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Mastering Stop-Loss with ATR IndicatorMastering Stop-Loss and Take-Profit with ATR Indicator What is the ATR Indicator? The Average True Range (ATR) indicator is a nifty tool that helps traders gauge the market's volatility. Simply, it tells you how much an asset typically moves in a given timeframe. Placing Stop Loss to Avoid Getting Stopped Out Step 1: Identify ATR Value Look at the ATR indicator on your chart; it's usually at the bottom or top of your screen. Note the ATR value; the higher it is, the more volatile the market. Step 2: Setting Stop Loss Set your stop loss beyond the ATR value to avoid getting prematurely stopped due to regular market fluctuations. For instance, if the ATR is 50, consider placing your stop loss at least 60 points away to give your trade room to breathe. Understand ATR's Role ATR not only helps with stopping losses but also guides in setting realistic take-profit levels. It gives you an idea of how much the asset can move in a given time, assisting you in capturing profits before a potential reversal. Final Tips for Beginners Adapt to Market Changes: ATR values change as market conditions shift. Stay adaptable and reassess your stop-loss and take-profit levels accordingly. Practice on Demo Accounts: Before diving into live trading, practice using the ATR indicator on demo accounts. Gain confidence and refine your strategy without risking real money. In essence, the ATR indicator is your ally in navigating market volatility. By using it wisely, you can enhance your risk management, safeguarding your trades from unnecessary stop-outs while optimizing your profit potential. Happy trading! 📈✨
VANTAGE:SP500Education
by Elite_Forex
Limitations of Secondary IndicatorsHello traders! If you "Follow" us, you can always get new information quickly. Please also click “Boost”. Have a good day. ------------------------------------- (BTCUSDT 1W chart) It rose and closed above 43823.59 for the first time since December 04. After 5 weeks, it is finally showing signs of upward progress. Accordingly, if it falls below the 43160.0-43823.59 range and shows resistance, a stop loss is necessary. The 43823.59 point is the HA-High indicator point on the 1M chart. Therefore, I think it will be a test of whether it can pass the first hurdle to start a major bull market. Currently, the HA-High indicator on the 1W chart is formed at 59370.07. Therefore, in order to pass the second point for the start of a major bull market, the HA-High indicator on the 1W chart must rise or higher. It is considered normal if the HA-High indicator of the 1W chart and the HA-High indicator of the 1M chart are interchanged, but in fact, the HA-High indicator is an indicator for trading and has nothing to do with normal or reverse arrangement. Since the HA-High indicator on the 1W chart is at a fairly high price, it would be better to shake it up and down to create a new HA-High indicator, but I don't know that. Therefore, there is a possibility that it will continue to rise and touch the HA-High indicator of the current 1W chart. In any case, if the M-Signal indicators on the 1D, 1W, and 1M charts continue to align, the coin market will maintain an upward trend. -------------------------------------------------- - What I want to talk about is the limitations of auxiliary indicators. Secondary indicators are most effective when prices are moving sideways or have just broken out of a sideways range. In addition, if the price fluctuates sharply or continues to trend in one direction, the secondary indicator will appear incorrect. The phenomenon is expressed as divergence. Therefore, it is recommended to use secondary indicators only when the indicator is in a sideways section or has just exited a sideways section. After that, you should use the indicators displayed in the price chart section. In the future, we hope that you will not miss a good opportunity by referring to the movements of secondary indicators when the price falls sharply or deviates from the current box range. Have a good time. thank you -------------------------------------------------- - The big picture The full-fledged upward trend is expected to begin when the price rises above 29K. This is the section expected to be touched in the next bull market, 81K-95K. #BTCUSD 12M 1st: 44234.54 2nd: 61383.23 3rd: 89126.41 101875.70-106275.10 (when overshooting) 4th: 13401.28 151166.97-157451.83 (when overshooting) 5th: 178910.15 These are points that are likely to encounter resistance in the future. We need to see if we can break through these points upward. Since it is thought that a new trend can be created in the overshooting area, you should check the movement when this area is touched. If the general upward trend continues until 2025, it is expected to rise to around 57014.33 and then create a pull back pattern. 1st: 43833.05 2nd: 32992.55 -------------------------------------------------- ------------------------------------------- ** All explanations are for reference only and do not guarantee profit or loss in investment. ** Trading volume is displayed as a candle body based on 10EMA. How to display (in order from darkest to darkest) More than 3 times the trading volume of 10EMA > 2.5 times > 2.0 times > 1.25 times > Trading volume below 10EMA ** Even if you know other people’s know-how, it takes a considerable amount of time to make it your own. ** This chart was created using my know-how. ---------------------------------
