Login Register
  • BTC
    9590.7
  • ETH
    239.52
  • LTC
    46.48
  • BCH
    254.14
  • EOS
    2.808
  • ETC
    6.822
  • DASH
    77.59
  • XRP
    0.2019
  • XLM
    0.07901
Login Register

Getting Started Guide

05/30/2018 20:00

How to find new plays

 

There are many ways to go about finding new play ideas, and here are a few to get you started. The most important thing however is for you to find the method that works for you, as there are many ways to approach trading and even finding plays to trade/invest.



Binance

 

One simple method is to go to www.binance.com    Binance is one of the most active exchanges and where a lot of the alt-coin volume is traded. You can play around with the % gain/loss and most volume tabs to find interesting plays. The more volume the better, as a strong general rule.





Coinmarket Cap

 

Another option is to go to Coinmarket Cap  (http://www.coinmarketcap.com)

 

From here you can scroll down the list of 7-day charts at the right and see if any of them jump out at you as interesting. Look for down-trending charts that have suddenly started to move back up or even go sideways, for example.




Also on Coinmarketcap, you can also search a different way, by clicking on “trending”, then “gainers and losers”. By looking at the most active as well as biggest winners and losers you will often find some good trade ideas.













Watch-list scanning

 

Another more traditional option would be to have a watch-list and just scan through it manually, one play at at time (this is the method I use the most personally)

The most common charting site for crypto is www.tradingview.com. This is a very good site in general for charting, so I highly recommend you check it out.

Below is a sample watch list from TradingView. Once I have a specific time frame I want to scan on (For example 4 hour) I just hit the down arrow on the keyboard and slowly scroll through each chart and look at the setups.






Focus on the same plays so you learn them over time

 

One thing I talk about a lot is focusing on the same plays over time so you can learn them well. Generally speaking it is a good idea to focus on 10-15 plays and study those charts closely, that way when something happens you are able to read the signal correctly developed a good “instinct” for that chart.





Average daily volume

 

One very common measure of liquidity, action and general health of a coin/token/stock is to compare the 24 hour volume to its average volume. Many times on the biggest moves you will see volume 2x the daily average.

In the below example, at www.coinmarketcap.com by clicking on a coin/token and then historical data you can see the overall trend in volume and potentially note and changes to this trend which may offer you a signal.







Most volume at top and bottom

 

A general principle in trading is that you will find the most volume at the top and the bottom. Why is that?  

When you are near the peak of  a run or bottoming out there is a battle between bears and bulls, and that volume sets the tone for the next leg of the chart. With strong volume comes strong signals and often strong support or resistance levels being set.

 

 

Types of volume: Red vs Green

 

 

 

 

Not all volume is created equally, and it is important to study the volume candles to try and determine who is in control, bulls or bears. The below example shows large bear volume which would normally indicate a bottom, but afterwards there is a lack of push back by bulls to confirm this bottom.

 





 

 

 

After a strong green candle you want to watch for a follow-up candle to see if the bulls are still in control or starting to re-think their position. In the below example there was decent bull follow through and very little bear volume, a good sign of potential continuation.



 

 

 

In the below example we had a nice measured move up on light volume, and an early warning sign with that hanging man candle. The following candles had massive sell volume and were a good clue that the trend had reversed.





 

+++

Thank you for taking the time to read "Big Cheds, Getting Started Guide." We appreciate your interest in becoming an excellent cryptocurrency trader and would like to enhance your skills & knowledge.  You are encouraged to sign up for a membership with Bitcoin Live where you will gain access to a team of over six mentors with a variety of skills and over 100 years of trading experience. Click below and your education will begin.

 

Suggested Posts

 10
  22
Trading Techniques Trading Tips Big Cheds Channel Binance Getting Started Volume volume Inidcator Volume Trades
Read more
  • 0

    Great Post! I was wondering what your most common timeframe is?

    Thanks 

    H
    Submitted 2 years ago by Harj
  • 0

    Thanks,

    About the watchlist in TradingView:

    - How/where do I "hit the down arrow"?

    - And how/where do I specify timeperiod for scan?

