Nailing Solana Shorts Today! Ride The Waves And Stay In Profit!
You can't fight a solid trend, especially as a retail trader. The institutional players are what drive the markets. We call them whales in the crypto world. I have talked about my recent talk with an institutional trader and I will say that as some institutions may not hold Bitcoin on their balance sheet, they sure are trading it! As well as Ethereum and Solana. But the big boys are mainly trading Bitcoin.
This makes for bigger swings in altcoins. I have been sticking in my new recent trade journey, which I am basically at this point trying to make my daily wages. And, happy to report that I have succeeded the last couple of days and at the time of writing this, I have only been up for 3 hours, trading for 2, and already made half my day on a Solana short, then turned around to go for a quick long on a bounce.
The Bigger Play
As you see in the featured chart. I am looking go go in fairly soon, once Solana reaches the end of the current volume node it is working through. The bigger play is to take another short on Solana and ride it down to the $32 range where the next big volume node is sitting, and happens to be the 30 minute Point of Control.
Taking a look at the 3 minute time frame for entry. What I am waiting on is for the price to chew through these orders and move back up to the POC for this time frame. The red circle represents the point that I will be looking to open my short trade and ride it down. This would give for a break out of a rising pattern and the retest of that trend. Not saying it's a crystal ball, but damn, volume profile is KILLER!
Looking At the Footprint
Taking a look at the order flow chart on Exocharts, looking at FTX as the exchange and the lowest time frame I can look at the SOLPERP chart, which is the Daily timeframe on the free account. But, you can see that the major volume point of control is back up where I am taking the short. This is showing where the bids on the left and ask on the right. So this shows you how the candle has been built and where the major buy and sell orders are sitting. Price tends to return to those point, allowing the big boys to load up again or to defend their levels before the next move, whether it be up or down, in this case, we are looking to go all the way downtown!
Anyway, that's the play today, so let's see if I can add to the stacks to I can pay some bills! I am working to use the profits from these trades to pay bills, and build my account size with some daily DEFI rewards to be able to build the baseline of the account.
Save A Loss, Ride A Whale
You have to remember, you can't fight the trends, so just ride the waves! Be like the litte fish that swim with the whale pods and cleaning their backs, you want to be that fish swimming with them and benefiting from their moves, versus the fish and plankton that are swimming against them and will be eaten!
Until next time...
Be Cool, Be Real, and always abide with the markets!
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