Spicy

Traders often ask about "Confirmation"

Here is an Educational Thread about it

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To make sure we're talking about the same thing, I'll quickly define "Confirmation" for you:

• Confirmation means waiting for X to happen before entering.

• No Confirmation means entering early without all criteria met.

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So there are 2 options that a Trader has in their trades.

Option 1: Taking a trade with no confirmation
Option 2: Taking a trade with confirmation

I'll get into them below
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Option 1: Trading WITHOUT confirmation.
• Lower win rate.
• Lower confidence.
• Higher potential upside.

Option 2: Trading WITH confirmation.
• Higher win rate.
• Higher confidence.
• Lower potential upside.

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So it pretty much becomes a "pick your poison" type of situation.

But most of the time I would much rather be trading WITH confirmation rather than WITHOUT confirmation.

This is because there's going to be a lot less ambiguity in the trade execution (which naturally

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The only time I will take a trade WITHOUT confirmation is only when the setup is absurdly good.

If I have an overwhelming amount of confluence working in my favor then I can get away with an imperfect/early entry and still be rewarded with extra upside.

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In Summary:

• Trading WITH confirmation is so much safer and more reliable

• Trading WITHOUT confirmation is only for the rare times when the market spoon-feeds you an A+ setup.

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's worth tracking missed trades somewhere in a journal. 

There's a couple of worthy questions to ask when reviewing your missed trades: 

1. "Are there any repeating patterns happening in these missed trades which I can take advantage of, such that I can enter the trade earlier

Respect for reviewing your journal. 

So many people track their trades but are too lazy to actually go and review them lol.

it depends on what kind of strategy you are using. 

when I trade breakouts I am relying on 1 candle close through my level of interest. 

more info here:

(only for serious intra-day Traders)

Thread 🧵

How I use BTC correlation when trading Alts on the 1 minute timeframe

I will cover: 
• Correlation Coefficient
• How I measure correlations (with examples)
• Practical Tip that you can use today to take better trades

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(2/n) Correlation Coefficient

A common way of measuring correlation is the "Correlation Coefficient" indicator on TradingView. 

I've used this in the past but I have often found 2 big problems with it: 

Problem 1) 
• sometimes the CC (correlation coefficient) shows a high

(3/n) My way of measuring the correlation between BTC and an Altcoin

There are a few variables I am comparing between the Altcoin and Bitcoin: 

1) The "timing" of each Intra-day Reversal (blue/red lines).
• If both the alt and btc are turning around at roughly the same time,

(4/n) Low Correlation Example

In the example below, the 3 variable I spoke about are not in sync. The Altcoin is not "following" BTC's price action and is not too heavily impacted by it.

This is a sign of "low correlation". 

1) The "timing" of Reversals:
• the alt and btc are

(5/n) Cheat Sheet for how to use Correlations in Intraday Trading

(6/n) Practical Tip that you can use today to take better trades

Quick context: 
• One of the strategies I like to trade is the "Fast Spike Reversal". 

If I happen to get a "fast spike" into a level, the first immediate thing I MUST do before considering to take the trade is

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If you found this useful, just copy Pepe the frog. 

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