EMERGENCY LIVE STREAM $BTC #Bitcoin
what's up what's up what's up it's big chad's big chats now i'm with my hat how are we doing my friends set the mood set the mood right on big chads i hope you're doing well thanks for hanging out you know this whole thing this crypto this trading is stressful let's switch it up let's have some fun let's try to get some perspective break yourself out of that mind frame you're in right now let's switch it up we're going to do some trading wisdom some chart analysis we'll have a lot of fun show the love hit like hit subscribe i want you to know that i appreciate you i appreciate every one of you i read i try to read every comment i try to reply to all of them but um it's getting a little big so if i miss you i apologize but i see you i appreciate you big chat room much love to everybody out there you know when i started i just got wrecked and it got wrecked for years and once i put two and two together i started to pass on that knowledge that's basically what this book is but i mean that's not really why i'm here so much but tonight we're going to start out with we'll do define your risk i'm going to talk about how to approach the trade that'll be a lesson will lead into some bitcoin analysis find me on twitter i'm at big chats i do academic observations trading psychology that's how i like to think of what i do my book is on amazon trading wisdom three formats and check it out i have audible coming soon it's gonna be great i'm having a lot of fun doing it to give it two weeks or less go to crypto banter hit subscribe hit that playlist trading wisdom i have a wonderful show there 11 so far great group of guests a lot of fun check it out go to my channel chad's trading if you're new you don't know what to do you're confused i'm confused right but you know if you're even more confused than me go and check out my educational live streams you've got three options there three full hour long you know think of them as ted talks on technical analysis i am cmt level one trained in japanese candlestick classical charting i take it seriously check out my book of course if you can't buy the book you can get it for free on my youtube channel we're going to do uh i'm going to do 50 lessons eventually i've done nine so far check that out enough of that if you want to learn about technical analysis if you want to take it really seriously join bitcoin live best in class educational platform for crypto i've been doing it for over three years hundreds of videos super proud of it unbelievable team there's an unbelievable sale now three days left all right you get a whole quarterly membership for 97 take it seriously respect your money respect your money by signing up for a serious uh place that's gonna help you out a lot so let's get it going thank you for indulging me i'm going to bring up the table of contents i'm going to say what's up to the chat room and i'm going to jump right in you've been patient enough so far so thank you for that andrew why the mask privacy is super important to me um i enjoy doing these videos and even though i wear a mask i feel like there's an element of body language you get a sense of who i am and the mess and you know think about it so much of communication is non-verbal right it's body language so that's why uh privacy is important for me so thank you for asking that and you're welcome everybody saying thank you for what you do uh what's going on where's the cheese head yeah i'm looking for a good one let's jump right in anyway folks enough of that let's get down to business you're not here to waste your time lesson 12 define your risk all right the best way to avoid these situations is to properly define your risk define it as a quote you know beginning of the chapter do that by setting a stop loss and refusing to add to it at all set limits and stick with them because it's the big losers that will take you out of this game one of the keys to surviving this game we call trading is to define your risk at every available opportunity right think about that you know drill that into your head so what does that mean how is that how is that applicable what i'm trying to do with these brief streams define your risk so you come into you know all throughout the last you know how long has this been let's get a sense of what we're talking about so we've been in this consolidation channel now for uh let's go to daily let's just get a sense right so we're talking about the failed head and shoulders let's kind of let's autopsy the failed head and shoulders 16 days and define your risk all right so bulls bulls always want a head and shoulders i mean it's fine if it's a reversal and that makes sense because you know sometimes it will reverse and you get a confirmation you know whether it be some kind of um some type of a descending neck base or my you know for my preference for my money the way i structure my trades horizontal confirmation right whether you get that if you don't you invalidate right so you play a head and shoulders it either breaks out if it breaks out here you have two theoretical trigger trigger levels the descending resistance remember it's not so much about the the actual trend line but the trend itself right it's more important to show the price trend than nail the exact you know candle wick is it here is it here like don't get hung up on that focus on the essence right of the price action because you could to you could execute what am i trying to say why is this important you could execute your trade on a break of the diagonal i probably would have waited for a break of this lower high so it either could trigger in these two places and for me it would have been on a recapture of that ma200 so from i'm more of a conservative trader i like to wait and trade with uh comfort and kind of knowing i'm with the trend so i might have bought there but that didn't happen but as the price is setting up and we have this head and shoulders and we have them we have the multiple shoulders right two left shoulders or a wide left those are two ways to describe it with classical charting none of that matters if you just look