Hello,
I always like to refer to my previous articles to allow people to understand where am I in terms of knowledge at the time when I write this article.
BTC and ETH Long strategy version 1
BTC and ETH Long strategy version 2
Although some part of my crypto trading is automated via HaasOnline software, I like to take discretionary trades to feel the excitement of manual trading, especially during bull market :).
I write this new article and script because I did struggle to decide when to exit a recent LONG position on Ethereum.
Most of the novice traders struggles to know when to exit the position when gains are made.
The is exactly what happens to many people trading cryptos in the beginning of this bull market.
We always want more, we want to ride the wave as much as possible.
We see the gains growing every day and don't want to exist the position because tomorrow will bring more gains.
Yes, but sometimes there is a small retracement, the price is bleeding slowly but we want to hold because the price will move UP again in one of two days.
So the big question is went to exit (or not).
This subject is a difficult one because we are humans and highly influenced by our psychology.
Depending on the mood we are in, we can take different decisions.
If we are not feeling good and we are not in good mood, we will probably close a winning position as soon as a retracement comes in to keep our gains because we see this retracement as something bad.
On the other side, if we feel good and are in a good mood that day, we might take to opposition decision and keep the trade running as we believe that this retracement is something healthy for the price to allow it to continue to move up.
For novice traders, these emotions can impact the way how we trade and create frustrations if we exit a position too soon or too late.
So, why not to let a script giving us advices on this decision? If we are not sure if we should exit or not, this script might help us to take a better decision.
I have named this script the "WaveRider" because it is supposed to be used during bull market only when the asset is moving up.
Best time frame to use with crypto such as Bitcoin and Ethereum are 2H, 4H and 6H candles.
Even if it can also give you entry points to open a trade, the goal of this script is more to give you exit points.
So, if you have opened a trade manually and you are wondering if this is the right time to close it, this script is made for you.
Technically, entry points are based on 2 Moving averages (slow and fast). We can enter in position when crossing over.
The Position can be closed if the same Moving averages are crossing down. In addition, it will exit if the price suddenly drops below the Moving average.
I know it sounds simple and stupid, but sometimes we don't ask ourselves the right questions when taking the decision to exit a position. So, this script will remind you the basic stuff to consider before closing your position.
I hope that such idea will help you to take good exit decisions in the future.
Let me know if you need more details or want to access it.
I always like to refer to my previous articles to allow people to understand where am I in terms of knowledge at the time when I write this article.
BTC and ETH Long strategy version 1
BTC and ETH Long strategy version 2
Although some part of my crypto trading is automated via HaasOnline software, I like to take discretionary trades to feel the excitement of manual trading, especially during bull market :).
I write this new article and script because I did struggle to decide when to exit a recent LONG position on Ethereum.
Most of the novice traders struggles to know when to exit the position when gains are made.
The is exactly what happens to many people trading cryptos in the beginning of this bull market.
We always want more, we want to ride the wave as much as possible.
We see the gains growing every day and don't want to exist the position because tomorrow will bring more gains.
Yes, but sometimes there is a small retracement, the price is bleeding slowly but we want to hold because the price will move UP again in one of two days.
So the big question is went to exit (or not).
This subject is a difficult one because we are humans and highly influenced by our psychology.
Depending on the mood we are in, we can take different decisions.
If we are not feeling good and we are not in good mood, we will probably close a winning position as soon as a retracement comes in to keep our gains because we see this retracement as something bad.
On the other side, if we feel good and are in a good mood that day, we might take to opposition decision and keep the trade running as we believe that this retracement is something healthy for the price to allow it to continue to move up.
For novice traders, these emotions can impact the way how we trade and create frustrations if we exit a position too soon or too late.
So, why not to let a script giving us advices on this decision? If we are not sure if we should exit or not, this script might help us to take a better decision.
I have named this script the "WaveRider" because it is supposed to be used during bull market only when the asset is moving up.
Best time frame to use with crypto such as Bitcoin and Ethereum are 2H, 4H and 6H candles.
Even if it can also give you entry points to open a trade, the goal of this script is more to give you exit points.
So, if you have opened a trade manually and you are wondering if this is the right time to close it, this script is made for you.
Technically, entry points are based on 2 Moving averages (slow and fast). We can enter in position when crossing over.
The Position can be closed if the same Moving averages are crossing down. In addition, it will exit if the price suddenly drops below the Moving average.
I know it sounds simple and stupid, but sometimes we don't ask ourselves the right questions when taking the decision to exit a position. So, this script will remind you the basic stuff to consider before closing your position.
I hope that such idea will help you to take good exit decisions in the future.
Let me know if you need more details or want to access it.