Hey Cryptofy,
As you all know we have spent countless days creating tools for all our members. And we continue to build to give you the edge to find better trades.
Cryptostat is a tool we use daily and we going through a full overhaul to improve the features and interface, stay tuned for updates.
I recently sat down with Matt Baddley or a better known as Baddma in Cryptofy discord. Baddma dropped some knowledge on how he has been using Cryptostat to continue to find great trades.
It was only a short interview with Baddma as he was fuel his rocket and getting ready for his moon mission.
Baddma has a fantastic track record with his trades so I thought it was fitting to grab his inside tips and tricks on how he uses Cryptostat.
LET’S GO!!
Kurt ~Baddma, I know you have been using Crytpostat daily for around 12 months. How do you use the MACD scanner and what tips do you have to share with the community?
Baddma ~ As part of my general process when spotting a trend, I will use the MACD scanner to see if there is or will be a crossover in momentum, or if there is a quick way to check and see if there is a potential flip of momentum in the near future.
This is a good way to spot whether you should enter a trade, as you may be entering a trade that looks bullish but has recently flipped bearish.
Kurt ~ Agree with you, momentum is a key attribute that traders look for when searching for trading opportunities.
IMAGE ~ MACD Scanner
Kurt ~What are your thoughts on the RSI scanner?
Baddma ~ As the tool was intended, it’s great to see what RSI trends can be found at different time frames. RSI for me acts as an indicator in determining whether or not a coin is overbought or oversold.
As an oscillator, you can check and see on what time frames a specific coin might be overbought or oversold and if it’s the best time to enter a trade.
Likewise, if something is oversold, you may want to buy it as there is a strong chance it will come up in price pretty quickly. Seeing the RSI at different time frames through numerical values helps me get a better perspective on the real-time trading data instead of a fluctuating line on a chart.
Perhaps RSI looks overbought on the monthly time frame, I can check and see if it is overbought on the weekly or daily timeframes quite quickly.
If not, I may be able to enter the trade with the expectation that the trade still has a greater upside potential within the monthly. However, in my personal opinion, I do think that the red and green colours should be switched as for me red means caution (overbought), and green means a potential buy (oversold)
Kurt ~ I am a visual guy and I love how I can quickly look at the RIS and check, is the RSI above 70 (Bullish) or is the trade reading below 30 (Bearishness)
I understand your point about the colour switch, maybe with the release of Crytpostat 3.0, we can add a feature to change the colour.
IMAGE ~ RSI Scanner
Kurt ~ I am a big fav of keeping an eye on the volume. I am always commenting in discord “Watch the volume”. Baddma how do you read volume data?
Baddma ~Volume is obviously a major key when determining if something is moving up or down at price. Volume can also be a bit deceptive, so it’s great to be able to read real numbers in various time frames in order to tell whether or not the momentum you are seeing is being supported with an increase of volume.
If the price is going down, but volume is coming in, then you know that there is a large amount of sell volume and to stay away from the trade, you can say the same for an increase in price.
Likewise, there are other volume trends you can watch out for and use this to benefit your trades. I pair this with buyer percentages very frequently.
Kurt ~I feel that the most overlooked TA parameters are volume in trading, especially by beginners. Traders should use this metric and include it in their preparation.
IMAGE ~ Price / Volume Correlation
Kurt ~ see loads of comments about the buyers %. What is your take on it and how do you read buyer % data?
This is one of the best aspects of spotting a fake breakout and not waiting for confirmation on the chart.
If I can see a price push upwards, but the buyers aren’t increasing, then I know more than likely there is a fake breakout occurring and I will know not to enter a trade.
Likewise, if I see buyers increasing as well as the volume at various timeframes, then I would like to verify with the chart that there will be a higher push.
Using the chart, volume, and buyers %, it gives me a well-rounded perspective of the trade I am interested in going into.
While I usually use this for the short term, it helps me feel more confident in a new trend change, or the continuation of a trade I am already in.
Kurt ~ Breakout or fakeout -how to spot the difference Baddma style, love it.
Kurt ~ What hot tips and tricks could you share with the community?
Baddma ~ My other tips for Cryptostat.
I love that I am able to see real numbers and data, not only looking at chart patterns and candlesticks. It gives me something to note down in a personal ledger of sorts, and quantify in data.
I oftentimes make notes of data to see what the overall fluctuations are and how the data is moving from hour to hour when entering a volatile market.
I definitely use it a lot to watch buyers and spot fake breakouts. This helps me stay a little bit more cautious and reserved in my trades instead of FOMO’ing into random small pumps. Often times there may be a trend change between support and resistance. This helps me feel more confident in my trade.
After finding potential coins that I am interested in through various alert systems like TIS, Telegram channels, or Blockfolio. After being alerted, I usually check Cryptostat right away to see what kind of movement I can see.
Sometimes I can get an alert and there is no immediate volume or buyer change, so I will look for a better entry position. This helps to keep me more reserved and gives me a better direction.
I will watch the smaller time frame buyer percentages to determine fake breakouts.
Kurt ~Really appreciate your insight, and I know the community will be grateful for your tips.
As always, it’s a pleasure talking with you and we all look forward to your TA writes up and continued leadership in the Cryptofy community.
Take care, bye for now.
Kurt Connolly
