{"id":50734,"date":"2021-03-29T13:47:59","date_gmt":"2021-03-29T17:47:59","guid":{"rendered":"https:\/\/www.smbtraining.com\/blog\/?p=50734"},"modified":"2021-03-29T13:47:59","modified_gmt":"2021-03-29T17:47:59","slug":"a-technical-analysis-trading-strategy-for-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/a-technical-analysis-trading-strategy-for-cryptocurrencies","title":{"rendered":"A Technical Analysis Trading Strategy for Cryptocurrencies"},"content":{"rendered":"

In this video, learn a simple and effective technical analysis trading strategy for cryptocurrencies. Gain a front row seat to watch a consistently profitable firm prop trader, moderated by another firm prop trader, review a technical analysis trade in cryptocurrencies that you can use to help grow your trading account.<\/p>\nView Video Transcript<\/strong><\/span>

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in this video learn a simple and<\/div>\n<\/div>\n<\/div>\n
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effective technical analysis trading<\/div>\n<\/div>\n<\/div>\n
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strategy<\/div>\n<\/div>\n<\/div>\n
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for cryptocurrencies hi i’m mike bellafiore<\/div>\n
co-founder of smb capital<\/div>\n<\/div>\n<\/div>\n
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and we’re a proprietary trading firm<\/div>\n<\/div>\n<\/div>\n
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located in midtown manhattan<\/div>\n<\/div>\n<\/div>\n
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and i’m also the author of the trading<\/div>\n<\/div>\n<\/div>\n
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classic one good trade and the playbook<\/div>\n<\/div>\n<\/div>\n
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in this video gain a front row seat to<\/div>\n<\/div>\n<\/div>\n
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watch a consistently<\/div>\n<\/div>\n<\/div>\n
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profitable firm prop trader moderated by<\/div>\n<\/div>\n<\/div>\n
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another firm prop trader<\/div>\n<\/div>\n<\/div>\n
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review a technical analysis trade in<\/div>\n<\/div>\n<\/div>\n
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crypto currencies that you<\/div>\n<\/div>\n<\/div>\n
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can use to help grow your trading<\/div>\n<\/div>\n<\/div>\n
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[Music]<\/div>\n<\/div>\n<\/div>\n
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account<\/div>\n<\/div>\n<\/div>\n
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today i’m going to be going over a<\/div>\n<\/div>\n<\/div>\n
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bitcoin sympathy trade i took it’s a<\/div>\n<\/div>\n<\/div>\n
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daily breakout trade i used uh via<\/div>\n<\/div>\n<\/div>\n
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equities to take advantage of the<\/div>\n<\/div>\n<\/div>\n
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movement in bitcoin<\/div>\n<\/div>\n<\/div>\n
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so as for the overall trade strategy<\/div>\n<\/div>\n<\/div>\n
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it’s going to work best at a time when<\/div>\n<\/div>\n<\/div>\n
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bitcoin is breaking through important<\/div>\n<\/div>\n<\/div>\n
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support or resistance on meaningful<\/div>\n<\/div>\n<\/div>\n
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volume<\/div>\n<\/div>\n<\/div>\n
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um and that’s the case with like all<\/div>\n<\/div>\n<\/div>\n
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these bitcoin<\/div>\n<\/div>\n<\/div>\n
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sympathy trades i’m taking uh bitcoins<\/div>\n<\/div>\n<\/div>\n
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just chopping around these names aren’t<\/div>\n<\/div>\n<\/div>\n
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going to trade as cleanly but the<\/div>\n<\/div>\n<\/div>\n
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correlative properties<\/div>\n<\/div>\n<\/div>\n
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really tend to come around when bitcoin<\/div>\n<\/div>\n<\/div>\n
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is moving directionally and that’s<\/div>\n<\/div>\n<\/div>\n
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happening<\/div>\n<\/div>\n<\/div>\n
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often and usually when we’re breaking<\/div>\n<\/div>\n<\/div>\n
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through key inflection levels<\/div>\n<\/div>\n<\/div>\n
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and so in essence this is a sector<\/div>\n<\/div>\n<\/div>\n
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vehicle trade<\/div>\n<\/div>\n<\/div>\n
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so i’m just viewing bitcoin price action<\/div>\n<\/div>\n<\/div>\n
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as the<\/div>\n<\/div>\n<\/div>\n
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leading indicator for overall sector<\/div>\n<\/div>\n<\/div>\n
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strength and then<\/div>\n<\/div>\n<\/div>\n
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once i see that i’m flipping through a<\/div>\n<\/div>\n<\/div>\n
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variety of bitcoin names that i have<\/div>\n<\/div>\n<\/div>\n
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it’s just a basket<\/div>\n<\/div>\n<\/div>\n
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so in that basket i have btbt mogo<\/div>\n<\/div>\n<\/div>\n
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can nxt d ebon<\/div>\n<\/div>\n<\/div>\n
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and a few other ones but those are the<\/div>\n<\/div>\n<\/div>\n
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main ones i’m looking at and then i’m<\/div>\n<\/div>\n<\/div>\n
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checking which of those<\/div>\n<\/div>\n<\/div>\n
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is set up the best on the hourly or<\/div>\n<\/div>\n<\/div>\n
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daily for a technical breakout<\/div>\n<\/div>\n<\/div>\n
