Crypto Academy / Season 3 / Week 4. The Homework for @cryptokraze titled Trading The Dynamic Support & Resistance by opeyemioguns

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· @opeyemioguns ·
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Crypto Academy / Season 3 / Week 4. The Homework for @cryptokraze titled Trading The Dynamic Support & Resistance
professors like @cryotokraze are making steemit the school of crptocurrency, if you keep attending their class,  anything cryptocurrency and trade won't be strange to you.  It's my first time in entering the assignment but I always read the posts.  I just want to learn, not that I'm that good in trading but your posts helps. Thank you

**Question 1: What do you understand about concept of Dynamic support and resistance?  Give chart example from crypto asset.**

**Dynamic support and resistance** *are the levels from where the price might recoil. The levels are generally marked as perpendicular lines on the charts but at times you can notice that the price is respecting an unvicible joining level very in a precise manner.*

*And Dynamic support and resistance can be discovered where a moving average intersects with current price.*

![iMarkup_20210721_193215.jpg](https://cdn.steemitimages.com/DQma3wfyFKR9QR9GTmNzMpCJjET3GHMWr3jSzev1DaT3Tvy/iMarkup_20210721_193215.jpg)
*binance*

**Question 2: Make a combination of Two different EMAs other than 50 and 100 and show them on Crypto charts as Support and Resistance. (Clear Charts Needed)**

*The exponential moving average (EMA) is a technical chart, the indicator that tracks the price of an investment over time. EMA gives more weighting or necessary to recent price data. EMA is used to see price trends over time, and looking at two or more EMAs at the same time is easy to do with the moving average of an awareness ribbons.*

It's crucial to familiar with the combination of EMAs because it gives more significant dynamic support and resistance. The two can be used to know when to sell and buy, it is a signal in a trend on the chart, it also serves as the key to know strong support and resistance. Let's see a few charts below from combining two EMAs with 20 and 50 periods.

![iMarkup_20210721_194256.jpg](https://cdn.steemitimages.com/DQmbprh1pohKKefdasZzUkKcuwxcBeKxaaUe6sJsfJeY27D/iMarkup_20210721_194256.jpg)

**Question 3: Explain Trade Entry and Exit Criteria for both Buy and Sell Positions using dynamic support and resistance on any Crypto Asset using any time frame of your choice (Clear Charts Needed)**

You have to note that you can only place Buy trades in spot trading available on crypto exchanges AMD You can also sell crypto assets on trading platforms

* **Criteria for buy**

It is needed to make use of the 50 and 100 EMAs technical indicator on the chart. So I am using the 100 and 50 EMA's as explained by professor

* *If you want to buy the order, you should be placed after price has moved above the 50 EMA.*

* *The asset price you are studying have to be above of the EMA for you to be sure of the buy setup.*

* *After the price of the asset has touched or crossed the 50 EMA, the analyst need to wait watch for the price to move up so as to be sure that the setup is correct.*

* *The analyst need to let the price of the asset to point or cross above the 50 EMA and set for the next action before analyst decide on what to do.*

* *Exist the trade when the price now bring your profit so as to take the profit and hold on for another setup*

* *No matter how much your trading strategy is, you still need stop loss control ready, we have to set "Stop loss" in case the direction of entry goes in wrong direction and*

* *Note that if the price of the asset has has cross the stop loss level, so the trade setup is not valid, you should just exit the trade. And set for another set up.*

* *The stop loss should be below 100 EMA when set in case the combination of 100 and 50 EMAs*

* *Profit Level set should goe as planned and you should make it at least 1:1 RR.*

![iMarkup_20210721_195138.jpg](https://cdn.steemitimages.com/DQmfA2eeNGu9YaFP5PjtRtt6aHDLiex68JT2ZN2skhEAieb/iMarkup_20210721_195138.jpg)

**Criteria for sell position**

* *The asset price must be below the EMAs (50 and 100 EMAs) to make a valid sell setup.*

* *You still have to add the 50 and 100 EMAs technical on the chart pattern of the asset so as to indicate*

* *You should wait and watch the price of the asset moving up to touch or cross the 50 EMA. Be patient for it to happen, do not be in hurry.*

* *After you have seen the price of the asset touched or cross the 50 EMA, you still have to wait for the price to move downward again so as to be sure that you made a good setup.*

* *If you notice that the price of the asset has moved down, below the 50 EMA, you can now place the sell order*


![iMarkup_20210721_194835.jpg](https://cdn.steemitimages.com/DQmZapQjs82HXfHcQ7VtMo5TwThz8eZ6ziQTyUmcmKYKo9S/iMarkup_20210721_194835.jpg)


![iMarkup_20210721_195525.jpg](https://cdn.steemitimages.com/DQmYQCMj5jxRSQYVN5StBNf9t91aFg5LLUvTuthkqj6eMNq/iMarkup_20210721_195525.jpg)
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@cryptokraze ·
$1.78
<div class="text-justify">

Dear @opeyemioguns

Thank you for participating in Steemit Crypto Academy Season 03 and making efforts to complete the homework task. You got **2.5/10** Grade Points according to the following Scale;

Criteria | Grade Points
--- | --- 
Presentation Style | 1/2
Content Quality & Originality | 0.5/2
Understanding of Strategy | 1/4
Practical Approach | 0/2

<center>![Crypto_Academy_3.png](https://cdn.steemitimages.com/DQmNU8QfpfkEyoDPfnhD24JJAZ1sG9VQyqa4bGxAtA6kUWY/Crypto_Academy_3.png)</center>
**Key Notes:** 

* Your charts are not clear while answering question no 01, because you have shown 3 EMAs and your marked support and resistance levels are in middle of consolidation which is wrong. 
In question no 02, you are mentioning to use 20 and 50 EMA while your charts have 3 EMAs that are 7, 25 and 99 which shows you have not created these correctly.
* In question no 03, while explaining the Trade criteria you have marked wrong and I don’t understand why you are using 3 EMAs that shows you have not clear understading of the strategy.
* In the last question, I wanted to see if students picked this strategy. You have not placed the trades which shows your lack of understanding this strategy.
 <center>![Crypto_Academy_3.png](https://cdn.steemitimages.com/DQmNU8QfpfkEyoDPfnhD24JJAZ1sG9VQyqa4bGxAtA6kUWY/Crypto_Academy_3.png)</center>

We appreciate your efforts in Crypto academy and look forward for your next homework tasks.</div>

Regards
@cryptokraze
👍  
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