All language subtitles for 2. The Best Chart Time Frames for Crypto Trading

Hello and welcome back to cryptocurrency trading masterclass by wealthy education.

In this video, we're talking about the best chart time for crypto trading.

So, you know, unfortunately, there is no specific answer.

The answer is no, I can't tell you.

Hey, the 15 minute chart is where it's at.

And that's the only way you're ever going to make any money.

It's not how trading works.

However.

There are time frames that are better for some people than others, so, for example, if you have a

full time job, a five minute chart isn't going to do much for you unless you plan on somehow training

while you're working.

In that scenario, you might look at a daily time frame or a weekly time frame where you get a new.

Bit of information at the end of the day of the end of the week.

If you.

Have all the time in the world to sit and trade, then you may look at a five minute chart.

So really it's going to come down to what kind of time you can or quite frankly, are willing to put

into it.

Now.

There's basically two types of trading.

Well, there's three actually, there's day trading.

So day trading is when you're in and out in the same day, you buy something, you sell it or you sell

something and you buy it, and by the time the day is over with, you're done.

You're.

Out of the market.

There are swing trading and swing trading, there's no clearly defined.

Limit, as it were, but let's just say.

Maybe two weeks later, trades are less than two weeks.

Again.

Could be shorter, could be longer, you know, a lot of times it's going to raise like three or four

days, so it really comes down to how you want to look at it.

But the idea is, you know, you can place your trade, you can get up and walk away.

You have a stop loss and possibly a take profit order, so the stop loss is if price hits a certain

price in the market, you get out to protect yourself from losing too much and then you just get up

and you go on about your day.

And then the third type is more or less investing.

You just buy and hold.

And there's a lot of handlers out there for Bitcoin who just buy and hang on to it.

And really all they care about is that it goes higher over the longer term.

OK, so now that we have determined that, let's talk about something called.

Multiple time frame analysis, and it is exactly what you think it would be.

It is multiple time frames.

So this is the weekly Bitcoin Teather chart and the first thing you should notices, it's in an uptrend.

It's been going higher, so.

Unfortunately, a lot of retail traders will step into this and they'll say, hey, look, it's gone

too far, too quickly, I'm going to sell it.

And that is a great way to lose money.

So I'm saying that it can't be correct.

It's just that, you know, you're better off going with the flow of the river.

So in this scenario, you might say, hey, it's gone too far, too quickly, but it's obviously very

bullish, there's a lot of people buying it.

So I want to buy it.

I want to buy it when it goes on sale.

When it drops down in price.

So this line chart, that's what this is just a basic chart like you've probably seen a million times

in your life.

Shows that we go up, we go down, we go up, we go down, we recently had a pull back and then it seems

like the bargain hunters came in and started buying.

So I'm going to go back to the candlesticks.

So this is the weekly so tells us up, so let's go to The Daily.

Really not telling us anything different, you wouldn't expect it to, but notice how on a weekly time

frame.

You know, on that.

Weekly Times where we shot up and then we pulled back and buyers came back in.

So if you saw that it had gotten a little expensive but you wanted in on it, then you drill down to

the daily and you look for and we'll go we will most certainly go into this throughout the course.

You look for candlestick patterns, patterns, indicators, support, resistance, something like that,

an area where you want to buy it on value.

And that's what people did down in this area.

But maybe.

You want to really drill down for some granularity?

You go to the four hour chart.

Well.

While you don't know exactly why at this point in the course, but this was.

And so was this these were both really good places to start looking to buy Bitcoin, you could go down

to the hour and get even more granular now known as.

That even though we're in an uptrend on the weekly chart, we were in a downtrend right here, this

is where traders get into trouble, they try to get too cute.

In short, this means sell it.

They're trying to profit on it falling.

And there's nothing to say that you can't do that, but.

Look at all this pain you had to endure just to get back down to here and then we haven't been below

there since.

So although it was in a downtrend there again.

You just zoom way out or you go to a higher time frame, like the weekly, very clearly in an uptrend

that has not changed.

And then, of course, if you are a day trader.

This is a five minute chart.

Now notice how many times it has pulled back and of course, I'm zoomed way out.

But remember, in the context of everything, we're still in an uptrend, so you are looking for opportunities

to buy?

I cannot stress that enough.

If there's only one thing you take away from any trading education you get.

Don't fight the market.

So let's take a look at let's do a cerium.

And let's go back out to the weekly chart.

Clearly in an uptrend, just been going straight up in the air.

The daily chart, very bullish, looks like it's ready to extend its it's going to hire.

For our chart, you can see that we kind of zigzagged on the way back and every time it pulled back

in the uptrend it was in, there are people willing to pick it up because it was a bargain.

So let's go to say the 15 minute chart.

Well, again, you can see that if you just buy.

The idea is, if you buy a bit, you take your profit, you let it come back, you buy more, you take

your profit, et cetera, et cetera, you can keep your stock losses smaller.

So your losses are smaller in day trading.

And that's the advantage.

You know, you're not just buying it and hanging on to it.

So let's take a look at.

The cash as well.

And again, go back to the weekly chart and you can see.

That this thing plummeted and now is starting to rise again, so that has.

Implications.

Of what to do now?

Well, that was clearly a.

Cell signal, but notice how the low here, the high here, the low here, which is a little bit higher

than there and a higher high.

So we are changing the trend.

We are starting to grind higher, so.

When you get a trend.

You want to see peaks and valleys, remember the swing high and swing low, swing low, swing high,

swing low, slightly higher than the one before swing high, definitely higher than the one before it.

So it's showing a proclivity to go higher.

So in this scenario, you might go down to the daily chart if you're a swing trader and you look for

a buying opportunity, expecting to retest the highs, for example, could be your thesis.

There's a pattern there that would have had you thinking that, you know, before that high you would

have had thinking here at this high, at the very least, if you go down to, say, the hourly chart.

Now, there are multiple pullbacks, but notice how we just can't get as low as the time before, and

this is where day trading becomes difficult because it becomes a very volatile meaning, very choppy

and.

I mean, go ahead and make this line just songs to way out.

And you can see it's been very strong as of late, right?

But again, you go to the daily.

And then the weekly chart.

And we've just kind of been all over the place, so.

You have to be very cautious when you change directions like this, it does tend to be very noisy and

therefore the training becomes a much more difficult.

Again, you want to find an easy trend like in Bitcoin or Ethereum.

The cash is starting to go that way.

But clearly you're going to have messier trading.

So.

Always know your friend, always knew your higher time frame trends, be it monthly, weekly, daily,

and if you're a swing trader, then you're probably going to trade off the daily or maybe the four hour

chart.

Now, if you're a day trader, you might do five.

Ten, 15 minute sharks, maybe.

Well.

If these are all going higher than.

You won't be a seller.

You'll just look for buying opportunities and of course, we'll show you that setup's down the road.

Look for the higher time frames, follow them more often than not, it will work out in your favor over

the longer run.

And the next video, we'll take a look at how to trade based upon support and resistance levels, which

are the basis of any trading system.