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as far as the entries it’s just a pretty<\/div>\n<\/div>\n<\/div>\n
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standard approach for high time frame<\/div>\n<\/div>\n<\/div>\n
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technical breakouts so<\/div>\n<\/div>\n<\/div>\n
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going and building it with the mentality<\/div>\n<\/div>\n<\/div>\n
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that i’m going to need to give it a<\/div>\n<\/div>\n<\/div>\n
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little bit of space and i’m intending to<\/div>\n<\/div>\n<\/div>\n
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hold this for a couple hours to<\/div>\n<\/div>\n<\/div>\n
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potentially even a few days and then<\/div>\n<\/div>\n<\/div>\n
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once i’m in the position just monitoring<\/div>\n<\/div>\n<\/div>\n
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price action<\/div>\n<\/div>\n<\/div>\n
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and volume uh along with what bitcoin’s<\/div>\n<\/div>\n<\/div>\n
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doing<\/div>\n<\/div>\n<\/div>\n
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in order to spot potential areas of<\/div>\n<\/div>\n<\/div>\n
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exhaustion and engaging where i should<\/div>\n<\/div>\n<\/div>\n
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be looking to take some profits on my<\/div>\n<\/div>\n<\/div>\n
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position<\/div>\n<\/div>\n<\/div>\n
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for uh people who may not be too<\/div>\n<\/div>\n<\/div>\n
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educated on bitcoin and<\/div>\n<\/div>\n<\/div>\n
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and those stocks could you maybe go over<\/div>\n<\/div>\n<\/div>\n
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just like how you<\/div>\n<\/div>\n<\/div>\n
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determined this basket and what kind of<\/div>\n<\/div>\n<\/div>\n
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really makes them correlated to<\/div>\n<\/div>\n<\/div>\n
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bitcoin in a way i know there’s like a<\/div>\n<\/div>\n<\/div>\n
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lot of logistics but maybe just an<\/div>\n<\/div>\n<\/div>\n
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overview<\/div>\n<\/div>\n<\/div>\n
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um yeah so some of it is self-fulfilling<\/div>\n<\/div>\n<\/div>\n
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where<\/div>\n<\/div>\n<\/div>\n
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people have just settled on these names<\/div>\n<\/div>\n<\/div>\n
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as bitcoin names and when bitcoin moves<\/div>\n<\/div>\n<\/div>\n
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people hit into these names<\/div>\n<\/div>\n<\/div>\n
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uh trying to take advantage of the<\/div>\n<\/div>\n<\/div>\n
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movement in bitcoin um<\/div>\n<\/div>\n<\/div>\n
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so once they become kind of established<\/div>\n<\/div>\n<\/div>\n
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in the basket they stick there and when<\/div>\n<\/div>\n<\/div>\n
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bitcoin moves<\/div>\n<\/div>\n<\/div>\n
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these things follow but the real thing<\/div>\n<\/div>\n<\/div>\n
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is these are<\/div>\n<\/div>\n<\/div>\n
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majority of these are bitcoin mining<\/div>\n<\/div>\n<\/div>\n
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companies so they mine for bitcoin<\/div>\n<\/div>\n<\/div>\n
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so when bitcoins doing well the value of<\/div>\n<\/div>\n<\/div>\n
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the assets they’re<\/div>\n<\/div>\n<\/div>\n
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picking up are increasing and vice versa<\/div>\n<\/div>\n<\/div>\n
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when things are going down<\/div>\n<\/div>\n<\/div>\n
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as well as uh many of these companies<\/div>\n<\/div>\n<\/div>\n
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hold bitcoin on their balance sheets<\/div>\n<\/div>\n<\/div>\n
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so like inherently if the price of<\/div>\n<\/div>\n<\/div>\n
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bitcoin goes up the value of their<\/div>\n<\/div>\n<\/div>\n
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balance sheet goes up in<\/div>\n<\/div>\n<\/div>\n
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which would imply that the value of the<\/div>\n<\/div>\n<\/div>\n
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company is going up and again if bitcoin<\/div>\n<\/div>\n<\/div>\n
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goes down<\/div>\n<\/div>\n<\/div>\n
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they have less money on their balance<\/div>\n<\/div>\n<\/div>\n
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sheets so that that is the general<\/div>\n<\/div>\n<\/div>\n
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reason<\/div>\n<\/div>\n<\/div>\n
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okay great that makes a lot of sense and<\/div>\n<\/div>\n<\/div>\n
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then so for a catalyst<\/div>\n<\/div>\n<\/div>\n
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one catalyst was intb uh signed a<\/div>\n<\/div>\n<\/div>\n
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three-year colocation agreement with<\/div>\n<\/div>\n<\/div>\n
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compute north to secure<\/div>\n<\/div>\n<\/div>\n
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power capacity and reduce operational<\/div>\n<\/div>\n<\/div>\n
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costs and the reason this is important<\/div>\n<\/div>\n<\/div>\n
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is intd<\/div>\n<\/div>\n<\/div>\n
