Analyzing and Demo Trading PEOPLEUSDT using support and resistance strategy

Hi guys,
It's another day to learn and I remain your tutor in the person of @simonnwigwe from Nigeria 🇳🇬. I want to believe we are learning a lot from the technical analysis we have been working on here on my blog. Even if you don't have an idea of technical analysis, if you have been following my post, you will have the basic knowledge by this time.

Sincerely, I have also gained a lot of knowledge and insight since I started this analysis program here in this community. It has helped me in no small way to track all my trades and also to see the progress I have been making in my analysis.

Moreover, I have been able to learn more about some coins I never heard of from the very beginning. If you notice my analysis properly, I hardly repeat a pair for analysis unless it presents a very good opportunity which I believe that people will love to take advantage of.

Aside from that, I try to analyze a new coin daily to share as a post whereas I go back to the coins I have analyzed before to do my research myself. That is for my consumption. This is what led us to analyze the pair of PEOPLEUSDT today, I hope you will enjoy your time as we look at this coin together.

From the screenshot above, I switched the timeframe to a 1D timeframe to draw my support and resistance line properly before I switched back to the 4H timeframe. I want to believe that by this time you know the reason for doing that.

For those who don't know, let me recap. I always use the top-down analysis method when it comes to my analysis and that is why I went from a higher timeframe to a lower timeframe to draw the support and resistance levels as they are the most important level in the market.

After successfully drawing support and resistance levels, I moved to 4H to see what the market looked like in a lower timeframe. Seeing that the market broke below the resistance level, I decided to introduce my sell logo after carefully checking the market.

I noticed that the market had less volume for sale and there had been a pump before that time and it was very possible that they would be a dump. With that in mind, I brought the sell logo as you can see below.

From the above image, I placed the sell logo already on the chart. I kept my stop-loss in the resistance level that the price rejected and then my take profit covered two lines of support and resistance which indicated take profit 1 and take profit 2 as you can see from the screenshot above.

After that, I decided to keep proper track by introducing the demo trade of the said pair as you can see from the screenshot below. This will help me to know if the analysis is going in my direction or against my direction.

From the above screenshot, you will notice that if the market goes in my direction, I will be making 0.05 USD and if the market goes against me I will be losing 0.01 USD. This is oper risk management and the trade is good to take hence the reason I took the trade.

Finally, I also took a screenshot of the position that I opened for the trade as it contains all the information you need to know about the trade I took. The screenshot below shows the open position.

From the screenshot above, you will notice that the side is short (sell), the quantity is 10, the average fill price is 0.01384, the take profit level is at 0.00869, the stop loss is at 0.01434 and lastly the P&L at the moment is 0.10, that is all about the open order.

Conclusion

With constant practice, my strategy is gaining more waves as most of the trades I predict always go in the predicted directions. These also have helped me to learn about new coins which I can also invest in as the bull run is coming. Keep following my blog to learn about some good coins you would like to invest in.

Remember also that trading is like meditation, patience is the key. Always wait for the market to come to you and not for you to go to the market. Learn to identify your key support and resistance level and also trade with the trend and in that way, you will be a successful trader.

Finally, I want to thank you all for reading through my post today. If you have any questions or contributions, please do well to use the comment section of this post. See you all in my next publication.

Disclaimer: ^{This post is made as an education and not investment advice. Digital asset prices are subject to change. All forms of crypto investment have a high risk. I am not a financial advisor, before jumping to any conclusions in this matter please do your research and consult a financial advisor.}

NB: All images except otherwise stated are mine and taken from tradingview.com website