.
For today, here are some of the bases I have drawn so far, it would be great if you could give me some feedback on these and also let us know what are you keeping an eye on as of now! Thanks a lot!!
BTC/LTC:
BTC/ETH:
BTC/STRAT:
I like your Bases.. they look good, but your timeframe is a little short.. you have to expand your view to 1-2 months of data so you really get a feel for how safe your trades would be.. Does every base crack get a bounce? In a two month period? thats the questions you ask yourself in your mind before you think of trading it.. so you know your odds..
STRAT for an example has had one base crack that has not bounce back.. only one crack that I can find in all of them, so that make me trade smaller with STRAT for a little while..
But AMP has had two that I can find, and that starts to worry me.. so if we dont get a huge bounce over the next few days, to fix that whole chart, then I will have to scale back on my AMP trades to super small trades only..
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Hey Luc is this an example of one of those AMP bases that cracked with no bounce?
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exactly... where are the buyers? if you dont get a strong bounce then you have to trade very small on the next crack or maybe not at all.. you need to look at 2months of chart action to know your odds of success on each of these coins.. and AMP is pretty weak here, since it isnt following the rules.. no aggressive buyers looking to scoop it up.. im gonna stay small, all my buys on it will be small until the chart gets good again
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Thanks for the feedback and tip!
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This comment really makes me realize how little I know about "reading a chart" in order to capatilize on a base. I really hope you make a video primer on that!
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He has a 40 minute vide on his YouTube channel on the topic. It's called Support and Resistance.
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