[Reply] BTCFX asset recovers to the 110,000 JPY range! How to master using long-timeframes?
Hello everyone, 110,000 yen! Reaching back to the 110,000 yen level through steady trading@xi10jun1.
Since the large asset drop two weeks ago, it has finally recovered, returning to the 110,000 yen level!
As for the market, perhaps because the split drama still smolders, it doesn’t seem to be advancing much.
And as in the last edition, there is an important notice for those who read the paid portion, so please read all the way down.
※ This column is designed so half can be read for free, a generous design. Of course, if you read up to the paid portion (weekly updates, 400 yen per month, so about 80–100 yen per column), it would be a great encouragement!
This Week's Results (June 30, 2017 to July 6, 2017)
First, as usual, the results. I’ll present the gains and losses first.
- Last week (until June 29, 2017) assets: 109,313 yen
- This week (until July 6, 2017) assets: 110,859 yen
- Change: +1,546 yen
Back to the 110,000 yen level! This week as well, slowly increasing.
Because the split drama is making the future unclear, prices aren’t rising as they did before. Stops as usual, but I can’t take big profits from take-profits.
There is still a possibility of a significant drop, so I must avoid aggressive trades and calmly watch the market.
Therefore, this time I would like to look at longer timeframes beyond the usual 4-hour chart: the 12-hour chart, 6-hour chart, and 2-hour chart.
12-hour chart
First, the 12-hour chart
The 12-hour chart is used as a supplementary tool to the daily chart (in the paid section).
We check for breakouts beyond Bollinger Bands at rapid rise or fall moments.
For now, it resembles a triangle consolidation.
6-hour chart
Next, the 6-hour chart. The 6-hour chart is used to supplement the daily and 4-hour charts.
At first glance it doesn’t differ much from the 12-hour chart, but the price action is more finely detailed.
The Heikin-Ashi starts from the middle of the previous candle’s open, so if there is a shadow to the opposite side, it signals a market reversal.
2-hour chart
Finally, the 2-hour chart. The 2-hour chart is used to supplement the 4-hour and 1-hour charts, and its role as a basis for position judgment is stronger.
Basically, I gauge the broad trend on longer timeframes, and as the timeframe shortens, I narrow down the chart movements that inform my decisions.
In the paid column, I mainly introduce the 1-hour, 4-hour, and daily charts, but that’s just a shortened version of this process.
Free summary: Use long timeframes to judge the trend
In a single day of trading, I spend about an hour watching the BTC order book.
To understand the trend from the chart, very long timeframes aren’t very useful. It’s best to use a moderate timeframe to judge the current market.
Of course there are differences between people, but since trend judgment is important, first scout the general market and then decide the position.
So how should we use these long timeframes? I will write about this in the paid column.
Regarding the paid column
Recently, from fx-on, we received a notice about “Possible leakage of personal information due to unauthorized access.” Accordingly, credit card payments may become unavailable, and access to the paid portion of the column may be blocked.
Therefore, for paid subscribers who use credit cards, we would appreciate it if you could purchase via convenience store payment or bank transfer.
Thank you for your cooperation.
End-of-Page Corner 1: Shopping with Bitcoin
Actually, on the overseas e-commerce site “FANCY,” you can buy goods with Bitcoin! It may add a bit of shipping, but you’ll find stylish items not seen in Japan.
The method to use FANCY is summarized on this blog, so please refer to it here.
- →FANCY (Fancy): How to create an account, register, set up, and purchase goods explained! | Yutori-sei no toshika jun
- →How to buy items from FANCY with Bitcoin (Bitcoin) payment | Yutori-sei no toshika jun
End-of-Page Corner 2: How to file taxes for Bitcoin futures trading (BTCFX)?
You must also report BTCFX profits for tax purposes! I’ve written a blog post regarding what I confirmed by calling the tax office, so please refer to it.
Tax offices and tax accountants may have differing views. Also, laws can change, so the filing method may change. Before filing, be sure to confirm with your nearest tax office or tax accountant.
※ Free section ends here. The rest is detailed analysis and future outlook, so it is paid. If you want to read more, of course, or you can support with a small tip by subscribing—your support would be a great encouragement! Thank you for your continued support!
