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Gate.io AMA - Livestream, Review Basic Operation and Fibonacci Basic Knowledge, Oct.11th
01月01日 08:00
Let's review last week's basic operation:
How to place an order
There are kinds of different ways to play trade:
1.Limit order
2.Stop Order : Set up a assumed price, set up TP and SL. Once the price be triggered, the order will start to run.
3.Ice berg: system will automatically separate the investment amount into several smaller amount orders to proceed the trade. It is to avoid the large amount being lost at one time.
4.Reduce-Only: this condition is to decrease the position. For example, 5000U of Long order, trigger price 4800U, SL is 5200U. If we tick Reduce-Only, the order will be canceled at once, it avoids in case the price will rise quickly and will affect SL.
Remarks:
1.Limit Order and Stop Order are popular methods
2.Ice berg and Recude-only, are for bigger size positions. Being a beginner, please ignore it.
Conditional order
1.Set up a Trgger price and Buy/Sell price, once it's triggered, the order will start to run.
2.There are two kinds of orders, Limit and Market.
3.Above two may not be suitable for fast increase and decrease.
Market order
Entry by current market order, after the order start to run, then set up TP and SL. When you see the fast increase or decrease, use Market order will be more effective.
Let's see how to set the above orders.
1.The leverage, for new beginners, you can use 5U plus 10-20X leverage to test.
2.Where to click leverage.
How to check K-line patterns
Time frame
1.A swing trader, who focuses on daily charts for decisions, could use weekly charts to define the primary trend and 60-minute charts to define the short-term trend.
2.A day trader could trade off of 15-minute charts, use 60-minute charts to define the primary trend and a five-minute chart (or even a tick chart) to define the short-term trend.
3.A long-term position trader could focus on weekly charts while using monthly charts to define the primary trend and daily charts to refine entries and exits.
Points to be noted
1.Always check long term patterns, to recognize the major trends.
2.Long term and short term has conflict, set up short term.
Conclusion:
1.Reviewing longer-term charts can help traders to confirm their hypotheses but, more importantly, it can also warn traders of when the separate time frames are in disaccord.
2.By using narrower time frames, traders can also greatly improve on their entries and exits.
Indicators tool bar
1.Long term trade indicators: BOLL, MA, MACD
2.Short term trade indicators: KDJ, RSI
3.Indicator suitable for all the time frames: Volume, Long/Short ba
Draw line tool kit
1.Usually use trend lines to show the swing points.
2.To recognize the resistance point and pressure point.
Summary:
1.When all the indicators point in one direction, it is the good timing.
2.If there's any conflicts, calculate how many indicators you used and how much percentage has the conflict is. Then you can know how much percentage of the success that you can win.
3.No perfect trade, no 100% success.
Basic Knowledge of Fibonacci
Q: What is Fibonacci?
A:
1.Fibonacci numbers are used to create technical indicators using a mathematical sequence developed by the Italian male mathematician, commonly referred to as "Fibonacci," in the 13th century.
2.The Fibonacci sequence is significant because of the so-called golden ratio of 1.618, or its inverse 0.618.
3.Two common Fibonacci tools are retracements and extensions. Fibonacci Retracements measure how far a pullback could go. Fibonacci Extensions measure how far an impulse wave could go.
Q: What Do Fibonacci Numbers and Lines Tell You?
A: Some traders believe that the Fibonacci numbers play an important role in finance. As discussed above, the Fibonacci number sequence can be used to create ratios or percentages that traders use.
These include: 23.6%, 38.2%, 50% 61.8%, 78.6%, 100%, 161.8%, 261.8%, 423.6%.
These percentages are applied using many different techniques:
1.Fibonacci Retracements. These are horizontal lines on a chart that indicate areas of support and resistance.
2.Fibonacci Extensions. These are horizontal lines on a chart that indicate where a strong price wave may reach.
Q: What Fibonacci levels mean to be?
A:
1.Fibonacci levels are used as guides, possible areas where a trade could develop. The price should confirm prior to acting on the Fibonacci level.
2.In advance, traders don't know which level will be significant, so they need to wait and see which level the price respects before taking a trade.
Q: Limitations of Using Fibonacci Numbers and Levels
A:
1.The usage of the Fibonacci studies is subjective since the trader must use highs and lows of their choice. Which highs and lows are chosen will affect the results a trader gets.
2.Another argument against Fibonacci number trading methods is that there are so many of these levels that the market is bound to bounce or change direction near one of them, making the indicator look significant in hindsight. The problem is that it is difficult to know which number or level will be important in real-time or in the future.
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