at there's thrusts right here's your initial thrust down here's your second thrust down and here's your your third thrust and that's what a head and shoulders is okay um a japanese candlestick is called the inverted three buddha which is kind of funny but anyway what you look for is what the price is giving us think about this concept you want to trade with with the strategy of listening to the price so you look for what the most obvious clues are that the price is giving you look for the most obvious levels right the resistance here is is more debatable than the support level right right the support level is pretty clearly right around here the bottom of these quote unquote shoulders right 56k high 55s that's a pretty well established level similar in some sense the way the 60k level was defined right and why when it broke down and every time it broke down and bounced why we shorted this and while we've been shorting and expecting the price to fade essentially just as a little bit of a backup maybe some of you aren't sure how we got here where you know why we're here but really all of this is post breakdown right you have the topping pattern the double top it breaks down so all this is just bearish retest from underneath so as that's happening you're thinking on lower time frames as you're trading you're thinking it's probably going to reject and it's probably going to reject it keeps doing that lower high structure you know all these bounces to the upper bollinger you expect to maybe fade them so in any case the the trigger for that for the bulls to regain the trend it's a little bit debatable right the descending trend line or the horizontal i i would have gone on the horizontal also at 60k because as discussed in these prior videos that's the bottom of the double top that completed 60k is the level right and the price had respected it so you faded all these bounces you have the head and shoulders you have a very clearly defined uh support level here right these shoulders the bottom of these shoulders so define your risk all right what did i say so now that i just i was a wind bag there for a minute uh let's just quickly took notes of which chapters i wanted to okay yup so 12 right lesson 12 right page 33 do that by setting a stop loss and refusing to add to your losing trade so you set a stop loss what does that matter so if you're in here and you're long here's what here's the point i guess i wanted to make if you bought these range lows and you bought with the idea that i'm buying kind of at the at the low part of a head and shoulders because you not you don't want to buy in the middle you never buy in the middle of the channel right you buy with confirmation of a break or you buy at support right you don't play the chop we talk about that um so if you say you had bought down here and your stop loss had to be this right shoulder because the way to play the head and shoulder a head and shoulders you either confirm or you invalidate right and when you invalidate it's a super powerful signal right and we talked remember we looked at ada had the same thing um ada had the head and shoulders uh ada had that 10 shoulders it led to that bounce to three dollars right eight that was setting up for the head and shoulders shoulder head shoulder and that was your trigger level here right which is why you kind of went long and that re-tested that level we've discussed that right so that's the key level listening to the price that's the price in this chart right you take what's the most obvious right don't over complicate it so for this lesson and i have a few i want to get through so i'll try to be more concise you you had to go short here or you had to or you had to cut your long right that's your stop-loss that's you defining your risk if you bought here and it failed you bought here because your whole thesis your whole trade idea is that it's a head and shoulders and it's going to hold at this level so if it you know below 56 you're thinking oh it's getting a little dicey and really confirming the sweep of these prior lows you know the 30th and the first like you're you you got to respect your money you got to pay attention when you're when you're trading when you're sorry a little closer i was excited when your trade idea fails get out like respect it respect it respect it right so that's that that's 12. okay that's so that that we'll get to the whole thing we're going to diagnose this whole thing all right now we're going to go to lesson four low ball so we'll talk about low ball bids all right we're going to the daily chart so low ball bid so we see the price so let's just clean it up a little bit you're just you know you're just trying to figure out what's going on you can clearly see the horizontal level broken so we'll draw that you can't can't avoid that that's that's the elephant in the room and then you're kind of looking at price um you know price moving average interaction and your interaction and you understand like price using the 8 ema for support breaking down testing the 34 so you have the primary and secondary uptrend then you see the moving average cross here so you know you're kind of in that corrective phase that's kind of confirming that corrective phase so you have like right here you know these from the 18th 19th 20 i mean it was 100 obvious we were in a corrective phase you have the breach of the horizontal level the moving average cross so pretty much pretty much anybody who could study technical analysis would be able to tell you bitcoin is a primary bull trend but it was in it's in a secondary corrective phase a consolidated phase so you've known that and you're looking for clues as to the strength the bounce in that the the 30th and then this day i mean the way this day close there's no way to be a bull here short term given this candle action look at these long upper shadows that's bears rejecting higher prices and it's like really well established at this level um resistance right there look at that right you can call it a supply level people are willing to sell willing to sell it to you right so it's bouncing here you're short and you're