Good afternoon friends,
I had a few minute free to make a video and answer some of the questions I have been getting. Yesterday I had a power failure, and was stuck trading from a mini laptop 11.5 inch screen and the internet from my phone. Gah.. I was trying to keep up with all the positions I was in, and then there was a crazy trade opportunity I want to tell you about. PAY/ETH dropped huge after the ICO...
As always, thanks for watching. I hope you found some helpful content in my video. I try to tell it like it is, so that new traders can avoid the pitfalls of using indicators and buying unsafe areas and so forth. There is so much bad information out there, I really want to be a positive influence and point traders in the right direction.
Luc
Hey Luc and everybody joining in this nice community,
Its nice to see people helping each other like this so everybody can profit. I experienced that navigating through the charts on Coinigy is sometimes clumsy. I figured out some quick tips that makes life easier. Maybe it helps some of you:
Thats it for now. I hope it helps somebody.
Julian
By the way, i'm was fully invested before the whole altcoin market seems to drop and don't know how to get out of this misery, but that's another thing...
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oh nevermind, i just found out that function has been mover to right click options on the chart
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Haha, had the very same problem yesterday =)
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That was a great comment, thanks for the tips on Coinigy.. This morning I lost the orange button that gets rid of history and trades on the charts, do you know of another way to get rid of history so I can view a clean chart, without all my past trades pinned all over the place? Im submitting a ticket with coinigy, cuz i use that button alot
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Awesome tips! :) Thank you! - And I'm also stuck, haha. But that's because I transferred ETH to the exchange. Should have transferred into USDT. But hey, maybe that's not even possible. :) Maybe I'll take a partial loss on ETH just to get going with all my new knowledge. :) Cheers!
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thanks so much! especially for the estimating percentage tool. Was doing this manually, which i didn't mind but this makes it so much easier!
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Thanks. Very Useful tricks
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I'd been hoping Luc would maybe do a quick guide to Coinigy at some point, but this is really handy to start with. Thanks for taking the time!
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Thanks for the tips! Quick question: do you happen to know if there are any other shortcuts, for instance to switch on the "price range" option, or to switch off "auto"?
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Alt + R resets to "auto" (At least for Mac, should be anything with R for Win)
Scroll the Chart with Arrow keys (press alt to scroll fast, No action for up/down)
Alt + H for horizontal line (guess what the vertical line is)
Thats it. In my opinion they could discard the option to type in the symbol and set millions of nice shortcuts instead. They kept it as they adopted the chart engine from tradingview.com i think. There it's pretty useful.
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Wow, even those can save a lot of time! I used to work with the Price Range tool, but all those mouse clicks... Now, I can do it as follows:
Alt-H for a horizontal line
Shift-Drag to define a percentage
Alt-H again
Thanks much for your reply!
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where you said "hope you didnt get in over here or ouch"... yeah.. lost $5g lol
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Thanks again, epic content Luc. I've created a Telegroup so we can improve together guys https://t.me/joinchat/FrprT0RIehp_lKDFtTJRyw
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The link isn't working...
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I had the same problem, then I figured out that you need to get the 'Telegram' app either on your desk top or your phone. Then click on the link, and you will be added to the chat group. This applies to the market scanner released after is video too.
Works like a charm.
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Hi, love your videos! Absolute pure gold! Sorry for several questions. I hope you have time to answer them someday.
Is there a minimum % you usually always take the first trade lets say eth usd is at 200 now and the base get cracked. Would you put your first bet to 180usd and next to 160usd (20%) next to 140usd (30%). Do you always use the same percentages, what would be good quideline to set orders.
You mentioned you use more money the lower it goes because its safer. Lets use previous example and lets say you have 1000 usd to trade. How large order you use in 10% drop and the next and the next. Would it be something like 100usd to 10%, 200usd to 20% drop, 300usd to 30% drop and rest if it gets any lower and sell somewhere like 195 all. How would you diversify that order. What % drop is considered huge opportunity?
Do you sell most of your holdings at base and when do you decide to let it ride and not selling that in base like in eos trade? You often mention like there is huge 40% move up from bottom to top and base you started is in halfway of that. So in order you to get that 40% you should enter and exit perfectly while the safe way to play is 20% profit. I think that is a bit misleading.
About bankroll. Lets say you can afford to lose your bankroll, 1000 usd in this case. I quess in ethereum you can trade it all when base cracks. What about other coins. What % of your bankroll you usually trade.
