ALWAYS BET ON BLACK - Update 20SUCCESSFUL DAY TRADE - READING THE MARKETEarlier today we had a nice buy signal generated from MACD change of the Down Trend (Update 19). Now lets look at what followed and how a nice daytrade should have been executed.Most people trying to day trade do not have the patience to wait for a proper buy or sell signa typically making too many trades with little or no profit. There are not always good opportunities for a nice day-trade but today’s market had some nice signals that made it very easy to take profit and maybe re-enter the market if you want to stay long.In the longer rage chart (15 min) we can see the longer term downtrend Fibonacci Fan, the MACD trend change from down trend, the new uptrend Fibonacci fan support and resistance levels, and the Fibonacci Retracement support and resistance levels of the previous bounce from the low of 23.5KClick on image for full sizeNext we see the three key resistance levels that the price was unable to break after the uptrend began.Click on image for full sizeNow price TOP is confirmed with the following events:1. Reached the point of the three resistances.2. The price breaks through the resistance but makes it in low volume.3. MACD confirms the stalling of the uptrend.Details of short-term profit-taking and buy signal Click on image for full sizeAlso we see that soon after the sell off from 30K, the price stabilizes at the 50% Fibonacci Retracement, also touches the Fibonacci uptrend Fan low support line, and finally confirmed by the MACD cross over as a buy signal.If you are long on this coin this would give you a good signal to buy it again. If you are just a day trader you would probably wait until the NEXT clear trend develops.Buy-BlackThe following two tabs change content below.BioLatest PostsBuy-BlackLatest posts by Buy-Black (see all) ALWAYS BET ON BLACK - Update 33 - May 25, 2014 ALWAYS BET ON BLACK - Update 32 - May 24, 2014 ALWAYS BET ON BLACK - Update 31 - May 16, 2014
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