The only useful information I've every gotten from an exchange troll box.
"Stop looking at 5 min candles"
Stop trying to find trends on 5 min candles. It's like looking in the back seat of your car to figure out why there is a traffic jam on the highway. I've seen so many people over trading and panic selling on a 25% retracement zoomed in on 5 min candles and miss the massive bull market forming on daily candles. If you watch videos from major crypto and forex traders they look at day, week, and monthly candles to find the trends. When you see a clear trend forming and identify a few indicators, then start zooming in to hourly and minute candles to see the action up close and lock in your entry points.
Now, I remember when I first started trading. It was so exciting! I wanted to see every move. So I would watch the 15min, 5min, hell even 1min candles all night long. I would cheer when I saw big green candles and almost rage quit when I saw red. Only to zoom out and find out my coin only went up or down 100 Satoshi's. (0.00000100 of a Bitcoin or at current market value about 1/3rd of a penny) What a noob! (Still probably am)
Now as with any technical analysis, I could be way the fuck wrong and lose my ass.
So I will show you and example.
(Not trying to brag, just trying to make a point...nah fuck it, I'm just bragging to compensate for my undersized man parts)
I bought NEO on the 60% retracement from the last All Time High because I zoomed out and saw the over all market trend forming. Bubble, retracement, consolidation, slow uptrend, and moving average support. So I got in at $6.75per. I sold 1/3 of my hodlings on the first top to cover my initial investment at $20per and now am in a risk free trade all the way to the top....or bottom, as to where I will just buy more and try to ride the next bull like a drunk college kid at a country bar.
5 min candle = This fucker is going down... abandon ship faster than Theon Greyjoy
1 day candle = Damn Daenerys can I ride you? I mean, one of your dragons to make a large deposit in my bank account? Or in you? ; )
Hope this helps someone.
If you like it, up vote it or leave a comment to let me know if you want me to make more posts and maybe even videos like it in the future...
or comment if you hate me and think I should just take my profits and go choke on a big bag of dix.
Either way
Good luck trading and may we all retire young and die fat and happy.
-GL