So Today I am going to Show you How you can trade in cryptocurrencies, And easily take 5 to 10%.Profit. So far this We will be required to know the cryptocurrencies that are up by 2 to 3%.
So to know this we have to go to wazirx, go to exchange , and select inr. In that you have to click on change and then see the cryptocurrencies which have been up by more than 2% and to analyze that coin we have to search the same coin in tradingview as it has more features as compared to wazirx. You can also use some other source to see the cryptocurrencies that are up by 2 to 3%.
Now we will be using this Set-up to analyze whether the coin will move up or not from here, for that we will use exponential moving averages of 9 & 20 EMA. So if you don't know what an exponential moving average is, So i will tell you in short….for that first i have to explain you what is simple moving average, for example if we use 20 sma than it means it will calculate previous 20 candle average and draw a line whereas a 20 ema will also calculate the average of previous 20 candles but it will give more value to the recent candles of that 20 candle as they will affect the present value more and which will help us to know the latest trend of the coin.
Next indicator we will use is pivot points and change its type from traditional to fibonacci.
Next indicator we will use is volume to see the volume, and the last thing we will use is fixed range volume profile.This tool is extremely important as it will tell us whether we should buy this coin or not. ( P.S this Set-Up can also be use in stocks and currencies as well, anything which has volume can be traded with this Set-Up)
So now the Question is how to trade with this set-up ? For this we will use a 15 minute timeframe, first we need to apply the fixed range volume profile to the recent low to the present candle and you will see a red line forming (which is the point where highest quantities are traded) as well as yellow and blue bars forming along with it.
The bars are nothing but the quantities traded at each price, we dont require that for this set-up, we just require the red line. So if the present candle is above the red line then it means the coin will move up and if the candle is below the red line that means it will go down, and take this in note that the red line will change its place according to the highest traded value.
To be more precise we will use 9 & 20 EMA to make our trade more effective , So it's the tendency of Coins as well as Stocks that they will come to there average price before moving up again, so we will use this for our benefit , so whenever you see a coin taking support at 9 or 20 EMA as well as the red line is below the candle you should buy it and the stop loss will be when the candle closes below the 20 EMA .Do not close the trade until the15 minute candle closes below 20 EMA. We will use pivot points to find out the support and resistance so that if the buy signal is near resistance we will be careful .
Exit the trade when near resistance or if you have got more than 5% or you can keep trailing the Stop Loss.
You can also use this Set-up to Short Sell, the conditions will be inverse to that of buying .
Thank You !