fading you i mean it's all giving you all these great trades you have to go with the trend and the trend is down at this point and too many people kept trying to i called it hero long the bounces your hero longing like the end of the bounce you have to understand what phase you're in so when you're here it look like when you're here it's correct if bears have the edge so so it's like the bulls have to do better than normal you can't just assume you know after these couple candles like even like right here two green candles you still hadn't tested the ema eight yet and your underside ma50 so even here you're thinking rejection and it did reject you you can't there's just too much opium in any case so that's the point i wanted to lowball bids all right so so the point i wanted to make is you knew it was a bare consolidation bears had the edge so you say you know what i you know what i like to do i like to set a low ball bid i'm a terrible trader so i want to enter as low as i can i want to buy at a really good moment a flash dip right so i'm going to set my bid right at a logical level right i'm going to take that macro lower high i'm going to take that high from september 18th macro the big picture the lower high right the big may april may high the drop and then the high of the bounce right so you think yourself i understand i've read a little bit of cl you know tex classical charity and i understand the concept of a throwback right where you have a resistance level at one time established and then broken and respected right and then you come back let me do that again sorry i get a little ahead of myself so you have a resistance level established and you come up and do all this stuff and you come back and retest it right in that case that's this level 5253k we did it essentially here uh just a few days ago but it's a zone it's not one price so it's like what you know the debate over 52 versus 53k is is a distinction without a difference because it's a price zone and you understand that price it's gonna have a filter it's not about an exact number it's a little zone an area around it right all that being said you you understand this is a logical level to buy especially if it gets there quick and you know that because you've traded for a while and you understand kind of flash dips those extreme movements outside the price down the standard deviation the deviation those those extremely volatile moves will bounce back right so you set a low ball bit so as the price was you know even if you were a bull let's say you were a bull and you believed the bull case and you and you were buying here you know 57 you still were had a bid a limit order at 52 525 53k just in case because even if you think it's 70 30 bulls that's 30 bears what if it breaks down all right think about that so low ball bets four let's go to lesson four i'm having fun hope you guys are i may not get to the chat room there's just a lot too much i want to say right now uh okay lesson four wait for opportunity page 15. i don't know who needs to hear this but you do not have to be in a trade every second it's okay to watch and wait for a really good opportunity and then basically then i raised the question how can you do that how do you know what opportunity is one way is to set low ball bids ahead of time place these orders so low in fact that you do not think they have a shot at filling right so think about your mentality place it at a level where you think man you know there's no way it could go there great put a bid there because that's a if it gets there you'll be surprised and it's um it's an unusual move it's a light you know it's likely to bounce back right that kind of thing right i love lowball bids it hel i love that i either buy a throwback a lowball bit i mean you're all set set yourself up for success right um so place these orders so low you don't think they have a chance at filling then set an alert on your phone or trading software to tell you when the price gets close by and go for a walk right so that's that's the whole thing you don't have to let the trading own you you don't have don't have to watch it all the time you just diagnose the chart understand when when the trend is increasing or decreasing based on price and supply demand level interaction set an alert in your phone you know and then just you don't have to watch it all the time just say all right let me know if it goes to 55 or let me know if it goes to 58 whatever your whatever your strategy is okay so those are low ball bids right so you set a low ball bed you saw the head and shoulders and you were bullish but you said i'm smart so i'm also going to hedge and i'll set a low ball bid then you're like all right but how do you handle that right i mean what if i what if i want to put in three thousand dollars do i just do it all at once uh do i do it all at once or how do i do it okay less than 28 scale in and scale out right so let's say you bought the bottom all right 28 28 lesson scale end and scale out right what 71 page 71. all right so managing your bankroll let's start out with the quote it's a good quote one bad trade can eliminate 10 good ones cut your losers early and scale in properly to your position rather than all at once scale improperly what does that mean let's go low time frame go a little low time frame all right let's just get this ready here so we're going to go low time frame we'll clean it up a little bit we're looking at bitcoin and you can kind of see that head and shoulders right and you can see the key area so as the price is churning here you're kind of just watching this right and you know the thing is this is kind of the conundrum this is the problem because often you get a great entry when the price will briefly break support you come back and then boom and that's called the spring right a false bear break so you also need to pay attention for when that like when you get the breakdown and then recapture that's a major signal that's a go sign that's a that's a great thesis to structure your trade because your stop loss is going to be right back at that original level and you've got momentum so