What are some advanced drawing strategies on trading view for cryptocurrency traders?

3 answers

• Dec 26, 2021 · 3 years ago
  Sure! One advanced drawing strategy on trading view is using trendlines. Trendlines can help you identify the direction of the market and potential support and resistance levels. By drawing trendlines on different timeframes, you can get a better understanding of the overall trend and make more accurate predictions. Another strategy is using Fibonacci retracement levels. By drawing Fibonacci retracement levels on a chart, you can identify potential areas of support and resistance based on the Fibonacci ratios. This can be helpful in determining entry and exit points for your trades. Additionally, you can use horizontal lines to mark important price levels, such as previous highs or lows. These levels can act as support or resistance and provide valuable insights for your trading decisions.
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• Dec 26, 2021 · 3 years ago
  Well, when it comes to advanced drawing strategies on trading view for cryptocurrency traders, one technique that can be quite useful is using channels. Channels are drawn by connecting the highs and lows of price movements to create parallel lines. This can help you identify potential trading ranges and breakout opportunities. Another strategy is using the Elliott Wave theory. This theory suggests that price movements follow a specific pattern of waves, and by drawing these waves on a chart, you can anticipate future price movements. It's important to note that these strategies should be used in conjunction with other technical analysis tools and indicators to make informed trading decisions.
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• Dec 26, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, recommends using advanced drawing strategies on trading view to enhance your trading experience. One strategy is using pitchforks, which are drawn by connecting three points on a chart to create parallel trendlines. Pitchforks can help you identify potential support and resistance levels and make more accurate predictions. Another strategy is using Gann fan lines. Gann fan lines are drawn by connecting a significant high or low to other points on a chart, creating diagonal trendlines. These trendlines can help you identify potential reversal points and market trends. Remember to always combine these drawing strategies with other technical analysis tools for better trading results.
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