You said you have 30 coins in your watchlist. Can you mention your top 5-10 you like to trade with great consistency like in ethereum and where new traders could start their journey.
Is there an easy way to figure out how large amounts of money you can trade by looking volume or something else. How could you easily determine how much money you can trade with without getting risk of not getting your orders filled at top for example.
Where do you find the news most fastest like in pay trade case. Do you just keep googling pay every 5 minutes or do you use forums, newspages or what.
I think these all questions we all would like to know.
Thank you for any help!
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no, i dont use the same percentages.. and I have never ever seen a base crack on ETH that didnt pay, so im not worried about any trade that I take on that coin.... There really isnt an exact science to the percentages, you are dealing with a ton of human traders, so every dip goes down a different amount, there is no way to predict the size of the panic drop you will get..
you have to guage the drop by the length of other drops in the past.. so if you are aproaching one of the deepest drops compared to all the others in the past 2 months or so, i would jump in heavy
EOS i want to hold longterm, but i dont have any right now, because of the situation (1year of dilution) but yes i keep a little of every trade as coins in profit and store them away.. i keep different amounts based on how much profit i made on the trade... if i made 20% on the trade, then i might keep 20% of the coins for the future..
Risk verses reward.. so if its very safe like ETH then my buys might be as big as 50% of my account.. if its less safe like AMP, then i might risk 2% of my account
Steem for sure LBC, UBQ, SNGLS, BLITZ.. those are a few of the ones ive taken alot of trades on lately
Time and Sales.. you just want to watch the tape and look at level two to see what is normal for the stock, you want to blend in with normal orderflow
I watch troll boxes if I am in a trade that dived for what traders might be saying..
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These very important questions you have asked.I'm looking forward to answers from luc
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Really helpful video!
I just wanted confirmation that I'm doing this right
!(
)
have I identified the base correctly here? BURST/BTC on BTRX
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Yup your right on with your buy, heres my chart .. and you can see where I took the trade and where im set up to get in again.. this is a beautiful chart, but yeah, really thought it was about to return to that base, but it still seems to want to dive, however everything is falling right now.. im loving this action
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I'm eager to know what you did with this trade because it didn't return to that base level (yet) did you accept the loss or are you still holding?
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my PAY trade was a very quick trade if I remember correctly.. id have to rewatch the video, but I think it was a quick drop and pop.. anyway, i dont hold it, because the IOU that i traded was way way over valued..
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I'm still wrapping my head around all of this (so take it with a grain of salt until Luc jumps in here) but it seems to me that that isn't a base because there's no big bounce back. Just a lot of sideways trades that get smaller and smaller.
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yeah I suppose that makes sense. I guess the large base before it doesn't count because its not the most recent?
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Thats a base also,it depends on the chart you are using. if you are using a 1hr chart or 15mins or 5 min chart. On a 15 and 5 min chart that will look like a deeper crack.
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Hey Luc another great video. Good job with making gains off that scary drop. I have two questions.
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Another great video. Thanks again!
Bases are starting to make a bit more sense. But mostly seem easy as your drawing/explaining them.
When I start to look myself I get a bit more confused on the timeframe and the scale.
Too many questions I know. Thanks again for your time and knowledge.
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Hey Luc, it's great to see you uploading again. Do you have any suggestions for low market cap coins that have decent volatility? Trying to build my portfolio up.
Thanks
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Another chart for you, this time KMD/BTC 4 hour chart on BTRX. Would you consider my yellow lines bases and would you initiate a trade where I drew yellow circles? I'm just getting a feel for what kind of profit percentages you are usually looking for when it comes to these trades, and how much of a bounce you usually look for before you draw a base. Thanks!
Hopefully you can see the chart, looks small in my preview and I don't know how to make it look bigger in steemit..
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When you post a chart and tell me the exchange, as you have done, i also look it up on my Coinigy,, so the quality/size of the chart is not a problem.. Yes! for sure.. I would and will be buying KDM/BTC if it cracks and panics into the low .0004s for an easy 15-20% .. or if it really panics and goes even lower, that would be awesome.. its a perfect chart, i just looked back at all the beautiful panics on it.. awesome possum
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Great, I appreciate the quick feedback! I think I'm getting the hang of your strategy. I'm looking forward to your future video content, been studying the ones you've posted thus far and learning lots from your reply to comments. Thanks a bunch, from a fellow Canadian trader =)
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Great video. Since I only got a couple hundred dollars I'm trying to play around with low volume coins. It's hard to find low volume, high volatility coins that aren't pump and dumps. Maybe you could touch upon trading these in your videos? It seems that these coins like to move in channels, should we simply buy in the low range and sell near the top? Or is there another strategy?
