Original subtitles

Hello and welcome back to cryptocurrency trading masterclass by wealthy education.

In this video, I'll walk through some set ups on the light coin chart.

Well, you can see I have the weekly chart and I'm going to go ahead and.

Start placing some levels based upon previous action.

So let's go ahead and make this 175.

Let's see where we're at here, two and a quarter.

And right here at two seventy five.

And let's go a little lower.

Say one twenty five, OK, so you can see that there seems to be some symmetry in the market that you'd

like to see that because it gives you an idea of what other people are looking at.

As far as the trend is concerned, we have been.

Rachlin Dean, this is essentially what is known as a rounding bottom.

This means that there's a gradual gain in strength.

So I would call this an up trend with issues above, obviously.

So when we look at this.

Structure on the daily, let's go ahead and put in our moving averages.

This is the two hundred.

Make this black.

You can see we are well above it.

And this is your red 50 day, Emma.

And you can see it's actually right below the most recent action, so this is very interesting.

We can see right away where that comes into play.

Let's take a look at the fib.

Retracement tool and.

So notis.

We had a massive pull back here on this particular day, and in fact, I'm going to go ahead and put

volume up because I have a sneaking suspicion that there is massive volume here.

So when you see a huge.

Bar or candlestick like that, and it has massive volume and then you see a little bit of a turn around,

quite often that will be.

A sign that maybe the market is running.

A little ahead of itself, it's running out of steam.

The 50 day Emma causes a lot of interest, so does a 50 percent Fibonacci retracement level, and you

can see that we bounced quite nicely, came back to the one twenty five level.

And the 50 percent fib, or just a little bit above it, the 50 day, Emma, all that kind of comes

into play here.

Now, notice, structurally speaking.

We are currently making a higher highs, so it looks.

Like the market is doing everything it can to reassert the uptrend, so let's go ahead and get rid of

the Fed for now.

Now, when you look at this.

You can see that I'm going to go ahead and hide these as well.

Here is a rectangle.

Notice that we break out of this rectangle.

This is one of those very straightforward, put your stop loss in the middle of the rectangle, aim

for the with a rectangle.

Or if you remember, I had mentioned that a lot of times and we will hit the target.

Or somewhere close to it, pull back to retest this area for support to Hamer's in a row right here,

just above the fifty dollar level.

Furthermore, you can see the 50 day Emma sits there, so that's a nice setup and we're starting to

pick up volume.

All of that is definitely something that you can pay attention to and then you can see that we're right

in the middle of the ball in Japan after breaking out.

I mean, there are so many signals here just screaming to buy this.

Nice Bollinger bands squeeze, we broke out of it.

Rallied rather significantly, formed a little bit of a hammer.

Right here.

Why is that level important?

Well, that level is important because there was resistance there previously, so we found support.

As far as selling is concerned, you can see that we broke significantly below the Bollinger Band,

whether it's the cell signal or not, completely different question, but it does show that at the very

least, you need to be out of the position until you get that signal over here.

They're.

Was a pretty significant cell signal here in the sense that we fell, rallied.

Made this low or high, so that's worth paying attention to.

Let's put the mark, the.

We've got the Makdisi here.

Notice how we crossed right here, that was your first sign of trouble and then when we could not make

the same level or higher, it shows that we're running out of momentum and off to the races we were.

And in fact, you didn't get an exit signal based upon the Makdisi until you were down here.

So.

You know, you could see that there's a plethora of signals and really you don't want to you don't want

to use all of these indicators at all times, but it's not a bad idea that if you have a potential set

up to take a look at at least a handful of them.

Because you have to think that.

Not everybody trades Bollinger bands, not everybody pays attention to moving averages, not everybody

does Fibonacci or RSI.

But if you have a couple of those moving in the same direction, you're going to get enough people out

there that are thinking the same thing.

And at the end of the day, that's really all it takes.

I mean, look at this, this is just beautiful.

