Cryptocurrency charting principles- for the best book available to learn the principles, find the book here: http://amzn.to/2CenVD9
When it comes to trading people have different opinions of charting principles and technical analysis. There are more or less three camps when it comes to technical analysis. In the first camp there are those that think technical analysis and charting are worthless. This camp can feel that looking at historical data points for future performance does not yield results accurate enough to depend and place trades on.
In the second camp you have traders that believe technical analysis is a powerful tool which can be used to increase the probability of making a winning trade. This camp believes in charting and the odds of capitalizing on winning set ups. It takes a lot of patience and lots of experience to wait for and identify set ups that have historically shown to have high percentages. A very deep understanding of charting principles is needed to attempt this type of trading style.
The third camp is one that may not necessarily believe in charting principles and technical analysis on the merits of the practice itself. This third camp believes that enough other people believe in charting so it provides more or less a critical mass that makes charting ‘work’ as a higher probability strategy. They do not believe in the technical analysis component as much as they believe that enough other people are taking actions on that analysis, which they feel makes the practice work.
In any event, if you are a trader it is important to understand the landscape and the players involved. It’s critical to learn what compels and influences others decisions in the market. Because of this, learning charting principles is very important. It’s often said that the bible of charting principles is the book Technical Analysis and Stock Market Profits by Richard Schabacker.
You would be well served to get a copy of the book which you can find here: http://amzn.to/2CenVD9
http://forkedblock.com/cryptocurrency-blog/cryptocurrency-trading-and-charting-principles/