Everyone has their own way of analyzing the market, but everyone also has their own way of organizing their trading week! Today in this special issue of Wall Street Cub Scouts I’ll show you how, on a personal level, I prepare for my week!
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Sunday evening (optional)
I use Sunday nights to gradually get out of the weekend and get ready for my week. I look at altcoins that have shown signs of strength (an outperformance of the Bitcoin ratio for example) or even entire sectors that look attractive.
For example, thanks to FTX, it is possible to analyze the charts by sectors. To do this, go to the Trading View.
Here we have some indices, which are composed of a multitude of cryptocurrencies. It may be interesting to identify the indices that react well.
- DeFi: decentralized finance industry cryptocurrencies
- Shit: cryptocurrencies like Shiba or DOGE
- Exch: cryptocurrencies from exchanges (BNB, CRO, FTT for example)
- Priv: Privacy-related cryptocurrencies (Monero, DASH for example)
- ALT: Altcoins like ETH, EOS, BCH …
We don’t necessarily need these indices to identify strong sectors. For example, you can use CoinGecko and use “categories”.
There are a large amount of categories available, so here I give you the categories I like to keep an eye on the most:
- Metaverse (I like to trade $ SAND in particular, but if the whole sector is bullish I can also trade $ MANA)
- The different ecosystemsespecially AVAX and Solana which I particularly appreciate (for trading).
In addition to these two tools, I also use the excellent BuyTheDips.io tool, which allows me to identify the cryptocurrencies that best react to Bitcoin’s volatility by calculating the z-scores.
The z-score is the number of standard deviations from the mean of a data point. We can thus identify at a glance the halts that are very weak or, conversely, very strong.
I use the ” historians to have a broader view. You can view the z-score by price or the z-score by volume by swiping down slightly on the card.
The tool is totally free, so I invite you to find out for yourself!
I also take advantage of Sunday evening to watch the economic news of the week. For this I use this site personally, and I pay particular attention to Asian and American events. The cryptocurrency market reacts more to news from these two continents.
I can also expect some volatility depending on the upcoming news.
For example, if I know that on Wednesday of the week, we have a speech of FOMC (Federal Open Market Committee), the market is expected to be calm at the start of the week.
So I can play on the low volatility of the beginning of the week by shorting for example a MOVE contract on FTX or, on the contrary, long on the weekend volatility!
I have indicated “optional” in the title of this chapter, because you normally do this work continuously and you can also do it on Mondays.
I try to replicate my pace of life in traditional markets. So I start my day at 9:00 for the London session. The London session ends at 18:00 and overlaps with that of the American markets, which are open from 15:30 to 22:00.
If you want to keep an eye on these times, I recommend the Market24hClock website, which will give you the opening and closing times of the main world markets.
Monday is more of an observation day. I observe how stakeholders react to the latest news, how international markets open …
I’m not saying you have to exchange the news, just take it into account, so as not to find yourself trapped.
Here is my checklist for the week:
- ETH / BTC
- The alt I refer to as “fashionable“: In a consolidated trend, with” simple “movements to take.
At the beginning of the week, I jot down my chart with the following levels:
- High Monday
- Low Monday
- Open every day
- Open monthly
- Weekly opening
If you don’t have time to write down these levels, I can recommend this TradingView script which will place all these levels for you.
I find it less clear so I prefer to write them down myself, but it may be useful for some!
Noting these levels is relevant if you are doing this Trading dayor scalping For instance. For an oriented trader swingthere is little interest!
The course of the rest of the week is simply your analysis and trading. So let’s come straight to Friday night.
Traditional markets close at 10pm, depending on the type of trading, you may not have any open positions. Personally I prefer intraday and swing. My intraday positions are therefore closed.
The cryptocurrency market is obviously open 24/7, but I prefer to avoid the weekend, especially when positions are just open.
If you keep yours trading journal (which I recommend) it can be interesting to retrace the history of your operations to see what has succeeded and above all, what has failed.
Personally this is how I organize my week. Feel free to copy some of my habits, but as in technical analysis, each has their own methodology! You also need to adapt it to your trading type. There is little interest for a swing trader to wake up during market times, where it will probably be essential for a scalper! It is therefore also necessary to know how to define your trading profile in order to create a relevant calendar. I invite you to discover other editions of Wall Street puppiesto learn more about trading!
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