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recently purchased a bunch of bitcoin<\/div>\n<\/div>\n<\/div>\n
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miners from can<\/div>\n<\/div>\n<\/div>\n
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and can begin catching a bid on this day<\/div>\n<\/div>\n<\/div>\n
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in sympathy with int<\/div>\n<\/div>\n<\/div>\n
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so when i see this i’m essentially just<\/div>\n<\/div>\n<\/div>\n
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recognizing that market<\/div>\n<\/div>\n<\/div>\n
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participants are viewing what’s good for<\/div>\n<\/div>\n<\/div>\n
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intp<\/div>\n<\/div>\n<\/div>\n
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is good for a can but more importantly<\/div>\n<\/div>\n<\/div>\n
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than that for sure is what i’ve been<\/div>\n<\/div>\n<\/div>\n
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talking about<\/div>\n<\/div>\n<\/div>\n
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with breaking through uh important<\/div>\n<\/div>\n<\/div>\n
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or resistance levels and so for the<\/div>\n<\/div>\n<\/div>\n
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first time in several weeks bitcoin was<\/div>\n<\/div>\n<\/div>\n
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breaking through<\/div>\n<\/div>\n<\/div>\n
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this resistance at 52 500. it’s a level<\/div>\n<\/div>\n<\/div>\n
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that i’ve been watching really closely<\/div>\n<\/div>\n<\/div>\n
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and been talking about in my reviews<\/div>\n<\/div>\n<\/div>\n
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nearly every day<\/div>\n<\/div>\n<\/div>\n
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as an opportunity i was looking for and<\/div>\n<\/div>\n<\/div>\n
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so<\/div>\n<\/div>\n<\/div>\n
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when i saw that breakthrough of that<\/div>\n<\/div>\n<\/div>\n
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level i had a suspicion that bitcoin<\/div>\n<\/div>\n<\/div>\n
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would probably be<\/div>\n<\/div>\n<\/div>\n
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continuing to push and put in new<\/div>\n<\/div>\n<\/div>\n
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all-time highs relatively soon<\/div>\n<\/div>\n<\/div>\n
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afterwards<\/div>\n<\/div>\n<\/div>\n
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if you want to learn three more<\/div>\n<\/div>\n<\/div>\n
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real-world setups that our traders use<\/div>\n<\/div>\n<\/div>\n
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including the simple setup that we teach<\/div>\n<\/div>\n<\/div>\n
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all of our new traders and the setup<\/div>\n<\/div>\n<\/div>\n
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that turned one of our traders into a<\/div>\n<\/div>\n<\/div>\n
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seven<\/div>\n<\/div>\n<\/div>\n
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figure big money earner check out the<\/div>\n<\/div>\n<\/div>\n
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free webinar that we’re currently<\/div>\n<\/div>\n<\/div>\n
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running<\/div>\n<\/div>\n<\/div>\n
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just go ahead and click the link that<\/div>\n<\/div>\n<\/div>\n
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should be appearing now<\/div>\n<\/div>\n<\/div>\n
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at the top right hand corner of your<\/div>\n<\/div>\n<\/div>\n
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screen that will open up the free<\/div>\n<\/div>\n<\/div>\n
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registration page in a new window so<\/div>\n<\/div>\n<\/div>\n
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don’t worry<\/div>\n<\/div>\n<\/div>\n
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you won’t lose this video you can also<\/div>\n<\/div>\n<\/div>\n
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visit<\/div>\n<\/div>\n<\/div>\n
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tradingworkshop.com to register for this<\/div>\n<\/div>\n<\/div>\n
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free intensive workshop<\/div>\n<\/div>\n<\/div>\n
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you’re going to learn more in a couple<\/div>\n<\/div>\n<\/div>\n
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of hours from this trading workshop<\/div>\n<\/div>\n<\/div>\n
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than from years of online education for<\/div>\n<\/div>\n<\/div>\n
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intraday fundamentals<\/div>\n<\/div>\n<\/div>\n
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nothing too crazy i’m just looking at<\/div>\n<\/div>\n<\/div>\n
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atr as a metric for<\/div>\n<\/div>\n<\/div>\n
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how far i think this thing can go and<\/div>\n<\/div>\n<\/div>\n
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then float 109 million so certainly not<\/div>\n<\/div>\n<\/div>\n
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a low float<\/div>\n<\/div>\n<\/div>\n
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but the magnitude of the moves it makes<\/div>\n<\/div>\n<\/div>\n
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especially with<\/div>\n<\/div>\n<\/div>\n
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comparison to the moves that bitcoin<\/div>\n<\/div>\n<\/div>\n
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makes it it<\/div>\n<\/div>\n<\/div>\n
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makes wolf like moves so<\/div>\n<\/div>\n<\/div>\n
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i think they can capture multiple atr’s<\/div>\n<\/div>\n<\/div>\n
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of upside as well as to the downside<\/div>\n<\/div>\n<\/div>\n
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so i’m just trying to keep that in mind<\/div>\n<\/div>\n<\/div>\n
