To effectively analyze the market and make informed trading decisions, follow these steps:
1: Open the Last 14 Days Candlestick Chart: Begin by examining the candlestick chart for the past 14 days of your chosen asset, such as Bitcoin $BTC .
2: Draw Key Lines:
a) Upper Line:
Identify and draw a line at the highest price point over the last 14 days. For instance, for btc, this could be $64,000.
b) Lower Line:
Identify and draw a line at the lowest price point over the same period. For btc, this could be $60,000.
c) Central Line:
Calculate and draw the median price line. For btc, with the upper line at $64,000 and the lower line at $60,000, the central line would be $62,000.
3: Trading Strategy:
a) Long Position:
If the current price touches or closes at the lower line (e.g., $60,000 for btc), consider opening a long position.
b) Short Position:
If the current price touches or closes at the upper line (e.g., $64,000 for btc), consider opening a short position.
c) Wait for Opportunity:
If the price oscillates around the central line (e.g., $62,000 for btc), it is advisable to wait for a clearer opportunity to save capital and minimize risk.
By following these guidelines, you can make strategic decisions that align with market movements and enhance your trading performance.
Regards:
SUTRADERS
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