Learning Technical Analysis | Charts Watchlist #2 Results

Learning Technical Analysis | Charts Watchlist #2 Results


I continue to learn Technical Analysis to profitably trade the crypto market and things have gone way better than I ever could have expected. Around 10 days ago, I made my 2nd Charts watchlist and as always, I'm bringing an update on how everything played out...

Many coins were trading below key moving averages vs BTC 10 days ago which made me only optimistic about 3 charts. After doing exceptionally well on my first Watchlist (See Results) I honestly expected to do a lot worse now. I really like this format as the main thing that I dislike about nearly every Online Technical Analyst or Sports bettor is that none of them actually keep a record on their trades and setups (unless they end up winning). For me both on TA and Betting the Belgian league, it's more about the learning journey trying to get better seeing losing results as a valuable lesson. Anyway, this is how the 3 charts on my watchlist played out 10 days later...

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So XRP hasn't fully played out yet. It did break out to the upside but had a pullback now holding on above the 100 and 200 EMA on the daily. As long as this is the case I will continue to hold on to what I bought hoping it will do another one of those crazy pumps like we have seen multiple times in the past. It does look like it's setting higher highs and higher lows in the short term. In the next post, I will bring a more definite update on how this one played out.


 

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LEND has been an excellent coin to trade where a lot of patterns are playing out. The inverse Head & Shoulders pattern was not completed on the first test as the price rejected on the neckline but it did manage to get above it on the 2nd try which was the signal to get in (price around 0.0000326 BTC). Measuring from the head to the neckline of the pattern extending that line made me set an automated sell order at 0.000041 BTC which lined up with the 2nd top of the previous high. Tonight, that sell order ended up triggering for a +31.33% profit trade in 10 days. I will continue to keep a close eye out on Aave hoping to find some more patterns for potential future trades on it.


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Ultra (UOS) is one of my longer-term 'moonshots' as I like the low market cap compared to the potential of this project (See Reasons why I'm buying Ultra (UOS)). So I regularly check the chart and news to see how it is moving along as the chain is yet to be released. I guess the initial break to the upside of the descending triangle was caused by some news of the protocol being completed with the testnet incoming, more news came on August 6th breaking down the blockchain resource model which caused another pump going as high as 0.0000082 BTC (+74.8%). It now had a little pullback and I just took some profit on a small part of my position. I will likely hold on to what I have as I can see this one continues to perform well (hopefully). I couldn't be more pleased with how this one turned out!


That's it for my 2nd watchlist. I really like this format of posts and will continue to make these in the future continuing to learn hopefully also spotting some good tradable charts in the process...


Previous Watchlist Reports...
Charts Watchlist #1 (05/07/2020) - Results (19/07/2020)
Charts Watchlist #2 (02/08/2020) - Results (12/08/2020)


All these trades and setups are based on pretty basic Technical Analysis. I made a series of posts breaking down everything I learned so far in a way that is easy to understand for those who are new and want to get into it...

Technical Analysis #01 | Basics
Technical Analysis #02 | Trends
Technical Analysis #03 | Bearish Patterns
Technical Analysis #04 | Bullish Patterns
Technical Analysis #05 | Symmetrical Triangles
Technical Analysis #06 | Volume Indicator
Technical Analysis #07 | Moving Averages
Technical Analysis #08 | MACD
Technical Analysis #09 | RSI
Technical Analysis #10 | Fibonacci Retracements
Technical Analysis #11 | Candlestick Patterns


 

Free Software I use for Charts
Tradingview
Platform I use for Trading
Binance

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Costanza Technical Analysis
Costanza Technical Analysis

Journal on my journey to learn Crypto Technical Analysis

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