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and then for<\/div>\n<\/div>\n<\/div>\n
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bitcoin you can see obviously been<\/div>\n<\/div>\n<\/div>\n
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incredibly strong<\/div>\n<\/div>\n<\/div>\n
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previous uh like 2017 all-time highs<\/div>\n<\/div>\n<\/div>\n
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were here around 20 000<\/div>\n<\/div>\n<\/div>\n
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and then we’ve just been kind of<\/div>\n<\/div>\n<\/div>\n
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straight up since then and then<\/div>\n<\/div>\n<\/div>\n
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at the time of this trade we were coming<\/div>\n<\/div>\n<\/div>\n
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off of this big wash from 58 000<\/div>\n<\/div>\n<\/div>\n
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so we made new all-time highs washed out<\/div>\n<\/div>\n<\/div>\n
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and had just a nearly month-long<\/div>\n<\/div>\n<\/div>\n
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consolidation zone<\/div>\n<\/div>\n<\/div>\n
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uh below between like 44 and 52 000<\/div>\n<\/div>\n<\/div>\n
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where 52 000 was the resistance level<\/div>\n<\/div>\n<\/div>\n
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for this overall consolidation zone<\/div>\n<\/div>\n<\/div>\n
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and this is generally what we see with<\/div>\n<\/div>\n<\/div>\n
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bitcoin you can see the same thing<\/div>\n<\/div>\n<\/div>\n
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happened here<\/div>\n<\/div>\n<\/div>\n
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made a big run up and then a steep<\/div>\n<\/div>\n<\/div>\n
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correction about 30 percent<\/div>\n<\/div>\n<\/div>\n
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and then about a month of consolidation<\/div>\n<\/div>\n<\/div>\n
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a break higher<\/div>\n<\/div>\n<\/div>\n
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and then repeat the process so i’m kind<\/div>\n<\/div>\n<\/div>\n
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of viewing<\/div>\n<\/div>\n<\/div>\n
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this as an analogous move to this move<\/div>\n<\/div>\n<\/div>\n
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right here<\/div>\n<\/div>\n<\/div>\n
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while using bitcoin as your main focus<\/div>\n<\/div>\n<\/div>\n
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is it really the technicals that’s your<\/div>\n<\/div>\n<\/div>\n
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main catalyst versus<\/div>\n<\/div>\n<\/div>\n
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like actual news and things going on<\/div>\n<\/div>\n<\/div>\n
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with bitcoin and then<\/div>\n<\/div>\n<\/div>\n
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maybe how much does arvol impact that is<\/div>\n<\/div>\n<\/div>\n
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that are you choosing the<\/div>\n<\/div>\n<\/div>\n
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basket names that have a lot more arvol<\/div>\n<\/div>\n<\/div>\n
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or is it also more technical based on<\/div>\n<\/div>\n<\/div>\n
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those<\/div>\n<\/div>\n<\/div>\n
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in tandem with bitcoin it’s largely<\/div>\n<\/div>\n<\/div>\n
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technically based<\/div>\n<\/div>\n<\/div>\n
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so like i said the there was the intp<\/div>\n<\/div>\n<\/div>\n
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news with can<\/div>\n<\/div>\n<\/div>\n
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but i really don’t see that nearly as<\/div>\n<\/div>\n<\/div>\n
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important as i see the<\/div>\n<\/div>\n<\/div>\n
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the move that bitcoin is making here and<\/div>\n<\/div>\n<\/div>\n
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in general i’m really only taking trades<\/div>\n<\/div>\n<\/div>\n
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in bitcoin names when<\/div>\n<\/div>\n<\/div>\n
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bitcoin itself is doing a lot of volume<\/div>\n<\/div>\n<\/div>\n
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and again that happens when we’re<\/div>\n<\/div>\n<\/div>\n
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breaking through important<\/div>\n<\/div>\n<\/div>\n
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inflection levels obviously um so<\/div>\n<\/div>\n<\/div>\n
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when i see this kind of move happening i<\/div>\n<\/div>\n<\/div>\n
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have in my mind okay this is the kind of<\/div>\n<\/div>\n<\/div>\n
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day where i want to be taking<\/div>\n<\/div>\n<\/div>\n
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a bitcoin correlation trade and i want<\/div>\n<\/div>\n<\/div>\n
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to be figuring out what my vehicle is<\/div>\n<\/div>\n<\/div>\n
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and then that’s when i flip to the<\/div>\n<\/div>\n<\/div>\n
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basket of stocks that i look at and see<\/div>\n<\/div>\n<\/div>\n
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which one of these is best set up to<\/div>\n<\/div>\n<\/div>\n
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take advantage of<\/div>\n<\/div>\n<\/div>\n
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uh the move that bitcoin is making which<\/div>\n<\/div>\n<\/div>\n
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one of these uh wolf float or<\/div>\n<\/div>\n<\/div>\n
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bitcoin related names is the most<\/div>\n<\/div>\n<\/div>\n