This entire time, basically between the 15th of January 2019, nineteen to July 9th that we just held

right here on the 50 day Emma.

You did get that golden cross here and it worked quite nicely, there are multiple ways of playing the

Golden Cross.

Some people would wait until here to get out when it had the death cross.

But really, that is essentially a break, even trade.

So that doesn't make any sense.

Some people will wait until you get a fairly extreme move.

Breaking below the 50 day M.A, and that would have you out here, that makes quite a bit more sense.

So it comes down to how you choose to use that particular tool.

Notice how.

We had.

Swung this way.

Made this high here, we came back and remember earlier, I told you the 50 day, Emma is a place a

lot of people look that makes sense for a potential buying opportunity.

But remember, I told you that if we only make it back to the thirty eight point two percent Fibonacci

retracement level, quite often it ends up being a sign that we are going to see an extended move.

And that most certainly is exactly what we got.

A nice, strong candlestick closed almost to the top of the range.

That suggests that there's some follow through.

You know, you originally had this breakout on huge high volume.

So, you know, for that matter, you could in some people will do this.

You know, you will look for is there an extension after this?

You know, where could we go?

So let me go ahead and get that.

So your extension one sixty one point six one eight.

So once you do get in, that's where you're aiming for and you can see you got that rather quickly.

There are.

Simple little bits and pieces here where you have.

This was a resistance that became a support couple of hammers.

We shot higher.

Just like.

This repeated itself later to be important reform a shooting star, this shooting star was a negative

sign and so was that one.

And then you started to see the market fall.

Quite frankly, there are so many different signals on any chart that your job as a trader really should

be to take a look at potential setups and you just walk through them.

Let's even go to the 30 minute chart.

And now that we're on the 30 minute chart, let's change moving average and let's do exponential.

And we'll do the nine and the 20.

OK, so we could go to the crossover system, if you want, right there now, what I think is probably

going to be more important.

Is.

Something like this.

So.

You can see that we have been consolidating for a little while there.

Let's go ahead and see if, you know, did we get some type of volume expansion and clearly we did.

Spread on the moving averages spread apart and we're just off to the races.

There's nothing here that looks remotely bearish or like the market's going to be in trouble.

Just as you can see that we have been consolidating here and this may have caught a lot of people on

the wrong side.

We shot higher on this volume, but we never had the follow through and noticed we got this crossover

here.

Technically not a death cross.

It's a it's a bearish cross because a death cross is specifically the 50 day in the 200 day.

But looking at this, you can see we clearly broke some type of support.

So with your relative strength, you can take a look and you can see that while we did not get into

an oversold condition, notice how the strength is dropping and the price is essentially going sideways.

That's not a single signal or in and of itself, but it does give you an idea that perhaps not all things

are quite right.

You can go to the EMAC, the.

And at this point, there is a cross right in the middle of this.

This lead, this the histogram started to go negative.

That tells you that perhaps there's trouble.

You can see that this area here was resistance and support, so it does make sense that once you break

down any retested that you're probably going to that area.

Notice the shooting star right here at the nine in the 20 day Emma and the bottom of this area and then

the target down here at 150 forming a hammer that not only is a perfect target, but it also suggests

that the buyers may step in.

And they did.

They didn't push the market much higher and the short term.

But clearly that Hammer told you that there was a bounce coming.

So as you can see, there are plenty of opportunities and plenty of signs of where the market's going

over time.

I cannot stress enough how important it is to do exactly what I'm doing here and notice this big, massive

breakout from here.

Let's check the volume and again, you can see volume exploded to the upside that suggests that we are

going higher.

It's just think of it as.

Each candlestick is is a chapter in a book, and the story kind of builds up, there are some chapters

that are filler and there are some that actually mean something.

All of these things in a market occur time and time again, they repeat themselves, so it's worth going

through and marking up your charts and seeing exactly what happened.

So in the next video, I'm going to explore Rypple and I'm going to show you several setups in that

market that you could use to trade.