While the crypto markets are going nowhere fun, it's time to gain new trading skills.
I'm a total believer in The 'Simple Trading Plan' (Olscot in our Discord group has started calling it 'The STP') - and everything has it's time and place. The STP hunts for trend change and identifies it well. But when the market is not ready to change trends, or when the market is chopping sideways in a range - The STP does not provide any signals.
The markets are moving, but The STP is saying to wait. That perfectly matches the style of this trading approach.
However correct that trading plan is, any time the market is moving, there is money to be made! And so, while waiting for our signals from my core crypto trading methods, I'm putting my waiting time to good use - and carefully studying the approaches that other traders use.
Recently we released a video tutorial on the Relative Strength Index for crypto trading, a video explaining and demonstrating how to use parallel channels, and also the mega live stream video studying Ichimoku Cloud Trading for cryptocurrencies that had been inspired by one of the MODS in our Discord Group, Snorklepuss1.
I am honored by the positive responses to the research I'm sharing and humbled by the growing group of people watching and participating in the conversations! Thank you!
A Tip From Radiogenic
A powerful reason I create videos - is for my own learning. Very often in my journey, I have received tips and suggestions from experienced traders that have become an important next step along my path towards financial mastery.
When I go up this morning there was a golden gem in our Cryptocurrency Trading Discord chat.
Several new members joined us on Discord after the Ichimoku Cloud livestream - (and I look forward to getting to know each of you better) - among them was Radiogenic. He left the following comment in our general crypto trading channel:
Doug, I watched you IKH tutorial video today - I think you'll find that IKH (Ichimoku Kinko Hyo) and your STP EMA-Heikin Ashi techniques basically serve to confirm one another. You'll see the same information/signals being provided by both techniques. One may provide slightly faster or slower signals than another, but both should give you the same general movements to follow.
Perhaps better to focus on indicators that provide you with various information, such as pairing volume indicators (Vol, CMF, OBV, Klinger, etc) with momentum indicators (RSI, etc.) per chart, regardless of whichever price chart (Candles, Heikin Ashi, etc) so that you get a full range of info at a glance? I'm a big fan of your STP approach - it's a very clean chart, which is good for certain circumstances. I think you'll find IKH is powerful, but redundant.
And so it shall be!
I will embark on the journey of researching, learning, writing about and creating crypto trading tutorial videos that explain the top indicators that use Volume Data as well as the best momentum indicators.