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clearly set up for a technical breakout<\/div>\n<\/div>\n<\/div>\n
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and let’s use that as my vehicle<\/div>\n<\/div>\n<\/div>\n
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throughout the day<\/div>\n<\/div>\n<\/div>\n
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um and then long-term technical is just<\/div>\n<\/div>\n<\/div>\n
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the daily here on cam<\/div>\n<\/div>\n<\/div>\n
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you can kind of see what i’m talking<\/div>\n<\/div>\n<\/div>\n
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about bitcoin made new all-time highs<\/div>\n<\/div>\n<\/div>\n
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uh right around here i believe um<\/div>\n<\/div>\n<\/div>\n
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and since then cam has gone from like<\/div>\n<\/div>\n<\/div>\n
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four bucks all the way up to<\/div>\n<\/div>\n<\/div>\n
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30 at the time of this trade um so it<\/div>\n<\/div>\n<\/div>\n
\n
\n
can make some really large moves and<\/div>\n<\/div>\n<\/div>\n
\n
\n
what i’m looking at with this chart that<\/div>\n<\/div>\n<\/div>\n
\n
\n
was so attractive to me is this 25 level<\/div>\n<\/div>\n<\/div>\n
\n
\n
where we spent a long time consolidating<\/div>\n<\/div>\n<\/div>\n
\n
\n
the this has really been the length of<\/div>\n<\/div>\n<\/div>\n
\n
\n
the consolidation that we saw in bitcoin<\/div>\n<\/div>\n<\/div>\n
\n
\n
when bitcoin was bouncing between 44 and<\/div>\n<\/div>\n<\/div>\n
\n
\n
52k<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh can was also consolidating granted so<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s a large consolidation zone but it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
undeniable this 25 level is important<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’ve gotten up above it twice three<\/div>\n<\/div>\n<\/div>\n
\n
\n
times but have never actually been able<\/div>\n<\/div>\n<\/div>\n
\n
\n
to close above there or do significant<\/div>\n<\/div>\n<\/div>\n
\n
\n
volume above there<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so once i saw a can holding above 25<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s like a big green light for me to<\/div>\n<\/div>\n<\/div>\n
\n
\n
start looking to build out of position<\/div>\n<\/div>\n<\/div>\n
\n
\n
it’s also nice that that range had<\/div>\n<\/div>\n<\/div>\n
\n
\n
continuously high volume all throughout<\/div>\n<\/div>\n<\/div>\n
\n
\n
there like the technicals aren’t great<\/div>\n<\/div>\n<\/div>\n
\n
\n
up in there<\/div>\n<\/div>\n<\/div>\n
\n
\n
but there were clearly people holding it<\/div>\n<\/div>\n<\/div>\n
\n
\n
up even if the levels weren’t too clear<\/div>\n<\/div>\n<\/div>\n
\n
\n
that’s definitely yeah really nice when<\/div>\n<\/div>\n<\/div>\n
\n
\n
you get that final breakout confirmation<\/div>\n<\/div>\n<\/div>\n
\n
\n
you know there’s a lot of people<\/div>\n<\/div>\n<\/div>\n
\n
\n
involved now yeah for sure and<\/div>\n<\/div>\n<\/div>\n
\n
\n
just in general this this daily setup is<\/div>\n<\/div>\n<\/div>\n
\n
\n
something i look for a lot in like low<\/div>\n<\/div>\n<\/div>\n
\n
\n
float names<\/div>\n<\/div>\n<\/div>\n
\n
\n
just when we get this hold above the key<\/div>\n<\/div>\n<\/div>\n
\n
\n
level that keeps getting wicked out of<\/div>\n<\/div>\n<\/div>\n
\n
\n
generally you can see some real legs to<\/div>\n<\/div>\n<\/div>\n
\n
\n
it<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then you can just see it a little<\/div>\n<\/div>\n<\/div>\n
\n
\n
bit more clearly on the hourly again<\/div>\n<\/div>\n<\/div>\n
\n
\n
like this 25 to 26 ish region we’ve done<\/div>\n<\/div>\n<\/div>\n
\n
\n
some volume but have certainly never<\/div>\n<\/div>\n<\/div>\n
\n
\n
sustained and almost all the volume was<\/div>\n<\/div>\n<\/div>\n
\n
\n
done during after hours or pre-market<\/div>\n<\/div>\n<\/div>\n
\n
\n
so now that we’re actually pushing above<\/div>\n<\/div>\n<\/div>\n
\n
\n
here this is definitely significant<\/div>\n<\/div>\n<\/div>\n
\n
\n
as well as this 2250 level where you<\/div>\n<\/div>\n<\/div>\n
\n
\n
could consider taking uh<\/div>\n<\/div>\n<\/div>\n
\n
\n
initial trade working for this breakup<\/div>\n<\/div>\n<\/div>\n
\n
\n
but personally that’s not how i like to<\/div>\n<\/div>\n<\/div>\n
\n
\n
trade so i didn’t get any entries there<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then pre-market again for the same<\/div>\n<\/div>\n<\/div>\n
\n
\n
reason as with the 2250<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh that i was explaining this isn’t<\/div>\n<\/div>\n<\/div>\n
\n
\n
going to matter too much to me i’m not<\/div>\n<\/div>\n<\/div>\n
\n
\n
really interested in trading can until i<\/div>\n<\/div>\n<\/div>\n
\n
\n
see it<\/div>\n<\/div>\n<\/div>\n
\n
\n
up towards 24 or 25. 25 so<\/div>\n<\/div>\n<\/div>\n
\n
\n
good to see when we get a range break<\/div>\n<\/div>\n<\/div>\n
\n
\n
above free market highs but that’s about<\/div>\n<\/div>\n<\/div>\n
\n
\n
all i’m going to use it for and i’m not<\/div>\n<\/div>\n<\/div>\n
\n
\n
going to use these<\/div>\n<\/div>\n<\/div>\n
\n
\n
technical levels for entries yet and<\/div>\n<\/div>\n<\/div>\n
\n
\n
then just a concept i wanted to go over<\/div>\n<\/div>\n<\/div>\n
\n
\n
quickly is<\/div>\n<\/div>\n<\/div>\n
\n
\n
what bitcoin was doing intraday so on<\/div>\n<\/div>\n<\/div>\n
\n
\n
the higher time frames bitcoin is<\/div>\n<\/div>\n<\/div>\n
\n
\n
breaking<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh an important level and i expect it to<\/div>\n<\/div>\n<\/div>\n
\n
\n
push quite a bit higher<\/div>\n<\/div>\n<\/div>\n
\n
\n
but intraday uh because it’s a bitcoin<\/div>\n<\/div>\n<\/div>\n
\n
\n
sympathy name you have to be watching<\/div>\n<\/div>\n<\/div>\n
\n
\n
bitcoin on lower time frames so i always<\/div>\n<\/div>\n<\/div>\n
\n
\n
have like a five minute chart up when<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m trading these bitcoin sympathy names<\/div>\n<\/div>\n<\/div>\n
\n
\n
and so what we saw is uh on<\/div>\n<\/div>\n<\/div>\n
\n
\n
the day prior we had the breakthrough 52<\/div>\n<\/div>\n<\/div>\n
\n
\n
000<\/div>\n<\/div>\n<\/div>\n
\n
\n
um and this is during the overnight<\/div>\n<\/div>\n<\/div>\n
\n
\n
session when none of the equities are<\/div>\n<\/div>\n<\/div>\n
\n
\n
actually moving<\/div>\n<\/div>\n<\/div>\n
\n
\n
we we broke through the level and then<\/div>\n<\/div>\n<\/div>\n
\n
\n
on the day of this trade we were<\/div>\n<\/div>\n<\/div>\n
\n
\n
essentially just moving sideways<\/div>\n<\/div>\n<\/div>\n
\n
\n
um and that’s good enough for me all i<\/div>\n<\/div>\n<\/div>\n
