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Hello and welcome back to cryptocurrency trading masterclass by wealthy education.
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In this video, I'll walk through some set ups on the light coin chart.
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Well, you can see I have the weekly chart and I'm going to go ahead and.
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Start placing some levels based upon previous action.
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So let's go ahead and make this 175.
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Let's see where we're at here, two and a quarter.
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And right here at two seventy five.
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And let's go a little lower.
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Say one twenty five, OK, so you can see that there seems to be some symmetry in the market that you'd
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like to see that because it gives you an idea of what other people are looking at.
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As far as the trend is concerned, we have been.
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Rachlin Dean, this is essentially what is known as a rounding bottom.
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This means that there's a gradual gain in strength.
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So I would call this an up trend with issues above, obviously.
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So when we look at this.
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Structure on the daily, let's go ahead and put in our moving averages.
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This is the two hundred.
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Make this black.
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You can see we are well above it.
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And this is your red 50 day, Emma.
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And you can see it's actually right below the most recent action, so this is very interesting.
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We can see right away where that comes into play.
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Let's take a look at the fib.
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Retracement tool and.
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So notis.
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We had a massive pull back here on this particular day, and in fact, I'm going to go ahead and put
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volume up because I have a sneaking suspicion that there is massive volume here.
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So when you see a huge.
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Bar or candlestick like that, and it has massive volume and then you see a little bit of a turn around,
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quite often that will be.
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A sign that maybe the market is running.
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A little ahead of itself, it's running out of steam.
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The 50 day Emma causes a lot of interest, so does a 50 percent Fibonacci retracement level, and you
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can see that we bounced quite nicely, came back to the one twenty five level.
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And the 50 percent fib, or just a little bit above it, the 50 day, Emma, all that kind of comes
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into play here.
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Now, notice, structurally speaking.
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We are currently making a higher highs, so it looks.
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Like the market is doing everything it can to reassert the uptrend, so let's go ahead and get rid of
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the Fed for now.
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Now, when you look at this.
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You can see that I'm going to go ahead and hide these as well.
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Here is a rectangle.
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Notice that we break out of this rectangle.
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This is one of those very straightforward, put your stop loss in the middle of the rectangle, aim
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for the with a rectangle.
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Or if you remember, I had mentioned that a lot of times and we will hit the target.
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Or somewhere close to it, pull back to retest this area for support to Hamer's in a row right here,
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just above the fifty dollar level.
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Furthermore, you can see the 50 day Emma sits there, so that's a nice setup and we're starting to
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pick up volume.
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All of that is definitely something that you can pay attention to and then you can see that we're right
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in the middle of the ball in Japan after breaking out.
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I mean, there are so many signals here just screaming to buy this.
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Nice Bollinger bands squeeze, we broke out of it.
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Rallied rather significantly, formed a little bit of a hammer.
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Right here.
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Why is that level important?
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Well, that level is important because there was resistance there previously, so we found support.
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As far as selling is concerned, you can see that we broke significantly below the Bollinger Band,
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whether it's the cell signal or not, completely different question, but it does show that at the very
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least, you need to be out of the position until you get that signal over here.
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They're.
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Was a pretty significant cell signal here in the sense that we fell, rallied.
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Made this low or high, so that's worth paying attention to.
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Let's put the mark, the.
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We've got the Makdisi here.
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Notice how we crossed right here, that was your first sign of trouble and then when we could not make
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the same level or higher, it shows that we're running out of momentum and off to the races we were.
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And in fact, you didn't get an exit signal based upon the Makdisi until you were down here.
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So.
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You know, you could see that there's a plethora of signals and really you don't want to you don't want
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to use all of these indicators at all times, but it's not a bad idea that if you have a potential set
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up to take a look at at least a handful of them.
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Because you have to think that.
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Not everybody trades Bollinger bands, not everybody pays attention to moving averages, not everybody
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does Fibonacci or RSI.
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But if you have a couple of those moving in the same direction, you're going to get enough people out
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there that are thinking the same thing.
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And at the end of the day, that's really all it takes.
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I mean, look at this, this is just beautiful.