by readCrypto
2
Use modern tools to automate your trading.My partner @Mayfair_Ventures and I like innovation, but we have been sceptical of bot-driven trading. This if for one simple reason. If it was available and consistently profitable, then someone would be doing it, then others would find out, then everyone would be doing it. No one would need a job. If you know about chaos theory, then you'll recognise trading as one example of where it fits. Chaotic things are inherently extremely hard to predict, as a rule. The best we can do is predict small amounts, like what the weather may do this afternoon. What it's going to do in 5 days' time is exponentially harder. Let's stick to the "we can predict this afternoon" model. At this level I think bots can be useful, and recently we've been looking at short-term trading on the 1 minute time-frame (Even though we don't recommend it) because people always ask us about it. There are a couple of streams here.. www.tradingview.com www.tradingview.com Now to automation. We started to mess around with @TradingView indicators and web hooks first. Web hooks allow you to propagate alerts from TradingView to an outside platform, like your phone, or email, whatever. Best of all, you can do it from your custom indicators as well. Then we thought: "how about just letting our indicator do the trade, so we can carry on with our round of golf"? As long as the timing is right, in other words, if we were at the screen we would take the trade, this makes sense. We can make our indicator only send signals at certain times of day, or whatever other thing we can think of. There are a few programs that will do this. I had a look at one from 3Commas. Others exist but I haven't looked at them yet. It takes the signal just like your phone does. You need to add your exchange (I use Binance) to it. I write 2 bots using simple templates they supply. One to go long, one to exit the long. You don't need an stop loss because it knows your max risk and does it for you. I set alerts based on my indicator (yes you have to get ChatGPT to make an indicator for you or write one!), not a price, so when my indicator is hit, the alerts fire and whichever bot is connected to the alert bot does a trade. That's it. I am playing about with it on a demo account first, because I am not an idiot. Yes it's true, ChatGPT can write Pinescript. It gets it wrong sometimes, but just tell it and it tries to fix it.
COINBASE:BTCUSDEducation
by Paul_Varcoe
1
TSLA: Approaching a major turning point.TSLA's shares are collapsing, even though the company is beating vehicle delivery expectations. This can be explained by the fierce competition coming from China, as TSLA lost its position as the world's biggest seller of electric cars to BYD in the last four months of 2023 - even though the American company managed to beat its own expectations. This not only affects TSLA, but also the shares of RIVN and LCID, the former of which also managed to exceed expectations for vehicle production. From a technical point of view, the price could fall to the next support level in the next few days, around $230 . The price is already entering a short-term downtrend , as it has lost the 21 EMA, and in the absence of a clear bullish reaction that could reverse sentiment, this is the most likely scenario. What should the price do so it can reverse this bearish sentiment? It would be nice to see a clear reversal candlestick, closing above the 21 EMA again . So far, there are no technical buy signals in my view. Are there any other possible support points? Yes, we see the 50-period and 200-period averages very close to each other, also in the $230 area mentioned earlier, reinforcing the idea that $230 could be an important support for TSLA . It would be important to see the price react above this area to avoid a Death Cross (when the 50MA breaks the 200MA downwards). A warning sign is the divergence between the RSI and the price. While the price was making higher tops, the RSI was already making lower tops, as evidenced by the red arrows in the chart above. In addition, the RSI is already losing its support levels, while the price is still above them (green lines). This can be characterized as an Advanced Breakout (when an indicator anticipates a breakout in price). For now, TSLA shares are in correction territory, and although we see a promising support zone near $230, I don't see any technical evidence that convinces me of a bullish reversal at the moment. I'll keep you updated on this, so remember to follow me for more daily analysis like this, and support this idea if you like it or learn something new here. All the best, Nathan.