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If your working with low volume coins, then yes, I buy in a range, and it workd just fine... but i cannot stress enough, that you have to take into consideration a month of chart data.. you need to trade in the context of what happened all month.. otherwise you cannot know your odds.. so if its been ranging really nice for a month, and you can get good percentages within the current range, then I would use that ti build your small account to a few thousand bucks.,. then you can join me and catch those panic drops and really build a small fortune.
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Hi. I have a question. What is the priority, the trick or what should I look for to choose this kind of low volume coins? Thanks.
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You need to look at one month of chart data to see how it reacts to cracks of support, or is it ranging with good percentages
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Luc. When you enter your positions, do you have a systematic way of layering in?
Do you use a set number of tics to enter each time for each price level? Do you just eyeball it? Do you wait for price to seem to slow down?
As price is falling, do you add MORE size up to your desired risk? I.e., would you first entry be $1, then your second entry $2, and third $4, or some scheme like that that allows for a lower average entry price the further price drops?
Is this a systematic process for you, or is it something you've just developed a 'feel' for over time?
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Yeah, im set up a bunch of buys like you said 1 then 2 then 4 and what not.. but If im there and whatching as its falling then, i will quickly adjust those prices if it seems like is slowing down or there are buyers coming in or there is some news I didnt factor in.. SO i have often been buying like 1 and then 2 and then 4 and then i see huge buys come in and i get like 50, which makes the 1 and 2 and 4 meaningless... Basically im saying that if im not there, its all small tiny buys, but if im there to work the position, im ready with my guns to go for the kill
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Sweet video luc, and so many questions but one that sticks out to me from the reply on this comment is how to know exactly when that big buyer is not stepping in and thus giving you the green light to buy heavy? Theres no alert that can be set for when a certain size trade goes through right? Because to my understanding wouldn't by the time you see the green bar on the chart that there was some decent volume be to late to then take advantage?
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The big guys have the same chart info as you to.. they dont know any more than you,, so if you look at previous panic drops, you can pretty easily guesstimate where the drop is getting overextented.. when you start to get a longer drop then you have ever seen on the history of the chart and there seems to be good volume, i would jump in with both feet.
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So... is there any rule of thumb on WHERE to enter? Or are you doing as you mention, where you just kinda base it on the prior panic drops(approximate distance) for entry?
It just seems like you 'could' buy anywhere?
Am I overthinking it?
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Hey Luc, I've really enjoyed all your videos so far!! Lots of great info for someone looking into joining the market, like myself. I'll be starting off with a small account ($300-$500) to test the waters. From the 15 min charts I've been looking at, it appears i can use the same method you've explained just buying and selling quite a bit more often. Would you say this is the best approach for a small account? Thanks again for all your videos, they are amazing!
P.S. Ever think about doing a short live stream to tackle some live questions/talk about how trades have been going?
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the smaller the timeframe, the quicker you need to react and the smaller percentage of profit you will make per trade.. But yes it should work out fine, only you need to read every chart history that you are thinking of using to make sure it always works out on that timeframe.. history counts..
I dont really want to do a live stream, im good just making a video here or there as i have time..
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Hello Luc. First of all thanks for getting back :). I subscribed to your new channel and I watch your videos multiple times. I do have a question for you in regards to deciding where/what is the "base". In some cases i see that you draw your bases at the bottom of the candles while other times it seems that your base will be at the bottom of the candle "stick"
Can you please clarify the following :
When the base is at the bottom of the candles and when it`s at the bottom of the candle stick ?
Is there a way to determine when the candle stick will be "the base" as opposed to the bottom of the candles?
Please have a look at the image below -it
s a random chart i picked where i tried to make the base. Can you please let me know which one is the real base and if its ok to send you some images with "bases" for my first trades till i will get used to it ?Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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I understand your question.. Heres the problem, its not as clear cut as you might like.. You can guestimate where the base is.. maybe its near the bottom of the wick, or maybe its closer to the body, but it depends on where the buyers came in.. in this chart it looks like it was nearer to the body, but not anymore.. You have to see it from the perspective of market reaction.. you need panic to buy in.. without panic, if you buy, you could be buying a grind lower.. thats why you want a large bounce, to show you strong buyers and to help you identify a base, and then, later when it cracks, you need to see a panic drop.. then you know your getting in at the right place.. so in the chart above, the bounces are starting to get smaller and smaller off that support and therefor disqualifies it as a base, because the coming crack is getting obvious to everyone..
