Cryptocurrency & Bitcoin Trading Masterclass 2021 – 4.6 How to Trade Tron (TRX)


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Subtitles:

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

In this video, we’ll take a look at the Tron marketplace and we’ll talk about some potential trades

that could have been taken in this market.

Now, unfortunately, we do not have a long history like with something like the stock market.

And that is one thing that you will run into with Crypto from time to time, but you make do with what

you’ve got, you can place your lines like you would any other time.

So, for example, four cents, I think makes quite a bit of sense because we have seen a lot of Wick’s

here.

And here would be like five cents roughly.

Let’s go ahead and just market as five.

And I suspect.

You know, generally there’s some type of symmetry to a lot of these lines support resistance areas.

So here’s three.

And I’m going to guess that probably, too, comes into play.

And even one would come into play.

So it looks like we’ve got a grid of about every cent something happens and, you know, you can even

see that the high was basically 10.

And.

You know, did we have a reaction at nine, so these are the things you need to look at on a chart.

Initially, now, the most obvious thing on this chart is that we had broken to the upside and broken

towards 10 cents almost immediately.

First couple of weeks and then from this massive shooting star, this is a huge shooting star.

It’s over two cents.

And in this particular market, two cents matters quite a bit.

So now that I’m laying all these out, you’ll see that this is a grid that I think holds pretty true

over time and we’ll demonstrate this occasionally.

So we have all of these spots on the chart.

You can see this massive shooting star.

Put your stop loss on the other side, you break through the bottom of it and maybe wait for a break

below the eight cents level, turns out to be roughly the same thing.

And you can see the very first candlestick.

Broke down massively, broke down to five and a half cents before rallying and saving itself for another

hammer.

So people are thinking, OK, maybe we’re getting back into a bullish mode, form this dodgy and then

finally gave way.

So there was a clear smash and grab type of trade.

And if you look, this is an area that I would suspect probably could also be marked maybe at five and

a half cents for support and resistance.

Looking at the weekly chart further, let’s go ahead and put some volume on here.

That’s another thing, is that volume wasn’t that high.

At this move, so that shows you that perhaps there weren’t as many people interested in trying at the

moment.

So looking at this, here’s a candlestick that shows a massive input, but a massive rejection.

You can see that it took a monster to actually get back up there again, a massive push to the upside

at five cents we pull back well here at this point.

It’s clear.

That we are trying to form something like this that is a little bit of an outlier and this is where

we need to talk about liquidity, liquidity is simply is there enough order flow?

Are there enough buyers and sellers?

I suspect that somebody pretty big got into the market here.

And that’s where you get these nasty works like this, because, you know, if you come in and I’m just

using basic numbers here, but let’s say you want to buy one hundred units of something.

But down in this area, there’s only like 20 units available, so then the thing is, you have to when

you put your order in, you have to find the next one hundred in the market will fill you.

Maybe it takes all the way up there to get that one hundred.

And then that concludes with the whip falling back down where you find more demand.

In these smaller cryptos, you are going to run into this problem, so if you’re trading on the weekly

chart, you’re probably hanging on for the longer term anyway, I guess is the point.

You can see volume is picking up, so that helps with liquidity.

Let’s go ahead and drop down to the daily.

Now, notice.

And we don’t know how this is going to play out, but as I record this, the five cent level mattered

and it looks like we’re trying to form a shooting star.

Well, where would you expect the shooting star to go?

I think somewhere around faucet’s maybe just a little bit under.

So that is a potential setup going on right now.

You could take a look at.

This is kind of the perfect setup here in a nice push here and a pull back to this hammer, we break

above the top of it and you eventually grind, especially once you get this very bullish candlestick.

They’re so simple candlestick trade.

We can put our Bollinger bands on and we can say, OK, well, this isn’t tell us anything.

And this was clearly more than two standard deviations higher.

So it shouldn’t be a huge surprise that we had to pull back.

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