NASDAQ:TSLA
by Nathan_The_Finance_Hydra
2
DOUBLE TOP AND DOUBLE BOTTOM / TRADE FROMATION 📈📉Hello Traders! I want to show you how to recognize on the chart the double top and double bottom formation. Recognizing double tops and double bottoms is a key aspect of technical analysis in trading. These patterns often signal potential trend reversals and can help traders make informed decisions. Here's a brief description of how to recognize each: Double Top: Formation: A double top pattern typically forms after an uptrend and resembles the letter "M." It consists of two peaks that reach a similar price level, separated by a trough (valley) in between. Symmetry: The two peaks should be roughly symmetrical, indicating that the buying pressure that led to the initial uptrend is waning. Double Bottom: Formation: A double bottom pattern usually forms after a downtrend and resembles the letter "W." It consists of two troughs at a similar price level, separated by a peak in between. Symmetry: The two troughs should be approximately at the same level, suggesting a potential exhaustion of selling pressure. Additional Considerations for Both Patterns: Timeframe: Analyzing the timeframe is crucial. Patterns on longer timeframes generally carry more significance than those on shorter timeframes. Confirmation: It's advisable to wait for confirmation before making trading decisions. This involves waiting for the price to break the neckline and observing sustained movement in the confirmed direction. Target and Stop-Loss: Calculate potential price targets and set stop-loss levels based on the height of the pattern. This helps traders manage risk and optimize reward potential.
TVC:GOLD
by GoodTradeST
YGGUSDT: Blooming from Support, Riding the Bullish Wave! 🚀🌺Introduction: 🌐 Get ready for a vibrant ride in the crypto garden with YGGUSDT! Traders are diving into a long position from $0.386, as the asset bounces off a support zone. Let's explore the blossoming details of this bullish trade. Trade Details: 💰 The long position (#YGGUSDT) blooms from $0.386, with a stop-loss set at $0.344. The rationale behind this move lies in the asset's rebound from a support zone, with expectations of a buyer's reaction. Technical Analysis: 📊 On the 1-hour timeframe, YGGUSDT has gracefully bounced from a support zone, creating a scenario where the trader eagerly awaits a buyer's reaction. With increasing volumes in the order book, the anticipation is high for a breakout and subsequent movement towards a test or crossover, leading to a journey into the liquidity zone. Expectations and Strategy: 🎯 The plan unfolds with entering the position at the current price or at $0.386. With the potential for one averaging down at the trader's discretion, it's a bullish cross into promising territory. Trade Target: 🚀 The trader anticipates a breakout and subsequent movement towards testing or crossing over, riding the bullish wave with the aim of reaching liquidity zones. Conclusion: 🌺 YGGUSDT offers a blossoming opportunity to ride the bullish wave. Traders, gear up for a colorful journey into potential profits as you navigate the vibrant crypto garden! 🚀🌈
by RICHI_CRYPTO_SIGNAL
WLDUSDT: Soaring to New Heights! 🚀💹Introduction: 🌐 Brace yourselves for the next big thing in the crypto arena - WLDUSDT! Traders and investors eagerly anticipate a takeoff from the $3.79 level. Let's dive into the vibrant details of this promising trade. Trade Details: 💰 A long position (#WLDUSDT) has been initiated at $3.79, with a stop-loss set at $3.78. Analytics highlight clear cascading levels and price compression towards robust resistance. Technical Analysis: 📊 Zooming into the 5-minute timeframe unveils precise cascading levels and price compression towards formidable resistance. Anticipation is high for a breakthrough after multiple touches, potentially igniting dynamic growth. Expectations and Strategy: 🎯 Traders gear up for a long position entry amid heightened tape activity. The plan includes patiently awaiting several resistance touches before executing the trade. Trade Target: 🚀 The primary goal is to reach the $3.95 level, serving as a crucial indicator of a successful breakthrough and potential profit. Conclusion: 📈 WLDUSDT promises exhilarating trading opportunities. Investors, get ready for a dynamic price action, keep an eye on tape activity, and prepare for possible triumphs in the market! 💹🌟
by RICHI_CRYPTO_SIGNAL