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Thanks for the reply Luc. While i think i
m starting to understand several things (like for example the need of a good bounce back in order to qualify something as a base) i think since bases are crucial in order to trade like you it would be useful for me and others which are following you if you can create another video talking just about bases in more details and maybe even showing examples of the different ones (bottom of the candles or the stick so to speak). I think having a "dedicated" video teaching just how to determine bases will be super helpful since if we dont determine the right one we can get stuck on a trade longer than we want. I recognize that determining the base is my biggest drawback currently as it `s not as easy as i thought so and help in this regard from you will be much appreciatedI also want to ask you about timeframes. For example if i
m working on an one hour chart -what if the base wont be "cracked" so i can buy? Unless im missing something -which i think i do :) my concern will be thati will draw my bases set up my buying spots and then realizing that if the bases wont get cracked the day can easily go off without any trades. Can you please explain how those timeframes work ?Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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I'm sure Luc could step in and crush me with his decade of trader experience, but a "true" base requires a bounce and some volume. I see you're looking at amp here, but what we can't see is the numbers to see the actual % of that bounce. Was it a 12% bounce from the bottom of the stick? That's not bad.
Ignoring if the chart will/did eventually bounce back to the level at the first part of the chart, and just considering if where you put the yellow line is your base, I think a few key questions come out of this:
If a candlestick has a realllllly long lower shadow (the line below the body of the stick), is the bottom of that shadow where we start our base?
What kind of bounce, % wise, at minimum, are we looking at before we are calling things bases. 5%? 12%?
I'm sure Luc has this down in his brain as second nature, but how far beyond the base do you start buying in? Should we be afraid of buying at the top of the "safe zone" (thanks for the new term, Luc). This question kind of answers itself because there are generally (except in the case of really bad news) 2 outcomes:
1 - the price finds resistance slightly below the base and doesn't break, but you read it as a break, and you buy in, but the price goes up and you make money.
2 - the price does break and you end up buying more in down in the drop, and should only about break even with what you bought at the top of the "safe zone", but made money on what you bought throughout it.
What's nice about both of these outcomes? You make money every time.
As for questions 1 and 2, Luc may have some insight, but it may simple just be a feel for the market and experience. Was the bounce decent, but volume was enough to justify it being a base? The answer to those questions might just be trader nuance and not hard rules.
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Luc,
Thank you for sharing your knowledge. I have gained a lot from watching your videos and very much appreciate it.
One question that keeps coming into my mind and maybe you have answered it already?
What process do you use to find the coins to trade on? Is there a certain set of criteria one might use for a filter of sorts to find coins that are going to be good to trade?
Also, what is the average amount of time you are working with to get in and out of a trade?
Thank you again. Looking forward to your reply.
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I trade coins that I have researched and want to own.. this way I can keep the profits I make in the coin for the future.. so I trade in a n out and keep a little bit every time.. but honestly if your just trying to make a living off trading these, there are tons of beautiful charts to trade
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Great video. Thank you for taking the time to make it. I had a question about taxes. Do you keep a record of all trades to determine how much you gained or lost for tax purposes? Also do the markets you trade on have that info available for you to determine what should be paid for taxes? Thanks again I hope my questions make sense.
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Not specifically about this video, but I was wondering how you trade between usd and btc/eth. Do you buy USDT then trade on BTRX or just use an exchange such as Kraken that accepts USD?
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Hey Luc, thanks for these videos they are really helpful. I wonder how do you decide which coins to trade? Some coins are very light on volume in total ... others only have a very small market cap etc etc
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@quickfingersluc...Do you trade in and out of USDT? Do you continually take it off the exhange into a wallet? I keep everything in my trezor or exodus wallet but don't think either has a tether wallet...any advise?
Also when you take your profit, other than the small amount you keep in that coin, how do you manage it? exchange it back to USD in your normal bank account?
Love the videos, trying to asborb everything like a sponge!
D
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How can a flash crash happen, like ethereum going from more then 300 dollar down to 10 cents in a flash... shouldn't there be people selling at 10 cents for that to be possible, cause without supply you can have all the demand you want but you ain't getting anything.
