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Hi All, so many of you asked how do I place limit orders on Bitcoin on down wicks. 

I use Fibonacci Retracements to place entry limit orders. The combination that I use - two versions of Fibonacci Retracements and they help me determine my levels during downdraft times. And I break out my budget per the lines. Normally 1/3 1/3 1/3. 

Notes:

1) As the price moves so do the lines. 

2) I use them as approximate level finders and I tweak them manually eg if one R3 line is at 56,890, I move it up to 57,011. 


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InvestAnswers

My Video last night prompted a lot of questions. Patreon Members are still looking to enter bitcoin. It's looking strong today and it wouldn't surprise me if we hit a new all-time high in the next 24 hours. Over the last few hours every time BTC dips just under $57,000 tons of buyers move-in.

Anonymous

This actually makes sense to me😃

Anonymous

Are those stimulus cheques starting to hit bank accounts? Expect a lot of $1,400 buys... Plus a lot of others front-running those maybe hundred thousands of $1,400 buys...

Anonymous

I have BTC @ $57,502 1:55 EST

Anonymous

Will Fibonacci Retracements be part of the TA series?

Anonymous

While I’m not a novice, I’m certainly not an expert. It would be great to you use these tools, (slowly when showing where you get the tools) abs shoe is how you get this series of fib retracements and place your limit orders. Most traders are so familiar with trading view that they go too quickly for us less learned to even see where the tool is!

InvestAnswers

Yes sir! That will come later. We have to start at the beginning to make sure we bring everyone along. What's also really important to remember is sometimes too many indicators can bring about paralysis. Sometimes the simplest things are the best. That's why I love trendlines and stochastics and RSI and moving averages. OK I am rambling now sorry about that.

Anonymous

Hah, I think I'm even more lost 😬

Anonymous

Fibonacci? Sounds like Italian Pasta to me.

Anonymous

Is it possible to get daily alert about buying signal. Also hold a class teaching us how to use this indicator.

InvestAnswers

My Job is to teach you all how to fish. I do trade alerts when I buy. But when I see ETH or BTC at a super buy level will do that.

Anonymous

As an engineer I’m curious where the xx,011 comes from? I got that tip from you and have been using on my limit orders too but curious if there’s a math story or a superstition behind it. Thanks!!

Anonymous

Taking the liberty to answer for James. Many people place their orders at round numbers, by moving up a bit, you front run them. Just look at the depth chart and you will see this is true. Nothing magic about 011, I use 012 a lot just out of habit.

Anonymous

If I may ask a naive question. What software do you use? Are you able to automate buying/selling based in the parameters you set?

Anonymous

069 is my magic number...LOL Hasn´t let me down yet...

Anonymous

It is called TradingView. There are trading scripts available in the Public Library and if inclined you can code your own trading statagies. A solid Help resource as well to guide you through it.

Anonymous

I buy on Coinbase, but I do not see the ability to set li.it orders on the interface. What do you use ? Where do you purchase BTC? Thx

Anonymous

Lake. Use Coinbase Pro. Its has cheaper fees and can easily transfer cash/crypto between both and can set limit/stop orders.

Anonymous

I don't do much TA.. I've typically been placing limit orders at 3k, 5k and 7k down from the current day prices

Anonymous

Great video. I would love to know your opinion on the best/safest crypto exchanges out there. Are some more risky than others?

Anonymous

Do you sell BTC when you think it's high so you can use the funds to buy dips or do you use fiat/other crypto to buy dips?

Anonymous

Any chance you'd have time to do a video on the above? I simply just learn much better that way. Again, only if time allows. Thank you so very much for everything you already provide. You are a wealth of knowledge.

Anonymous

A video would be so nice. :)

Anonymous

Yes, a video would be nice. Also, as I'm sure others are, I'm a beginner. I have no idea what fibonnaci retracement, level finders, downdraft, or R3 are lol. It'd be nice to have a breakdown of these terms as you're good at making things simple.

Anonymous

Would love a video too about the above

Anonymous

How do you get Fibonnaci retracement clouds? I can only do Fibonnaci retracements from point A to point B... That's how I plan my entry points but it takes me forever because I need to wait from a swing high to a swing low... I thought my method was solid but yours ... chapeau!