\n
\n
want to make sure is that bitcoin’s not<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh bitcoin’s not getting in the way of<\/div>\n<\/div>\n<\/div>\n
\n
\n
can breaking out so<\/div>\n<\/div>\n<\/div>\n
\n
\n
it would be nicer if bitcoin were going<\/div>\n<\/div>\n<\/div>\n
\n
\n
higher uh but the fact that bitcoin<\/div>\n<\/div>\n<\/div>\n
\n
\n
isn’t breaking back down is good enough<\/div>\n<\/div>\n<\/div>\n
\n
\n
for me to be looking for the breakout<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah and then the one minute technical<\/div>\n<\/div>\n<\/div>\n
\n
\n
so just a really clean<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh a really clear move of strength on<\/div>\n<\/div>\n<\/div>\n
\n
\n
the open the first 30 minutes we push<\/div>\n<\/div>\n<\/div>\n
\n
\n
through 25 pretty cleanly i’m right here<\/div>\n<\/div>\n<\/div>\n
\n
\n
again this is the level i’m really<\/div>\n<\/div>\n<\/div>\n
\n
\n
eyeballing as as they<\/div>\n<\/div>\n<\/div>\n
\n
\n
as the clear the line in the sand we get<\/div>\n<\/div>\n<\/div>\n
\n
\n
a bit of a pullback but hold above view<\/div>\n<\/div>\n<\/div>\n
\n
\n
out very nicely<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then really get uh several hours of<\/div>\n<\/div>\n<\/div>\n
\n
\n
consolidation before<\/div>\n<\/div>\n<\/div>\n
\n
\n
pushing higher into the close so trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
management<\/div>\n<\/div>\n<\/div>\n
\n
\n
um could be convinced that there’s ways<\/div>\n<\/div>\n<\/div>\n
\n
\n
for me to get into bigger size here but<\/div>\n<\/div>\n<\/div>\n
\n
\n
the way i was doing it<\/div>\n<\/div>\n<\/div>\n
\n
\n
i wasn’t involved for any of this<\/div>\n<\/div>\n<\/div>\n
\n
\n
morning move it’s just not part of the<\/div>\n<\/div>\n<\/div>\n
\n
\n
way i build out these positions<\/div>\n<\/div>\n<\/div>\n
\n
\n
um it’s it’s more difficult to manage<\/div>\n<\/div>\n<\/div>\n
\n
\n
risk intelligently in my opinion<\/div>\n<\/div>\n<\/div>\n
\n
\n
um but we got this push and certainly<\/div>\n<\/div>\n<\/div>\n
\n
\n
when i see it push all the way up to 26<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’m thinking okay this is definitely the<\/div>\n<\/div>\n<\/div>\n
\n
\n
vehicle i want to use<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then we get this pullback to 24<\/div>\n<\/div>\n<\/div>\n
\n
\n
which i don’t bid into<\/div>\n<\/div>\n<\/div>\n
\n
\n
although there’s definitely an argument<\/div>\n<\/div>\n<\/div>\n
\n
\n
to be made instead i wait for this<\/div>\n<\/div>\n<\/div>\n
\n
\n
consolidation zone back above 25.<\/div>\n<\/div>\n<\/div>\n
\n
\n
again this is the level from the daily<\/div>\n<\/div>\n<\/div>\n
\n
\n
that i think is really the<\/div>\n<\/div>\n<\/div>\n
\n
\n
key level build into my first shares<\/div>\n<\/div>\n<\/div>\n
\n
\n
there<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then we start just drifting higher<\/div>\n<\/div>\n<\/div>\n
\n
\n
and it becomes clear to me that we’re<\/div>\n<\/div>\n<\/div>\n
\n
\n
probably not going to see much lower on<\/div>\n<\/div>\n<\/div>\n
\n
\n
this name<\/div>\n<\/div>\n<\/div>\n
\n
\n
so i built into another lot here again<\/div>\n<\/div>\n<\/div>\n
\n
\n
these are just<\/div>\n<\/div>\n<\/div>\n
\n
\n
starter lots though and i have bids<\/div>\n<\/div>\n<\/div>\n
\n
\n
placed down from 25 to 24<\/div>\n<\/div>\n<\/div>\n
\n
\n
with pretty pretty substantial size<\/div>\n<\/div>\n<\/div>\n
\n
\n
because i think the technical setup is<\/div>\n<\/div>\n<\/div>\n
\n
\n
pretty a plus<\/div>\n<\/div>\n<\/div>\n
\n
\n
so though i did get these starter watts<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’d be comfortable getting this position<\/div>\n<\/div>\n<\/div>\n
\n
\n
like five times larger than i<\/div>\n<\/div>\n<\/div>\n
\n
\n
actually ended up getting and then just<\/div>\n<\/div>\n<\/div>\n
\n
\n
putting all the risk against a hold<\/div>\n<\/div>\n<\/div>\n
\n
\n
below view op and 24<\/div>\n<\/div>\n<\/div>\n
\n
\n
is a very reasonable way to do it that i<\/div>\n<\/div>\n<\/div>\n
\n
\n
think would work quite well<\/div>\n<\/div>\n<\/div>\n
\n
\n
um and then due to the fact that i just<\/div>\n<\/div>\n<\/div>\n
\n
\n
didn’t have a whole lot of risk on the<\/div>\n<\/div>\n<\/div>\n
\n
\n
table<\/div>\n<\/div>\n<\/div>\n
\n
\n
i think that this multi-hour<\/div>\n<\/div>\n<\/div>\n
\n
\n
consolidation zone is an area you could<\/div>\n<\/div>\n<\/div>\n
\n
\n
make an argument for<\/div>\n<\/div>\n<\/div>\n
\n
\n
putting on more size and building up the<\/div>\n<\/div>\n<\/div>\n
\n
\n
position um it’s just an extra point<\/div>\n<\/div>\n<\/div>\n
\n
\n
of risk that i have to be willing to<\/div>\n<\/div>\n<\/div>\n
\n
\n
give it which is a bit concerning<\/div>\n<\/div>\n<\/div>\n
\n
\n
for me so i didn’t actually end up<\/div>\n<\/div>\n<\/div>\n
\n
\n
putting any on but into the close we end<\/div>\n<\/div>\n<\/div>\n
\n
\n
up seeing<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh volume come in and push to the upside<\/div>\n<\/div>\n<\/div>\n
\n
\n
as we break to<\/div>\n<\/div>\n<\/div>\n
\n
\n
new all-time highs here and this is just<\/div>\n<\/div>\n<\/div>\n
\n
\n
something i like to do with my trading<\/div>\n<\/div>\n<\/div>\n
\n
\n
is if i know that i’m trying to get out<\/div>\n<\/div>\n<\/div>\n
\n
\n
of a position not<\/div>\n<\/div>\n<\/div>\n
\n
\n
trying to get my way out of it using<\/div>\n<\/div>\n<\/div>\n
\n
\n
tape<\/div>\n<\/div>\n<\/div>\n
\n
\n
i think past the first 30 to 60 minutes<\/div>\n<\/div>\n<\/div>\n
\n
\n
of the open<\/div>\n<\/div>\n<\/div>\n
\n
\n
relying on tape too much for the exits<\/div>\n<\/div>\n<\/div>\n
\n
\n
can give you a lot of<\/div>\n<\/div>\n<\/div>\n
\n
\n
false signals for getting in and out of<\/div>\n<\/div>\n<\/div>\n
\n
\n
positions so instead i just like to be<\/div>\n<\/div>\n<\/div>\n
\n
\n
systematic and<\/div>\n<\/div>\n<\/div>\n
\n
\n
i call this scaling out linearly i scale<\/div>\n<\/div>\n<\/div>\n
\n
\n
it linearly from 27 to 29<\/div>\n<\/div>\n<\/div>\n
\n
\n
and even lots every maybe 25 cents on<\/div>\n<\/div>\n<\/div>\n
\n
\n
the way up<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh 29 being a fairly substantial move<\/div>\n<\/div>\n<\/div>\n
\n
\n
about an atr from the lows of<\/div>\n<\/div>\n<\/div>\n
\n
\n
this area right here is that how you<\/div>\n<\/div>\n<\/div>\n
\n
\n
were kind of determining your<\/div>\n<\/div>\n<\/div>\n
\n
\n
like mental price target was kind of a<\/div>\n<\/div>\n<\/div>\n
\n
\n
atr move with volume off that<\/div>\n<\/div>\n<\/div>\n
\n
\n
consolidation you initially saw yeah and<\/div>\n<\/div>\n<\/div>\n
\n
\n
i’ll talk about it later i think that<\/div>\n<\/div>\n<\/div>\n
\n
\n
there’s a lot of merit for me holding on<\/div>\n<\/div>\n<\/div>\n
