Hello everyone, I am a bull. The money I made during this one-sided rally from the end of April to early May has already been given back during the recent fluctuations. The support and resistance lines have been drawn in advance, but when the price reaches these levels, I hesitated and deviated from trading the chart to trade my own ideas. Only at this point did I understand the meaning of 'plan your trade, trade your plan,' so I record daily, formulate plans, and verify plans.
The market has been too aggressive in the past few days, making people dizzy from the gains.
Altcoins also broke the downward trend line on June 8 and created new highs, completing a reversal in the market situation, with many altcoins experiencing relatively good gains.
This morning I entered a long position at 2678, aiming to take profit at the previous high of 2788. After a day of grinding, I successfully took profit during a rally at 7:30 PM.
2679 is an important support and resistance level on my chart. I am used to starting from the daily chart to find support and resistance, looking at the body of the daily candlestick (I believe that the opening and closing prices of the body are relatively more important than the highs and lows). For example, the upper edge of the body is mostly at 2679, and the lower edge is at 2474.
After marking the area, switch back to a smaller time frame, and you will find that the support and resistance effects at the micro level are more pronounced. Looking at smaller time frames, there are remarkable reactions at the drawn lines. For example, at the upper level of 2679, the 4-hour candlesticks often spike or have bodies overlapping, with very few able to stabilize at this price.
So when the price breaks through and tests your drawn area with a significant pause, and when you switch to a smaller time frame and feel like the market makers are drawing the lines this way, please set your stop-loss and boldly enter the trade.
Plan your trade, trade your plan.
Note: All drawn lines are subjective imagination, objectively respecting the market trend.
