market update
last update mentioned about what we are seeing currently.
its not unusual infact its been pretty much consistent there's selloffs near ath levels.
we have a litmus test coming up - if this whole leg was a bear rally (and its 2022 like setup) or new uptrend (2021 like setup).
pullback was expected but the real key is the support holding up.
if and when we get the breakout. it will likely to be explosive.
coz then we would have invalidated all doubts for the sidelined capital.
breaking down 100k on HTF is going to be ugly. then all bets are off and we could be looking a prolonged correction.
one question i often get is..
hey w3q.. what tool should i use? and on what timeframe?
i have been meaning to write a guide (these thing take a lot of time).
i have been focused on refining the systems and developing some new ones.
intent is to simplify them further while making them more potent. will send a note when the testing is complete.
once those done I will update the how to guide.
meanwhile I try cover some basics like i did here and in old posts.
so to answer the question - everyone has a trading personality.
a great perp trader is not necessarily a great swing trader or meme picker.
it would also depend on your portfolio size.
>identify your own personality
>identify the assets that match it
> then choose the tool and timeframe
for instance if you are trading low time frame perps you need to be comfortable with 40-50% win rate. if its not you its best avoided all together.
if volatility upsets you then you have no business trading alts. stick to majors.
if you get worked up with rugs then meme launches are absolute NO.
the best meme pickers i know have gotten rugged more times than the total trades you have taken in your life.
just a little reflection on who you are and what you are good at will tell you where your own strength is and where best it can be applied.
lot of people see others on twitter and try to do everything and be everywhere resulting in being nowhere.
my goto advice is - if you are new or havent found success then stick to positional trades on HTF (3day/weekly).
if you are able do that and want to squeeze more juice out of it then MTF (1h/4h) on something like a scalper makes sense.
these offer highest Risk reward not only from a money perspective but also on time spent in front of the screen.
lets look at both HTF and MTF for assets ranging from macro to memes to majors to alts.
all signals and the move they were able to capture should be self explanatory from the charts.
will cover some popular names.
now most ask how do we know which alts/memes to pick?
easiest way is to sort by trading volume. every site has this feature.
if it has volume it has relevance. simple and 100% objective.
then you can apply any entry/exit system on top of it.
NOTE: a frequent question that the admin team receives - does the indicator repaint?
NO. once the candle closes. the signal stays. any indicator that repaints is practically useless anyway.
lets start with the HTF positional system
now lets look the same tickers on MTFs on scalper
see you in the next one.