\n
\n
to<\/div>\n<\/div>\n<\/div>\n
\n
\n
at least a portion of the position i<\/div>\n<\/div>\n<\/div>\n
\n
\n
think that’s like the biggest mistake of<\/div>\n<\/div>\n<\/div>\n
\n
\n
the trade<\/div>\n<\/div>\n<\/div>\n
\n
\n
um but yeah if i can capture like an atr<\/div>\n<\/div>\n<\/div>\n
\n
\n
move into the close<\/div>\n<\/div>\n<\/div>\n
\n
\n
then i think that’s very worth locking<\/div>\n<\/div>\n<\/div>\n
\n
\n
in a decent bit of risk especially as<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’re coming into the clothes and i<\/div>\n<\/div>\n<\/div>\n
\n
\n
haven’t taken any sales yet<\/div>\n<\/div>\n<\/div>\n
\n
\n
i do think lightning up the position<\/div>\n<\/div>\n<\/div>\n
\n
\n
substantially into this kind of price<\/div>\n<\/div>\n<\/div>\n
\n
\n
action is just<\/div>\n<\/div>\n<\/div>\n
\n
\n
kind of mandatory yeah so here at the<\/div>\n<\/div>\n<\/div>\n
\n
\n
executions it’s nothing too crazy<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh again get this hold about 25 and i’m<\/div>\n<\/div>\n<\/div>\n
\n
\n
bidding into it<\/div>\n<\/div>\n<\/div>\n
\n
\n
um to reiterate what byron was asking<\/div>\n<\/div>\n<\/div>\n
\n
\n
this 20<\/div>\n<\/div>\n<\/div>\n
\n
\n
this v wap level aligning with this 24<\/div>\n<\/div>\n<\/div>\n
\n
\n
which is the one of the pullback is<\/div>\n<\/div>\n<\/div>\n
\n
\n
pretty convenient and i think that if<\/div>\n<\/div>\n<\/div>\n
\n
\n
this is really going to be the breakout<\/div>\n<\/div>\n<\/div>\n
\n
\n
that i’m looking for<\/div>\n<\/div>\n<\/div>\n
\n
\n
we shouldn’t really see backboard with<\/div>\n<\/div>\n<\/div>\n
\n
\n
these prices so i think it’s very<\/div>\n<\/div>\n<\/div>\n
\n
\n
gives me a very clear way to position<\/div>\n<\/div>\n<\/div>\n
\n
\n
myself and size myself correctly because<\/div>\n<\/div>\n<\/div>\n
\n
\n
i know exactly where my risk is<\/div>\n<\/div>\n<\/div>\n
\n
\n
yeah and then scaling out on the way up<\/div>\n<\/div>\n<\/div>\n
\n
\n
into the close<\/div>\n<\/div>\n<\/div>\n
\n
\n
so as for what to improve i think<\/div>\n<\/div>\n<\/div>\n
\n
\n
there’s two uh primary issues<\/div>\n<\/div>\n<\/div>\n
\n
\n
for starters i think my starter watts<\/div>\n<\/div>\n<\/div>\n
\n
\n
should have been a decent bit larger<\/div>\n<\/div>\n<\/div>\n
\n
\n
like 50 to 70 or 75 to 100 larger<\/div>\n<\/div>\n<\/div>\n
\n
\n
just given what my current stop is um<\/div>\n<\/div>\n<\/div>\n
\n
\n
and given the clarity of the risk i<\/div>\n<\/div>\n<\/div>\n
\n
\n
think that<\/div>\n<\/div>\n<\/div>\n
\n
\n
i just need to be getting into bigger<\/div>\n<\/div>\n<\/div>\n
\n
\n
size when the when the context is so<\/div>\n<\/div>\n<\/div>\n
\n
\n
well set up for me<\/div>\n<\/div>\n<\/div>\n
\n
\n
and granted due to the fact that we<\/div>\n<\/div>\n<\/div>\n
\n
\n
didn’t really get much of a pullback<\/div>\n<\/div>\n<\/div>\n
\n
\n
i never would have been able to get into<\/div>\n<\/div>\n<\/div>\n
\n
\n
max size on this position<\/div>\n<\/div>\n<\/div>\n
\n
\n
but the higher time frame context makes<\/div>\n<\/div>\n<\/div>\n
\n
\n
it such that like each of my individual<\/div>\n<\/div>\n<\/div>\n
\n
\n
tiers<\/div>\n<\/div>\n<\/div>\n
\n
\n
even if i don’t get filled on all those<\/div>\n<\/div>\n<\/div>\n
\n
\n
tiers those tiers should be larger<\/div>\n<\/div>\n<\/div>\n
\n
\n
than when i was what i was actually<\/div>\n<\/div>\n<\/div>\n
\n
\n
risking and then the bigger issue which<\/div>\n<\/div>\n<\/div>\n
\n
\n
i was talking about i think i need to be<\/div>\n<\/div>\n<\/div>\n
\n
\n
giving a portion of this<\/div>\n<\/div>\n<\/div>\n
\n
\n
uh and setting it aside as an overnight<\/div>\n<\/div>\n<\/div>\n
\n
\n
position i think about 20<\/div>\n<\/div>\n<\/div>\n
\n
\n
is reasonable as like a potential swing<\/div>\n<\/div>\n<\/div>\n
\n
\n
idea because<\/div>\n<\/div>\n<\/div>\n
\n
\n
we’re it’s such a clean daily breakout<\/div>\n<\/div>\n<\/div>\n
\n
\n
and the strength of<\/div>\n<\/div>\n<\/div>\n
\n
\n
the bitcoin move you know it’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
reasonable to expect that we can see<\/div>\n<\/div>\n<\/div>\n
\n
\n
can move quite a bit higher and that’s<\/div>\n<\/div>\n<\/div>\n
\n
\n
what we ended up seeing by the next<\/div>\n<\/div>\n<\/div>\n
\n
\n
morning in pre-market canada reached<\/div>\n<\/div>\n<\/div>\n
\n
\n
33.50<\/div>\n<\/div>\n<\/div>\n
\n
\n
my last sales on this trade we’re at 29<\/div>\n<\/div>\n<\/div>\n
\n
\n
and then later that we can’t hit 39. so<\/div>\n<\/div>\n<\/div>\n
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those are the kinds of moves you can<\/div>\n<\/div>\n<\/div>\n
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expect to see with these<\/div>\n<\/div>\n<\/div>\n
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with these kinds of breakout trades and<\/div>\n<\/div>\n<\/div>\n
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when they set up how they did<\/div>\n<\/div>\n<\/div>\n
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in this trade it’s not you shouldn’t<\/div>\n<\/div>\n<\/div>\n
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really<\/div>\n<\/div>\n<\/div>\n
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expect to see just one day of breakout<\/div>\n<\/div>\n<\/div>\n
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i think it’s very reasonable and<\/div>\n<\/div>\n<\/div>\n
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practical to be looking for two or three<\/div>\n<\/div>\n<\/div>\n
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days of upside even if you don’t take<\/div>\n<\/div>\n<\/div>\n
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the whole position or even half of the<\/div>\n<\/div>\n<\/div>\n
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position at least taking a portion for<\/div>\n<\/div>\n<\/div>\n
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like a higher time frame bigger picture<\/div>\n<\/div>\n<\/div>\n
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idea<\/div>\n<\/div>\n<\/div>\n
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i think is i think it’s just the next<\/div>\n<\/div>\n<\/div>\n
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and one of those next progression steps<\/div>\n<\/div>\n<\/div>\n
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i need to make in order to become a<\/div>\n<\/div>\n<\/div>\n
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bigger trader<\/div>\n<\/div>\n<\/div>\n
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is to try and capture these larger time<\/div>\n<\/div>\n<\/div>\n
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frame moves<\/div>\n<\/div>\n<\/div>\n
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um and like i said the the swing idea<\/div>\n<\/div>\n<\/div>\n
