In the last post, I talked about the basics of trading charts using tradingview charting platform. This post is the continuation of the same.
Today I will test the theories covered in the previous post. I will show you how to plan the charting layout and forecast the next move or the next trend based on the technical analysis.
If you’re an investor or a trader, this post is for you.
Uncovering Trading using Tradingview Charts:
- Platform Overview
- Drawing tools
- Live Demo
Tradingview is one of the most famous and easy to understand platforms. I have been using this platform for over 5 years now and frankly, I am amazed how simple and easy the UI is compared to any other trading apps.
Just by the click of the mouse button, you can change the theme from Dark to Light and vice-versa with ample inbuilt drawing options. Although there are a lot of functions in the panel, I am sharing the best ones from the list –
- Asset Comparison
- Layout Flexibility
- Multiple Watchlists
- Alerts setup
This is one of the best parts of the platform where you can easily compare the two charts by just clicking the compare option provided in the chart. This will help you understand the correlation between two different symbols or assets that are trading live on the platform.
Let’s say you want to see how Ethereum trends as compared to Bitcoin. You can see both charts in the compare option and observe the possible price correlation. The same is showcased by me in the video shared below.
Tradingview charts come with layers of flexibility. You can divide the screen into multiple time frames and place them side by side in the most comfortable easy to navigate layout. This will help you get hold of the key timeframes in one go.
One of the features of the tradingview platform is the ability to create your own set of watchlists. By watchlists I mean, a place where you put your most traded symbols that provides you easy access whenever you re-login into the panel.
Setting up custom alerts to track the best entry and exit positions is a trader’s dream. Tradingview allows you to set custom alerts and send them to your registered email and mobile devices whenever it gets triggered. A quirky feature I say.
Technical analysis without indicators is like a sea without water. Having said that, you have to be careful in selecting the indicators that match your trading style. Beginners often misuse this feature and end up adding a ton of indicators on their charts which leads to decision paralysis.
With experience, you will understand why it is often necessary to stick with the set of indicators that can match your trading style than jumping on to find the best indicator. In the video shared below, I have covered one of the best indicators used by the top traders and investors that are also used by me on tradingview charts.
An introduction to the basics of charting system has been shared in this video –
As the name suggests, drawing tools help you draw lines, patterns, and icons on the charts. It’s a complete package that helps you with technical analysis. When it comes to drawing the support & resistance lines, key patterns like Head & Shoulders, Triangle or Wedge, Drawing tool is the function to be used by the traders to get hold of these patterns to perfect the technical analysis.
The time has come to put the theory to practice. I will take an example of Bitcoin chat i.e BTCUSD and show you how you can make your own trading system using the knowledge shared in this post. For better understanding, remember to watch the complete video shared below.
Live Demo of Tradingview charts using Bitcoin Chart (BTCUSD):
That completes the understanding of the charting system. Stay tuned for my next post on Cryptocurrency. Do share and subscribe to the newsletter for monthly updates.
Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.