    I dont see any arrow og timeperiod close to the watch list, could you add a photo plz? :)

    Submitted 2 years ago by Jens
  • 1


    1.- On the Keyboard
    2.- At the upper left corner

    Go to the watch list, press on the firs pair, choose the timeperiod "hit on the keyboard and slowly scroll through each chart"

    R
    Submitted 2 years ago by C.W
  • 0

     


    R
    Submitted 2 years ago by C.W
  • 4

    "Great Post! I was wondering what your most common timeframe is?

    Thanks "

    Harjit Saundh - Personally I like to watch the 4 hour time frame, I feel this is long enough that you get a good sense of the broader trend but short enough that you will not miss a change in price action. In general I try not to go below a 1 hour time frame because you get too much whiplash (moving back and forth).

     

    -Cheds

     

     

    Submitted 2 years ago by Big Cheds
  • 1

    Great article, Cheds! I've learned so much from you on Twitter and Youtube, I decided I needed to join up!

    G
    Submitted 2 years ago by DGG
    0

    I am honored and look foward to working together!

     

    Submitted 2 years ago by Big Cheds
  • 1

    Clear and concise! I appreciate you sharing your experience and thoughts. I am looking forward to Future articles.

    Submitted 2 years ago by Jesse Deskins
  • 0

    Very kind of you! Welcome

    Submitted 2 years ago by Big Cheds
  • -1

    Hi, 

    happy to join us to improve my skillz...

    A nice tool too with volume pings... for actives scalp / intraday shots

    https://agile-cliffs-23967.herokuapp.com/binance

     

    Submitted 2 years ago by Sunkeeper
  • 1

    Great read Cheds. I have been going through my favourites in TV and looking for patterns that I recognize for my next trade. I usually start with the one hour and then 15 to compare. I make my final decision by zooming out to a longer timeframe. I hardly ever use coin market cap but I’m going to now. Thanks :)

    I’m really looking forward to this space - Hi everyone! 

    Submitted 2 years ago by CDN
  • 1

    when looking at volume on coinmarketcap or bianance, how do you know if a trade is safe? for example, EOS, it pumped very hard until yesterday and then FUD came out and now price is falling. Whats a good way to know its safe to enter a coin with great volume while watching out for pump and dumps?

    M
    Submitted 2 years ago by Michael Anderson
  • 0

    Michael Anderson,

     

    There is really no way to know if something is safe until after the fact - The safest thing you can do is to have a careful entry and then take profit if you are fortunate enough to experience as you put it "pumping hard", or a rise in price.

     

    -Cheds

    Submitted 2 years ago by Big Cheds
  • 1

    Whats up Big Cheds? platform is looking great and cant wait for whats to come.

     

    Submitted 2 years ago by Alejandro Casillas
    0

    Awesome, thanks for the feedback.

    Cheds

     

    Submitted 1 year ago by Big Cheds
  • 0

    Also I have a question. When drawing trend lines, support and resistance as well do you use the body or the whick of a candle? 

    Submitted 2 years ago by Alejandro Casillas
    0

    Great question. I personally use the candle body. Here is a section from my public blog where I talk about this.



    Whats the difference? In classical charting principals the open and close are what matters the most. However, is among many other things in charting is open for debate.

    https://apiaryfund.com/forum/candle-body-vs-candle-wick
    http://www.trade2win.com/boards/forex/174754-bodies-wicks.html

     

     


    How many points do you need to draw a trend line?
    https://www.quora.com/How-many-data-points-do-you-need-to-make-a-trend

     


    Debate I had with another excellent trader about how many points you need for a trend line -
    https://twitter.com/CryptoYoda1338/status/959084574373482496

    Submitted 1 year ago by Big Cheds
  • 1

    This is something I am interested in, too. Please do anwer this question !!!

     

    S
    Submitted 1 year ago by Sven
  • 1

     

    Thanks !

    S
    Submitted 1 year ago by Sven
  • 0

    Hey Cheds,

     

    Submitted 1 year ago by Ola
  • 0

    Hey Cheds
    This question is for your last alert about bitcoin 1 hour time frame, " the $BTC #Bitcoin 1 hour - BB pinch suggests that we may see a move up or down very shortly - Based on StochRSI position I would not be surprised to see a push up, however we still have serious resstance at $6871 to watch", so I was observing the way that Bollinger Bands indicator follows and i can say that sometimes the BB pinch takes many hours to determine her way so how did you know that the period of this pinch would take a short time to define her way up or down.
    Thank you.

     

    Submitted 1 year ago by Ola

Please login or register to leave a response.