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that size is going to be relatively<\/div>\n<\/div>\n<\/div>\n
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small<\/div>\n<\/div>\n<\/div>\n
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and part of that is because swinging<\/div>\n<\/div>\n<\/div>\n
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these breakout trades on bitcoin names<\/div>\n<\/div>\n<\/div>\n
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can be difficult like if this were a<\/div>\n<\/div>\n<\/div>\n
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independent name not tied to any sector<\/div>\n<\/div>\n<\/div>\n
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i think that i like surely would have<\/div>\n<\/div>\n<\/div>\n
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taken some of this overnight<\/div>\n<\/div>\n<\/div>\n
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but the issue is when bitcoin is playing<\/div>\n<\/div>\n<\/div>\n
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a role in the movement of the stock<\/div>\n<\/div>\n<\/div>\n
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like even though the setup on can is<\/div>\n<\/div>\n<\/div>\n
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perfect or it’s very solid at least<\/div>\n<\/div>\n<\/div>\n
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um it could still be the case that<\/div>\n<\/div>\n<\/div>\n
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bitcoin just sells off and then just<\/div>\n<\/div>\n<\/div>\n
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completely ruins the technical setup for<\/div>\n<\/div>\n<\/div>\n
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the breakout<\/div>\n<\/div>\n<\/div>\n
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so that was my big concern but it’s<\/div>\n<\/div>\n<\/div>\n
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still worth having some risk on the<\/div>\n<\/div>\n<\/div>\n
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table<\/div>\n<\/div>\n<\/div>\n
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yeah i think that’s a really important<\/div>\n<\/div>\n<\/div>\n
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thing to note that<\/div>\n<\/div>\n<\/div>\n
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you’ve you have your risk not only in<\/div>\n<\/div>\n<\/div>\n
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can but also<\/div>\n<\/div>\n<\/div>\n
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you’re thinking of your risk and<\/div>\n<\/div>\n<\/div>\n
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correlation of bitcoin and what that<\/div>\n<\/div>\n<\/div>\n
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could be doing<\/div>\n<\/div>\n<\/div>\n
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overnight and how much more volatile<\/div>\n<\/div>\n<\/div>\n
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that could be so<\/div>\n<\/div>\n<\/div>\n
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i definitely think that’s just a good<\/div>\n<\/div>\n<\/div>\n
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point to show everyone like how<\/div>\n<\/div>\n<\/div>\n
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important bitcoin really is and the<\/div>\n<\/div>\n<\/div>\n
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execution of<\/div>\n<\/div>\n<\/div>\n
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your trades and these basket stocks yeah<\/div>\n<\/div>\n<\/div>\n
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it’s massive um and also because of that<\/div>\n<\/div>\n<\/div>\n
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variable<\/div>\n<\/div>\n<\/div>\n
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it makes it a lot harder at least from<\/div>\n<\/div>\n<\/div>\n
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my experience to make systematic rules<\/div>\n<\/div>\n<\/div>\n
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for everything you’re doing because that<\/div>\n<\/div>\n<\/div>\n
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additional that additional variable of<\/div>\n<\/div>\n<\/div>\n
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what bitcoin is doing<\/div>\n<\/div>\n<\/div>\n
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just really complicates things so you do<\/div>\n<\/div>\n<\/div>\n
\n
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have to make a little bit more<\/div>\n<\/div>\n<\/div>\n
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\n
judgment calls in my opinion but this is<\/div>\n<\/div>\n<\/div>\n
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one that i probably<\/div>\n<\/div>\n<\/div>\n
\n
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was too conservative on hey go ahead and<\/div>\n<\/div>\n<\/div>\n
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click our subscribe button so you don’t<\/div>\n<\/div>\n<\/div>\n
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miss<\/div>\n<\/div>\n<\/div>\n
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any of the videos they’re producing for<\/div>\n<\/div>\n<\/div>\n
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you and the trading community and please<\/div>\n<\/div>\n<\/div>\n
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take the time to add your feedback in<\/div>\n<\/div>\n<\/div>\n
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the comment section for what videos<\/div>\n<\/div>\n<\/div>\n
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you’d like for us to produce next and<\/div>\n<\/div>\n<\/div>\n
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what you found helpful from this video<\/div>\n<\/div>\n<\/div>\n
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from all of us at smb train and trade<\/div>\n<\/div>\n<\/div>\n
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well<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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English (auto-generated)<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
<\/div>\n
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<\/div>\n
<\/div>\n
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AllWatched<\/div>\n<\/div>\n
<\/div>\n
<\/div>\n
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<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\"\"<\/a><\/p>\n

* no relevant positions<\/p>\n","protected":false},"excerpt":{"rendered":"

In this video, learn a simple and effective technical analysis trading strategy for cryptocurrencies. 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