Or are these sellers idiots that put their money in the hands of a bot that'll sell in such a panic no matter what? if so what have these "victims" to wine about?
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a market order sells to the nearest bid.. any bid.. so if someone put an order to sell 10,000 coins at any price.. it would eat through all the buys all the way down to the bottom.. because it will just keep selling and selling to any buy order there is availible no matter the price.
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Stop losses are market orders. They will sell at the nearest bid if price goes below a certain level.
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Hi Luc! Was LTC/USDT forming a base the past 5 days or so and was it cracked? And was the buy-area the circle in my image? :) Thanx!
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Beautiful chart, Yup that circle pretty safe.. but id have to see the rest of the month to know how LTC trades to be sure.. but yeah, thats what I look for
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Cool! :) I'll keep searching and learning while I wait to get out of my ETH-position. :) Thanx a bunch!
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Hi Luc, but in this chart the bounce back to base didn't happen yet, is it normal that it takes days to happen? And are we supposed to let our orders open for days while trading on a 1h timeframe? Thanks
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A one hour bar chart is slow.. and you will often see a bounce take 12-24 hours to play out.. but participate in the bounce.. if you bought the dip, then sell a little on the bounce, even if your hoping it will bounce higher, just sell a bit here and then and that will help you to stay patient, because you will feel like atleast if it turns back down you made some profits..
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Looks like it to me. Wish I saw that!
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Top....notch!! :) Now writing the exact same thing on steemit. :D This is teching at it's highest level! Thanx Luc!
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Hi Luc, thanks for all your info! For the below chart on Waves/BTC BTRX 60 minute chart; would the orange line which was once a pretty strong base, no longer be considered a base for your strategy because the most recent bounce at (yellow) was not as strong, and it's becoming obvious that if it cracks, then it should fall and not necessarily surprise anyone?
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That is a very strong base.. the bounce your refering to isnt done yet.. but regardless. if it cracks that support/base and a panic dive happens, i would say its pretty safe.. i always look at a month of data on the chart to get a real feel for how the coin reacts to surprises.. its a beautiful chart.. the only way that a small bounce would disqualify a base is if it was in a down trend and showing weakness... smaller and smaller bounces..
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awesome makes sense. Thanks!
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I am learning a ton from reading the comments because this are also the same question I had! Thanks so much for taking your time to answer our questions!!!
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:)
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Thank you for the great data! What is the best exchange you recommend to trade Ethereum/dollars
?
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I like Bittrex as my favorite exchange for ETH/USDT .. because it usually falls a little harder on panics
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I love your videos man, also made some good little 10-20% trades on EOS and some small trades on Pay, love your method but I also trade the usual fibonacci retracements and if the Stoch RSI etc looks good :) but when the support breaks it's way more sure though
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Hey Luc, just to make sure, we should be watching ETH pretty closely right now right? For panics and/or buying some since its at .090?
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Oh yeah, im watching ETH super close.. just got a little at 209 ETH?USTD
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To review what I did leading today (specifically for ETH/BTC on BTRX) I set an alert for .0925, bought a little nibble at .0905 and again at .0888, no bounce yet so i set an alert for .085 and a sell order for .093 for 50%. Is my thought process correct? Am i missing anything? Thanks again for sharing what you know! Me from 2 weeks ago would have no idea what to do today lol
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That all sounds ok to me.. but your not getting much profit.. but its a great small trade for your start.. However it is cracking a major base so Im hoping for a panic, so i hope you have some more funds to get in lower if that panic comes tonight.. otherwise, it looks good fot your quick little trade..
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This is great - thanks! Please could you do a video explaining how the order book works? I'd like to know how we 'read' it to find out what the price is going to do - especially to see if we've hit the bottom of a dip, or to see if it's about to go up.
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The order book doesnt tell you much... except what size order you should put, so that you dont influence the price.. there are some bots on ETH that out bid you or out ask you lately... that makes it even harder to read because they disapear in seconds and come back as fast.. Really, using the orderbook to try to decide on a trade will only frustrate you.. but i will discuss this in my next video.. im writing your question down.
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Good sunday Luc! :) And thanx for the awesome content. U rock maan! :) I'm still practicing on finding bases etc. Do you think this one is correct and would have made a good trade? It's USDT/XMR (PLNX) and it's behaviour 7-9 july. Cheers! Have a really good day!
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