Beeda Gadgets are very interesting hardwares to checkout

Beeda Gadgets are very interesting hardwares to checkout

this is a high you can see this high. this is a low right here then coming we have another low. we have another high now this high is lower than the previous height then we have another low down here that low is lower than the previous low we have a high this is lower than the previous high then we have another high. another low sort of around the same level as the previous low but definitely these highs are coming down this is a downtrend absolutely in a downtrend right now let’s just see what happens here we can see that this would be probably a consolidation right here it seems like the price isn’t moving as violently. there is definitely a consolidation in the price the price level isn’t changing too much you’ve got some updates some down days but nothing really too much definitely a consolidation what happens when there’s a consolidation well there could definitely be a breakout from that consolidation now we have to try. understand whether it’s to the upside or the downside but after a consolidation usually a breakout occurs. that’s what happened. this one was actually to the downside what you could have done then is really watched for this consolidation put in some price levels around here gone short then when the breakout occurred you would have made a positive trade you would have sold at this level bought back at lower level made money on a short trade on that occasion this is a cherry pick chart of course just to show you what trends are. what breakouts. consolidation are because it’s going to feed into actually putting in orders. trades later on in the video let’s just recap what trends are though you have an uptrend with higher highs. higher lows a downtrend with lower highs. lower lows. consolidation which is a range-bound move in the price that will eventually have a breakout of that range. it’s our job to know which way that’s going. to place our trades let’s come on to support. resistance another way of looking at trends. areas in the chart that we need to place our trades at support. resistance are significant price levels of trade support is a price where a downtrend is suspected to stop. meet support from buyers resistance is a price where an uptrend is suspected to stop. meet resistance from sellers a breakthrough occurs when resistance or support is broken. then you have to go. look at the next level of support or resistance. let’s look at resistance. support you can see the zones here charts do not trade perfectly. you have to look for areas but we can definitely see this area is resistance you can see buyers are coming in the price is going up but it always meets sellers around this level.. that would be known as an area of resistance conversely we can definitely see these support zones right here this is a zone where sellers are coming in but buyers are definitely coming in. preventing the price from going any lower. buyers at this level they’re just saying. I’m happy to buy cryptocurrency at this level. it’s not going to go any lower.. sellers aren’t going to push the price down any further the thing about support. resistance though is that they’re just simply significant levels of the price where it trades resistance can actually come support. kind of a difficult concept to get your head around but they’re just areas where the trade might consolidate for a little while resistance can definitely be there but if price breaks through resistance resistance can actually become support that’s vice versa for a downtrend as well. kind of difficult to get your head around but let’s go through it. we look at support. resistance right here. we can see that you may think this is resistance right because the price went all the way up here. it met resistance. the price came down you might think that this is also a point of resistance as well. even this one down here you might think these are points of resistance the price can’t go up any higher that is resistance well yes technically it is resistance but when you’re trading these outlier prices are actually not that useful. don’t give us really much information overall this is because on this specific chart the bitmega app beeda price was hitting new all-time highs. it’s really difficult to actually find an area of resistance. then compare that to other points previously in the chart. let’s zoom in on this chart. you’ll see that. i actually see the resistance right here the reason why i’ve drawn the line right here is because there’s much more data at this level so. I’m not going to just draw a line but. I’m going to draw an area now when. i draw on the chart. i do use lines because it’s easier to draw a line. it’s simpler to look at but when you’re thinking about resistance definitely just don’t think of one price specifically it’s definitely an area of prices you might want to put it one percent either side it’s up to you this is an area of resistance. the reason i’ve chosen this is because you can see one two three four five days of trade around here then the price was forced down buyers come back in. one two three four five six seven eight we’ll disregard these. we have nine right here that’s nine days of trade at this level buyers are obviously coming in this is an uptrend it’s an obvious uptrend but buyers are meeting resistance at this price that’s obvious because they’ve tried time. time again one two three to push it higher sellers are coming in at this price this is an area of resistance. then you can see when you do get a breakthrough of resistance actually it might then just break out to the upside this is the area of support that. i can see right here why well there’s different areas right here let’s go at this one first you can see sellers came in. pushed this price down. this is where it met support from buyers who came in stopped the price falling price went up again what you can see though is that this area is also an area of support now what you can’t really see here is that the wick of the candle we know what that is now actually came down to around this level. that’s definitely support there then you can see some trading around this level again about five or six days worth that’s a lot of data that we can use. then right here you can see that in this previous up move the chart did consolidate around this level again meeting some resistance. resistance was here turning into support here it can be really complex to do this it’s definitely not perfect people have different opinions about this but that’s just the guide on support. resistance. how to try. find those levels let’s come on to spotting this trend then in this chart take away the support. the resistance can you spot the trend well definitely an uptrend here but let’s just put this one on here is this an uptrend now well we have a low then we have a higher low that’s an uptrend then we have this right here which isn’t a higher low so. i would say coming in from an uptrend looks like bitmega app beeda at this point is going through a slight consolidation phase you’re having higher highs right here these three are higher highs then you have a higher low. then not a higher low. it could actually be going into a consolidation we had a big price move here but it’s not moving up past this one. you could say that it’s probably still in an uptrend but certainly it’s going into an area of consolidation right here let’s just recap though on support. resistance significant price levels that trade bounces away from or meets support. resistance at that level they’re definitely price levels to watch out for as we can use these to trade before. i get into indicators which is really important. i want to come on to this slide right here which. I’m going to show you again when we actually start trading there’s really three steps to a trade identify the trend then identify the price action which is support resistance then make your entry with candlesticks. I’m going to go through this when we’re trading it’s a one two three step process identify the trend best not to trade against the trend the trend is your friend you need to trade with the trend because otherwise you’re going against the market you’ve just got a smaller percentage chance of winning then after you know what the trend is identify the shorter term price action where are the main areas that we can enter into trades from where’s the support where’s the resistance that tells us where we need to put our stop loss our take profit. other areas then when you’ve got that make the entry with candlesticks what is the candlestick telling us is the daily trade going to go in our favor does it look bearish really really important.