kind of you know pay attention to that all right so we're on low time frame and in and scale out so right so the question is what so let's say you bought the bottom but where was it was it 53k was it you know 52k so let's say what if you had your um you know your what if your first buy was like right here 54k which is completely reasonable completely reasonable right bought you know these lows these loads plenty of justification certainly on a lower time frame to just enter there um but what if you were a little bit more thrifty and wow it went to 52 but you know let's say you set 52k right so those are a couple spots right so we'll start we'll set the table with that managing your bankroll properly is critical to long-term trading survival and success one of the first things you should learn is how to scale in and scale out of your positions what i recommend doing is taking the total amount you wish to deploy and then divide that number by three or four so i wanted to put in 3 000 we'll divide it by three uh so then it's a thousand each times yeah right just kidding yeah thousand each all right divide by three so so let's say i did that and i have my first lot here at a thousand so i've entered here at a thousand uh i'm sorry i entered here at 54k my first my first tranche my first entry right thousand dollars and i was brave right i was um i didn't follow let's say you know i didn't follow some of the other other lessons which talk about the cons the fact that bottoms are slow to form often you'll get some kind of bottoming pattern something you can use the structure or trade you know like a failed bearish continuation pattern or like a diagonal and then a horizontal break you'll get some type of a double bottom with a lower low or even a higher low all these types of things can happen so let's say you weren't following that you just bought in right take that first tranche and put it to work where you think a good entry will be and then sit back and observe for a bit if the price moves back up the way you expect and you receive some sort of trend changing confirmation then you can add to your position so you can add right so let's say what would that look like um so let's say you bought in and we were saying you just bought in without really waiting you kind of just took a stab and let's say you bought there so you bought in there what would that trend changing confirmation confirmation be well if the price broke back up here and i would say especially got over that high 52 you know so let's say you bought in at 54 to that confirmation where you might add your second tranche might be up here right so rather than it going lower uh and kind of buying down here you can buy with momentum so that's that's a way i'm you know that let me read it again take that first tranche and put it to work where you think a good entry will be all right so where's that here's your first entry all right you bought here it's heading down and then sit back and watch right if the price moves back up the way you expect it to and you receive some sort of trend changing confirmation right let me just turn that off sorry about that folks you get some sort of trend changing confirmation that's your confirmation right sorry that's your confirmation right breaking that that lower high there right because that's the big move down that's your dead cat balance that's the high of the bounce so trend changing confirmation on this low time frame would be kind of recapturing that level okay scaling and scaling out so what about the other way right what about going down what if you bought in here um you know you bought in here and you know it's gone lower okay to do okay if the price dips down further and you still think it's a good entry then you can add to your position there as well when you fire all of your bullets at once you are now at the mercy of whatever happens next and you no longer have the ability to adapt when new information comes your way right so that's it like gonna be agile so say it goes lower and you and you you you're like all right let's say you know okay you didn't get this this amazing dip but it came back up that's a big sign right why all right i have another lesson i want to point to which will emphasize this point but look at the long lower shadow on this candle that's a great short-term bounce indicator it doesn't mean you're going to reverse but you have a good chance to at least bounce and test these moving averages you know whether it be the 34 or maybe the 20 a little bit later in this um consolidated phase but that might say all right you know i'm going to add a little more risk so what you might do is maybe even on this candle as it starts to come back down and test the range of this candle right japanese candlestick theory the best entries come from the retest of reversal candles and i talk about that in one of the chapters i think it's 44 wait for the retest yeah wait for the retest same thing with the concept of the throwback so as the prices as you establish the candle that lets you that tells you to start watching and observing then when you get the opportunity to look at that look at the price testing that range maybe you add more there so let's say you were a little bit aggressive started to add down here okay now your first entry there your second entry there so that's fine that's scaling in and scaling out that's the point i want to make last point i want to make and then i'll go to the chat room see how everybody's doing is volume the lesson in volume i tweeted that out and the reason i tweeted that out is we look for volume in these short term bottoming situations i guess you could you could just check the let's do it this way there we go and i don't know what that was all about all right lesson of volume volume basics lesson 33 okay all right appreciate you bearing with me fake st folks thank you for watching as well please hit like uh please hit subscribe i'm going to page 80. so talking about bitcoin we're talking about how do so there you go so it's less than 33 and there we go so it's going to be less than 33 we're talking about volumes why does that