Nailing Solana Shorts Today! Ride The Waves And Stay In Profit!

in LeoFinance12 days ago

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You can't fight a solid trend, especially as a retail trader. The institutional players are what drive the markets. We call them whales in the crypto world. I have talked about my recent talk with an institutional trader and I will say that as some institutions may not hold Bitcoin on their balance sheet, they sure are trading it! As well as Ethereum and Solana. But the big boys are mainly trading Bitcoin.

This makes for bigger swings in altcoins. I have been sticking in my new recent trade journey, which I am basically at this point trying to make my daily wages. And, happy to report that I have succeeded the last couple of days and at the time of writing this, I have only been up for 3 hours, trading for 2, and already made half my day on a Solana short, then turned around to go for a quick long on a bounce.

The Bigger Play

As you see in the featured chart. I am looking go go in fairly soon, once Solana reaches the end of the current volume node it is working through. The bigger play is to take another short on Solana and ride it down to the $32 range where the next big volume node is sitting, and happens to be the 30 minute Point of Control.

Zooming In

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Taking a look at the 3 minute time frame for entry. What I am waiting on is for the price to chew through these orders and move back up to the POC for this time frame. The red circle represents the point that I will be looking to open my short trade and ride it down. This would give for a break out of a rising pattern and the retest of that trend. Not saying it's a crystal ball, but damn, volume profile is KILLER!

Looking At the Footprint

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Taking a look at the order flow chart on Exocharts, looking at FTX as the exchange and the lowest time frame I can look at the SOLPERP chart, which is the Daily timeframe on the free account. But, you can see that the major volume point of control is back up where I am taking the short. This is showing where the bids on the left and ask on the right. So this shows you how the candle has been built and where the major buy and sell orders are sitting. Price tends to return to those point, allowing the big boys to load up again or to defend their levels before the next move, whether it be up or down, in this case, we are looking to go all the way downtown!


Anyway, that's the play today, so let's see if I can add to the stacks to I can pay some bills! I am working to use the profits from these trades to pay bills, and build my account size with some daily DEFI rewards to be able to build the baseline of the account.

Save A Loss, Ride A Whale

You have to remember, you can't fight the trends, so just ride the waves! Be like the litte fish that swim with the whale pods and cleaning their backs, you want to be that fish swimming with them and benefiting from their moves, versus the fish and plankton that are swimming against them and will be eaten!

Until next time...

Be Cool, Be Real, and always abide with the markets!

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Nothing we say is financial advise.

This is for educational and recreational purposes only!

Stay safe in these volatile markets and don’t get rekt!

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I just ain't got the nerve or skill for trading. I wish I did but there's no use fighting with my nature. I enjoy seeing others crush it though. Good luck!

It's not for everyone. I had to learn to break the emotions and the gambler's fallacy to really start making it. And with these new tools, man, it's a whole other world. When you basically know where it's going based on trends and the volume profile, it goes from gambling to a business. It was one of those things for me that just had to click, and it really only did recently.

goes to look up the gamblers fallacy

Basically letting emotion drive you because you have that feeling it's going to do something instead of actually knowing what it is going to do. I used to have a gambling addiction, lol.

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I see you use the volume profile and volume profile auto again. I haven't found any on comprehensive tutorial about them. And Is exochart free to use? Thanks.

Ecocharts is free to use but the data is limited. They have different monthly plans.

As far as volume profile, there are a ton of YouTube videos out there on how to use it. Once I feel more comfortable, I will make my own videos on 3speak, but just want to make sure I have it all nailed down. Those specific indicators, I figure out how to use on my own. I like having both the larger profile and the micro profiles. It helps allot when you are planning a trade or in the the micro timeframes doing some scalp trading. Which is what I do allot of.

Ok, thanks. I have been learning to trade intraday or scalp as well. I usually us trendlines, SR, sometimes fib level, and look for break of structure. Your previous article has opened a new way for me to proceed in learning to trade.