Everyone has their own way of analyzing the market, but everyone also has their own way of organizing their trading week! Today in this special issue of Wall Street Cub Scouts I’m going to show you how I personally prepare for my week!
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Sunday evening (optional)
I use Sunday evening to slowly get out of the weekend and prepare for my week. I look at altcoins that have shown signs of strength (e.g. outperforming the Bitcoin ratio) or even entire sectors that look interesting.
Thanks to FTX, for example, it is possible to analyze graphs per sector. To do this, go to Trade View.
Here we have some indices, which are composed of a large number of cryptocurrencies. It can be interesting to spot the indices that respond well.
- DeFi: cryptocurrencies of the decentralized finance sector
- Shit: Cryptocurrencies like Shiba or DOGE
- Exch: cryptocurrencies from exchanges (e.g. BNB, CRO, FTT)
- Priv: Cryptocurrencies related to privacy (e.g. Monero, DASH)
- ALT: Altcoins like ETH, EOS, BCH…
We don’t necessarily need these indices to identify strong sectors. For example, it is possible to use CoinGecko and use “categories”.
There are a great number of categories available, so here I’ll give you the ones I like the most to keep an eye on:
- Metavers (I especially like trading $SAND, but if the whole sector is bullish, I can also trade $MANA)
- The difference ecosystemsin particular AVAX and Solana which I particularly appreciate (for trading).
- NFT
In addition to these two tools, I also use the excellent BuyTheDips.io tool, which helps me identify the cryptocurrencies that best respond to Bitcoin’s volatility by calculating the z-score.
The z-score is the number of standard deviations from the mean of a data point. So we can identify at a glance the altos that are very weak or very strong.
I use the ” historical to get a broader view. You can view the z-score by price or the z-score by volume by scrolling down the tab a bit.
The tool is completely free, so I invite you to discover it for yourself!
I also take advantage of Sunday evenings to check out the week’s economic news. For this I personally use this site and pay particular attention to Asian and American events. The cryptocurrency market is more responsive to news from these two continents.
I can also expect some volatility depending on what news comes in.
For example, if I know that on Wednesday of the week we have a speech by FOMC (Federal Open Market Committee) the market should be calm at the beginning of the week.
For example, I can respond to the low volatility at the beginning of the week by shorting a MOVE contract on FTX, for example, or long the volatility at the end of the week!
In the title of this chapter I marked “optional” because you normally do this work continuously, and you can also do it on Mondays.
Monday
I try to replicate my rhythm of life in traditional markets. So I start my day at 9am for the London session. The London session ends at 6pm and overlaps with that of the US markets, which are open from 3:30pm to 10pm.
If you want to keep an eye on these times, I recommend the Market24hClock site, which gives you the opening and closing times of the major world markets.
Monday is more of an observation day. I observe how stakeholders react to the latest news, how international markets open up…
I’m not saying trade the news, just keep it in mind, so as not to fall into a trap.
Here’s my watchlist for the week:
- NASDAQ
- BTC
- ETH
- ETH/BTC
- The alts I refer to as “trendy”: in an established trend, with “simple” moves to take.
Tuesday
At the beginning of the week, I annotate my chart with the following levels:
- Monday high
- Monday low
- Daily opened
- Open monthly
- Open weekly
If you don’t have time to annotate these levels, I can recommend this TradingView script that puts all these levels for you.
I find it less clear so I prefer to annotate them myself, but for some it can be useful!
Annotating these levels is relevant if you’re busy Day tradingor scalping for example. For an oriented trader swing setthere is little interest!
Friday
The course of the rest of the week is simply your analysis and your trading. This brings us straight to Friday night.
Traditional markets close at 10pm, depending on your type of trading you may not have any open positions. Personally, I prefer intraday and swing. My intraday positions are therefore closed.
The cryptocurrency market is open 24/7, of course, but I prefer to avoid weekends, especially when positions are freshly opened.
If you have your trading journal (which I recommend) it can be interesting to review the history of your trades to see what has worked and especially what has failed.
Conclusion
This is personally how I organize my week. Feel free to copy some of my habits, but just like technical analysis, everyone has their own methodology! You should also adjust this to your type of trading. There is little interest for a swing trader to wake up at market times, where it will probably be essential for a scalper! It is therefore also necessary to know how to define your trading profile in order to create a relevant schedule. I invite you to discover other editions of wall street cubsfor more information about trading!
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