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Sunday, January 8, 2023

ETHUSD 08 JAN 2023

ETHUSD 08 JAN 2023

Ethereum / U.S. dollar BITSTAMP:ETHUSD

Text book wyckoff patterns all over the place. Sometimes you have to look at these crypto patterns in a more “grid” like fashion. Depends on the overall width of the trading range…. Make sense? Lol…. I understand if not. It’s hard to type all of it out. I might have to start doing videos… I’ll see. Maybe when I get back from this skydiving trip I’ll experiment. I may be heading to Nepal in a few weeks as well so I’ll be all over the place…. Reading charts relaxes me like some people do crossword puzzles. As long as you mix live with backtesting, and make it fun, you can get a lot of enjoyment out of it. Trading is a mind game and very interesting…. To me at least. Just don’t let it take over your life.

Anyway. If you follow me here you know my approach to this. I learned A LOT from the Pete Faders material. He is the best out there in my opinion. I don’t really need his material anymore but did spend a very long time studying his approach to supply and demand trading. I think there are a few things he is missing. He’s had enormous success doing things his way so he stopped evolving in my opinion. However, he is where I recommend anyone start. He teaches how to strip away the BS terminology that tends to confuse people. Most people don’t understand Wyckoff and charge a lot of money teaching something they themselves have a limited understanding of. Don’t waste any money on books or videos anymore… none of them work.

What you need is a trading view account that you can use to backtest. You can get hundreds, if not thousands of training reps. The only indicators you need are volume and MAYBE a 14/50 ema . You can swap the Ema ,s out for a VWAP . But you truly don’t need anything other than volume … and it’s a free indicator.

The next area you need to understand is the vehicle session divider line. This line ALWAYS intersects with the lowest volume of the day (there are limited exceptions, sure).

This session divider line intersects with in Wyckoff is called “phase B.” Phase B is where the pressure is most diminished and provides you a clear path for price to literally rip through on an almost daily basis.

Yes, there are some risk strategies that you still need to adhere to. Yes, you still need to identify where you are in relation to previous supply or demand blocks. Yes, you still need to identify critical support and resistance lines. You do need to have a synergistic approach indeed. But I cannot emphasize enough how important it is to identify the lowest volume of the day…. Have I talked enough s***t yet? Lol.

This will all make more and more sense as you backtest and the way trading view is now set up makes it sooooo easy.

Look up Pete Faders VSA on YouTube. Everything you need to know is free on there. He has videos going back to 2012. The best place to start is his four part series called “the truth behind price movement.” It’s a 4 part series. Probably the most important videos on trading on the internet imo.

Anyway, I am about to get on the plane. When you fly First class everywhere sometimes they call you up first….

I’m kidding, I’m laying in bed right now taking a break from a road trip…. And I have no plan of flying to Nepal either …lol ololol…


from TradingView Ideas

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