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This entire time, basically between the 15th of January 2019, nineteen to July 9th that we just held
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right here on the 50 day Emma.
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You did get that golden cross here and it worked quite nicely, there are multiple ways of playing the
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Golden Cross.
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Some people would wait until here to get out when it had the death cross.
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But really, that is essentially a break, even trade.
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So that doesn't make any sense.
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Some people will wait until you get a fairly extreme move.
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Breaking below the 50 day M.A, and that would have you out here, that makes quite a bit more sense.
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So it comes down to how you choose to use that particular tool.
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Notice how.
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We had.
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Swung this way.
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Made this high here, we came back and remember earlier, I told you the 50 day, Emma is a place a
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lot of people look that makes sense for a potential buying opportunity.
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But remember, I told you that if we only make it back to the thirty eight point two percent Fibonacci
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retracement level, quite often it ends up being a sign that we are going to see an extended move.
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And that most certainly is exactly what we got.
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A nice, strong candlestick closed almost to the top of the range.
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That suggests that there's some follow through.
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You know, you originally had this breakout on huge high volume.
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So, you know, for that matter, you could in some people will do this.
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You know, you will look for is there an extension after this?
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You know, where could we go?
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So let me go ahead and get that.
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So your extension one sixty one point six one eight.
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So once you do get in, that's where you're aiming for and you can see you got that rather quickly.
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There are.
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Simple little bits and pieces here where you have.
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This was a resistance that became a support couple of hammers.
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We shot higher.
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Just like.
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This repeated itself later to be important reform a shooting star, this shooting star was a negative
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sign and so was that one.
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And then you started to see the market fall.
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Quite frankly, there are so many different signals on any chart that your job as a trader really should
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be to take a look at potential setups and you just walk through them.
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Let's even go to the 30 minute chart.
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And now that we're on the 30 minute chart, let's change moving average and let's do exponential.
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And we'll do the nine and the 20.
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OK, so we could go to the crossover system, if you want, right there now, what I think is probably
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going to be more important.
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Is.
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Something like this.
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So.
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You can see that we have been consolidating for a little while there.
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Let's go ahead and see if, you know, did we get some type of volume expansion and clearly we did.
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Spread on the moving averages spread apart and we're just off to the races.
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There's nothing here that looks remotely bearish or like the market's going to be in trouble.
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Just as you can see that we have been consolidating here and this may have caught a lot of people on
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the wrong side.
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We shot higher on this volume, but we never had the follow through and noticed we got this crossover
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here.
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Technically not a death cross.
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It's a it's a bearish cross because a death cross is specifically the 50 day in the 200 day.
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But looking at this, you can see we clearly broke some type of support.
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So with your relative strength, you can take a look and you can see that while we did not get into
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an oversold condition, notice how the strength is dropping and the price is essentially going sideways.
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That's not a single signal or in and of itself, but it does give you an idea that perhaps not all things
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are quite right.
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You can go to the EMAC, the.
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And at this point, there is a cross right in the middle of this.
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This lead, this the histogram started to go negative.
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That tells you that perhaps there's trouble.
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You can see that this area here was resistance and support, so it does make sense that once you break
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down any retested that you're probably going to that area.
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Notice the shooting star right here at the nine in the 20 day Emma and the bottom of this area and then
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the target down here at 150 forming a hammer that not only is a perfect target, but it also suggests
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that the buyers may step in.
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And they did.
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They didn't push the market much higher and the short term.
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But clearly that Hammer told you that there was a bounce coming.
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So as you can see, there are plenty of opportunities and plenty of signs of where the market's going
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over time.
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I cannot stress enough how important it is to do exactly what I'm doing here and notice this big, massive
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breakout from here.
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Let's check the volume and again, you can see volume exploded to the upside that suggests that we are
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going higher.
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It's just think of it as.
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Each candlestick is is a chapter in a book, and the story kind of builds up, there are some chapters
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that are filler and there are some that actually mean something.
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All of these things in a market occur time and time again, they repeat themselves, so it's worth going
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through and marking up your charts and seeing exactly what happened.
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So in the next video, I'm going to explore Rypple and I'm going to show you several setups in that
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market that you could use to trade.
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