matter look at this volume right so why is that like uh like why does that catch your attention volume basics volume is one of the most misunderstood concepts in all of trading the most volume typically comes at the top and the bottom of a chart or at the start and the end of a trend as discussed earlier once the trend in force meets resistance a volume filled battle ensues and the new trend takes over like volume is what you want if you're if you're looking for a reversal here if you want bulls to step in this is okay this is okay but it's building bull vault a bear volume building building building boom climax you need a climax you need a washout so you see the volume uh and you see this long lower shadow you're you're feeling pretty good you entered here you've scaled into your position and that's that kind of concept in motion um i don't know if the bottom's in you know we'll have to see how the uh it plays out i'm going to do another update sunday night for bitcoin live and by then we'll have a little bit more information of course but we're really just going to remain focused on the structure you know the uh the lower high the weekly ma50 uh the daily ma200 stuff like that uh you jas you can buy the book on amazon thank you for asking let me just uh review the chat room i went on a little bit of a rant so supreme smithy i'm learning a lot awesome i love it like trust me i love it's a circle people help me out i've learned so much um take advantage and i love hearing that feedback this is why i do it so thank you let's see what is going on all right everybody that's kind of where we're at that was a whole thing uh you know what let's let's wrap it up there let's just let's just wrap it up here that was excellent so listen i hope everyone's doing well trading's hard like define your risk right what does that mean um trade with less you know if you're don't risk a lot of money unless your confidence confident and ideally don't risk any money unless you're confident right if you're just starting unless you're profitable you got to start risking less because it's experience it's like trying to imagine trying to become a good poker player and only playing a little bit and only having played maybe you know a hundred hands in your whole life or a thousand hands you need a hundred thousand hands okay like whatever your experience level is you need you know five or six times it or maybe 20 you know 20 or 30 depending on who you are and what you've done so to survive that process you have to risk less whether it means paper trading and literally risking nothing or just scaling in and uh defining your stop loss like if you enter let me get a couple things out of the way that are important so focus on strength play strong charge i made this point last chart last video where i said between like seoul and ltc they were the same price right play the stronger chart soul is an uptrend plenty of moving average support rising may 200 higher highs higher lows and then ltc had a bounce you know earlier in the year until you know last year earlier this year and it hasn't done anything since may it's below the may highs moving averages are rolling over it's getting ready to confirm a downtrend you know place strength you know when the whole market's shaking down and it maybe is starting to bounce go play the stuff that's been strongest right like so like soul like matic you know for example like luna there's strong stuff out there play the strong things okay so that's the first thing play a strong chart number two risk a little bit okay don't risk too much number three use a journal write down why you entered and most importantly four when is the idea gonna fail how are you gonna know that your whole plan is has failed because when it's failed move on because then you want to have a chance to try it again you want to give yourself a chance to try again later and if you're all messed up in the head and you're emotionally compromised just walk away go play chess go for a swim go watch a movie do something walk away you got to manage yourself if you do all those things i just said you'll be a lot better i want to thank you for your support i really thank you folks i love doing this there's 700 people that's awesome um we've been growing fast and i appreciate all your support of course i'm on twitter at big chads let's get this party started here real quick hold on let's get this party started all right i'm on twitter i'm big chad's i'm grooving with you tonight 12 3 2021. check out the free playlist of videos at crypto banter hit subscribe go to trading wisdom 11 great episodes so far check out all my stuff if you're new you want to know you know how do i do that ta how do i get started what's a moving average why do you use those moving averages watch my master class webinars these are amazing three long series webinars and if you want to get serious about learning how to trade check out bitcoin live best in class educational um platform for crypto i've been doing this for over three years i'm a founding analyst you get my heart every time twice a week two long form updates we have an unbelievable sale right now barely over three days left you'll be kicking yourself if you don't try this out i'm telling you i'm part of a great team you get access to everyone's content not just mine look at that ninety seven dollars three months access what more can you ask for the books on amazon thank you for indulging me and letting me talk about it i think these questions lessons are great i got wrecked and i kind of learned some things and this is where the book came from folks kindle hardcover and paperback and audible version you asked i listened i'm working hard on it i'm hoarse my voice i can't even talk cause i've been re-recording and re-recording each lesson i'm trying to get it right so i'll be out in a couple weeks super super excited for that bitcoin what a life it's fun so anyway thank you very much folks i hope you're doing well i know some of you stayed up late uh to listen and i appreciate that and i definitely won't forget it so until next time big chad's out you
2021-12-08 19:33
